HKG:0301 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-30.69	-19.93	6.21	4.49	14.02
Depreciation & Amortization	29.27	22.93	14.61	14.15	14.94
Loss (Gain) From Sale of Assets	2.53	0.53	0.54	0.04	0.21
Asset Writedown & Restructuring Costs	-	8.18	-	-	-
Stock-Based Compensation	2.25	4.49	5.71	-	-
Provision & Write-off of Bad Debts	9.53	0.23	0.68	-0.84	2.76
Other Operating Activities	3.7	10.59	10.48	4.53	0.92
Change in Accounts Receivable	-38.06	-12.57	12.62	-5.73	18.11
Change in Inventory	-6.77	-5.17	3	8.66	-34.36
Change in Accounts Payable	67.63	79.52	-10.96	33.3	37.71
Operating Cash Flow	39.38	88.8	42.89	58.6	54.3
Operating Cash Flow Growth	-55.65%	107.04%	-26.81%	7.92%	-51.07%
Capital Expenditures	-83.46	-69.43	-38.05	-39.89	-57.92
Sale of Property, Plant & Equipment	0.14	-	0.05	0.01	0.79
Cash Acquisitions	-	-	-	-	-2.8
Other Investing Activities	18.67	-23.41	-29.96	31.54	-23.43
Investing Cash Flow	-64.65	-92.83	-67.96	-8.34	-83.36
Short-Term Debt Issued	6.5	-	-	5	-
Long-Term Debt Issued	74.63	206.82	204.93	195.18	106.03
Total Debt Issued	81.12	206.82	204.93	200.18	106.03
Short-Term Debt Repaid	-	-	-5	-	-5.94
Long-Term Debt Repaid	-79.45	-170.99	-219.82	-149.38	-110.86
Total Debt Repaid	-79.45	-170.99	-224.82	-149.38	-116.81
Net Debt Issued (Repaid)	1.68	35.83	-19.9	50.8	-10.78
Common Dividends Paid	-	-	-	-10.96	-10.79
Other Financing Activities	-11.3	-12.94	-12.68	-13.18	-11.14
Financing Cash Flow	-9.62	22.89	-32.58	26.67	-32.72
Foreign Exchange Rate Adjustments	2.79	-2.07	-1.78	-4.35	2.53
Net Cash Flow	-32.09	16.79	-59.42	72.57	-59.24
Free Cash Flow	-44.07	19.37	4.84	18.71	-3.62
Free Cash Flow Growth	-	299.94%	-74.11%	-	-
Free Cash Flow Margin	-4.15%	1.82%	0.45%	1.97%	-0.37%
Free Cash Flow Per Share	-0.09	0.04	0.01	0.04	-0.01
Cash Interest Paid	11.3	12.94	12.68	13.18	11.14
Cash Income Tax Paid	0.57	1.23	2.52	6.73	5.99
Levered Free Cash Flow	-24.7	-4.59	-31.2	39.7	10.13
Unlevered Free Cash Flow	-21.76	-0.04	-25.68	44.7	13.99
Change in Working Capital	22.8	61.78	4.66	36.23	21.46

Source: S&P Global Market Intelligence. Standard template. Financial Sources.