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Related party transactions | 12 Months Ended
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Dec. 31, 2024
Related party transactions |
Related party transactions | 37 Related party transactions The following significant transactions were carried out between the Group and its related parties during the years ended December 31, 2022, 2023 and 2024.
(a) | Names and relationships with related parties
The following companies are related parties of the Group that had balances and/or transactions with the Group during the years ended December 31, 2022, 2023 and 2024. ​
​ | ​ |  | ​ |  | ​
Name of related parties |  | Relationship with the Group |
Sen Rong Limited (i) | ​ | A shareholder that has significant influence over the Group | ​
Rong Chang Limited (i) | ​ | A shareholder that has significant influence over the Group | ​
Bo Yu Limited (“Bo Yu”) | ​ | A shareholder that has significant influence over the Group | ​
Ping An Group | ​ | Ultimate parent company of Bo Yu | ​
Subsidiaries of Ping An Group (ii) | ​ | Controlled by Ping An Group | ​
Open Portal Guangxi (Note 16(b)) | ​ | Significant influenced by the Group | ​
| (i) | Sen Rong Limited and Rong Chang Limited has entered into an acting-in-concert agreement in 2020 and an amended and restarted agreement in 2021. As a result, Rong Chang and Sen Rong as a concert group had significant influence over the Group.
| (ii) | Lufax became a subsidiary of Ping An Group on July 30, 2024 with its financial results consolidated into Ping An Group’s financial statements. As a result, Lufax has become a related party of the Group since July 30, 2024.
(b) | Key management personnel compensations
Key management includes directors (executive and non-executive) and senior officers. The compensations paid or payable by the Group to key management for employee services are shown below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ | ​ | 2022 | ​ | 2023 | ​ | 2024
​ |  | RMB’000 |  | RMB’000 |  | RMB’000
​ | ​ | ​ | ​ | ​ | ​ | ​
Wages and salaries |  | 21,123 |  | 20,806 |  | 22,353
Welfare and other benefits |  | 614 |  | 654 |  | 1,147
Share-based payments |  | 8,401 |  | 4,909 |  | 1,956
​ |  | 30,138 |  | 26,369 |  | 25,456
​ ​ 37 Related party transactions (Continued)
(c) | Significant transactions with related parties
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
​ | ​ | December 31,
​ |  | 2022 |  | 2023 |  | 2024
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000
Revenue |  |  |  |  |  |
Ping An Group and its subsidiaries |  | 2,526,682 | ​ | 2,091,039 | ​ | 1,191,015
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended December 31,
​ | ​ | 2022 | ​ | 2023 | ​ | 2024
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000
Purchase of services |  |  |  |  |  |
Ping An Group and its subsidiaries |  | 1,706,436 |  | 1,423,367 |  | 789,275
​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss)/gain on disposal of property and equipment | ​ | ​ | ​ | ​ | ​ | ​
Ping An Group and its subsidiaries | ​ | (599) | ​ | (1,359) | ​ | 2,382
​ | ​ | ​ | ​ | ​ | ​ | ​
Net gain from wealth management products consolidated by related parties |  | ​ |  | ​ |  | ​
Ping An Group and its subsidiaries |  | 18,890 |  | 12,996 |  | 8,841
​ | ​ | ​ | ​ | ​ | ​ | ​
Net gain on derivatives |  | ​ |  | ​ |  | ​
Ping An Group and its subsidiaries |  | 262,769 |  | 30,592 |  | 25,054
​ |  | ​ |  | ​ |  | ​
Investment income from loan to related party | ​ | ​ | ​ | ​ | ​ | ​
Open Portal Guangxi | ​ | 283 | ​ | — | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income on bank deposits |  | ​ |  | ​ |  | ​
Ping An Group and its subsidiaries |  | 9,234 |  | 17,637 |  | 15,050
​ | ​ | ​ | ​ | ​ | ​ | ​
Leasing payment |  | ​ |  | ​ |  | ​
Ping An Group and its subsidiaries |  | 20,957 |  | 12,131 |  | 18,970
​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expenses |  | ​ |  | ​ |  | ​
Ping An Group and its subsidiaries |  | 2,672 |  | — |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Net gain on financial assets measured at fair value through other comprehensive income | ​ | ​ | ​ | ​ | ​ | ​
Ping An Group and its subsidiaries |  | 315 |  | — |  | —
​
37 | Related party transactions (Continued)
​
(d) | Year end balances with related parties
​
​ | ​ | ​ | ​ | ​
​ | ​ | As at December 31,
​ |  | 2023 |  | 2024
​ | ​ | RMB’000 | ​ | RMB’000
Trade receivables | ​ |  | ​ |
Ping An Group and its subsidiaries (i) | ​ | 299,098 |  | 179,019
​ | ​ | ​ | ​ | ​
Contract assets | ​ | ​ |  | ​
Ping An Group and its subsidiaries | ​ | 7,538 |  | 11,582
​ | ​ | ​ | ​ | ​
Prepayment and other receivables | ​ | ​ |  | ​
Ping An Group and its subsidiaries | ​ | 599,671 |  | 114,778
​ | ​ | ​ | ​ | ​
Financial assets at fair value through profit or loss | ​ |  |  |
Ping An Group and its subsidiaries | ​ | 417,956 |  | 230,724
​ | ​ | ​ | ​ | ​
Cash and restricted cash and time deposits over three months | ​ |  |  |
Ping An Group and its subsidiaries | ​ | 784,840 |  | 192,604
​ | ​ | ​ | ​ | ​
Trade and other payables | ​ |  |  |
Ping An Group and its subsidiaries (i) | ​ | 864,038 |  | 242,320
​ | ​ | ​ | ​ | ​
Contract liabilities | ​ | ​ | ​ | ​
Ping An Group and its subsidiaries | ​ | 25,550 | ​ | 13,271
​ | ​ | ​ | ​ | ​
Derivative financial assets | ​ |  |  |
Ping An Group and its subsidiaries | ​ | 38,008 |  | 39,812
| (i) | The balances with related parties were unsecured, interest-free and repayable on demand.

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