For the year ended 31 December 2025
(Expressed in millions of Renminbi, unless otherwise stated)
(Expressed in millions of Renminbi, unless otherwise stated)
| Note | Share capital Note 47(a) | Capital reserve Note 47(b)(i) | Hedging reserve Note 47(b)(ii) | Investment related reserves Note 47(b)(iii) | General reserve Note 47(b)(iv) | Exchange reserve Note 47(b)(v) | Retained earnings | Total | Non-controlling interests | Total equity | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 1 January 2025 | 307,576 | (37,442) | 2,441 | (3,271) | 64,827 | 9,176 | 414,180 | 757,487 | 665,527 | 1,423,014 | |
| Profit for the year | – | – | – | – | – | – | 58,730 | 58,730 | 57,083 | 115,813 | |
| Other comprehensive loss for the year | 17 | – | – | (81) | (9,722) | – | (2,280) | – | (12,083) | (6,161) | (18,244) |
| Total comprehensive income for the year | – | – | (81) | (9,722) | – | (2,280) | 58,730 | 46,647 | 50,922 | 97,569 | |
| Transactions with non-controlling interests | – | 418 | – | – | – | – | – | 418 | (777) | (359) | |
| Appropriation to general reserve | – | – | – | – | 6,828 | – | (6,828) | – | – | – | |
| Dividends paid to ordinary shareholders of the Company | 15 | – | – | – | – | – | – | (16,291) | (16,291) | – | (16,291) |
| Dividends paid to non-controlling interests | – | – | – | – | – | – | – | – | (21,707) | (21,707) | |
| Conversion of a subsidiary’s convertible corporate bonds | – | (5,892) | – | – | – | – | – | (5,892) | 12,811 | 6,919 | |
| Other equity instruments issued by subsidiaries | 53 (c) | – | (3) | – | – | – | – | – | (3) | 7,488 | 7,485 |
| Disposal of equity investments at fair value through other comprehensive income | – | – | – | 987 | – | – | (987) | – | – | – | |
| Share of other comprehensive income of associates and joint ventures that will not be reclassified subsequently to profit or loss | – | – | – | 30 | – | – | (30) | – | – | – | |
| Others | – | (17) | – | – | – | – | – | (17) | 48 | 31 | |
| Other changes in equity | – | (5,494) | – | 1,017 | 6,828 | – | (24,136) | (21,785) | (2,137) | (23,922) | |
| Balance at 31 December 2025 | 307,576 | (42,936) | 2,360 | (11,976) | 71,655 | 6,896 | 448,774 | 782,349 | 714,312 | 1,496,661 | |
| Note | Share capital Note 47(a) | Capital reserve Note 47(b)(i) | Hedging reserve Note 47(b)(ii) | Investment related reserves Note 47(b)(iii) | General reserve Note 47(b)(iv) | Exchange reserve Note 47(b)(v) | Retained earnings | Total | Non-controlling interests | Total equity | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 1 January 2024 | 307,576 | (42,395) | 2,539 | (8,232) | 59,556 | 7,842 | 376,292 | 703,178 | 633,604 | 1,336,782 | |
| Profit for the year | – | – | – | – | – | – | 58,202 | 58,202 | 49,553 | 107,755 | |
| Other comprehensive (loss)/income for the year | 17 | – | – | (98) | 5,190 | – | 1,334 | – | 6,426 | 3,922 | 10,348 |
| Total comprehensive income for the year | – | – | (98) | 5,190 | – | 1,334 | 58,202 | 64,628 | 53,475 | 118,103 | |
| Transactions with non-controlling interests | – | 1,274 | – | – | – | – | – | 1,274 | (289) | 985 | |
| Appropriation to general reserve | – | – | – | – | 5,271 | – | (5,271) | – | – | – | |
| Dividends paid to ordinary shareholders of the Company | 15 | – | – | – | – | – | – | (15,272) | (15,272) | – | (15,272) |
| Dividends paid to non-controlling interests | – | – | – | – | – | – | – | – | (27,522) | (27,522) | |
| Conversion of a subsidiary’s convertible corporate bonds | – | 3,694 | – | – | – | – | – | 3,694 | 2,518 | 6,212 | |
| Other equity instruments issued by subsidiaries | 53 (c) | – | – | – | – | – | – | – | – | 44,000 | 44,000 |
| Other equity instruments redeemed by subsidiaries | 53 (c) | – | – | – | – | – | – | – | – | (39,993) | (39,993) |
| Disposal of equity investments at fair value through other comprehensive income | – | – | – | 181 | – | – | (181) | – | – | – | |
| Share of other comprehensive income of associates and joint ventures that will not be reclassified subsequently to profit or loss | – | – | – | (410) | – | – | 410 | – | – | – | |
| Others | – | (15) | – | – | – | – | – | (15) | (266) | (281) | |
| Other changes in equity | – | 4,953 | – | (229) | 5,271 | – | (20,314) | (10,319) | (21,552) | (31,871) | |
| Balance at 31 December 2024 | 307,576 | (37,442) | 2,441 | (3,271) | 64,827 | 9,176 | 414,180 | 757,487 | 665,527 | 1,423,014 | |
The notes form part of these consolidated financial statements.