HKG:0438 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	-560.34	-375.95	-230.96	89.23	164.43
Depreciation & Amortization	339.5	326.07	195.99	132.93	141.67
Other Amortization	7.29	5.75	2.45	1.69	3.44
Loss (Gain) From Sale of Assets	-3.83	-2.67	-0.99	-0.69	-0.32
Asset Writedown & Restructuring Costs	-	-	8.7	-	-
Loss (Gain) From Sale of Investments	-9.97	-7.37	-2.61	-3.46	10.07
Provision & Write-off of Bad Debts	9.24	-2.26	4.23	1.26	1.64
Other Operating Activities	210.53	245.01	180.46	82.56	84.95
Change in Accounts Receivable	-114.67	20.56	-315.75	-513.51	-147.14
Change in Inventory	278.29	-373.05	53.92	-119.22	-62.87
Change in Accounts Payable	-214.5	-360.1	378.35	228.78	-753.87
Operating Cash Flow	-58.35	-513.25	276.96	-89.76	-537.9
Capital Expenditures	-199.56	-487.32	-941.3	-545.3	-97.9
Sale of Property, Plant & Equipment	5.78	2.42	-	1.39	0
Cash Acquisitions	-	-0.46	-	-	-
Divestitures	-	-	-	-	226.34
Investment in Securities	-	0.37	-	9.16	64.71
Other Investing Activities	11.28	10.3	15.59	26.35	4.8
Investing Cash Flow	-182.5	-474.69	-925.71	-508.4	197.94
Short-Term Debt Issued	-	-	-	-	1.3
Long-Term Debt Issued	4,335	3,828	3,043	2,318	1,647
Total Debt Issued	4,335	3,828	3,043	2,318	1,648
Short-Term Debt Repaid	-	-	-	-	-5.3
Long-Term Debt Repaid	-4,049	-3,267	-1,729	-1,439	-1,321
Total Debt Repaid	-4,049	-3,267	-1,729	-1,439	-1,327
Net Debt Issued (Repaid)	286.1	561.52	1,314	878.81	321.48
Common Dividends Paid	-148.62	-151.85	-113.1	-78.62	-55.6
Other Financing Activities	-	-	-10.29	-205.19	92.37
Financing Cash Flow	137.48	409.67	1,191	594.99	358.25
Foreign Exchange Rate Adjustments	-0.02	0.01	0	0.25	-0.05
Net Cash Flow	-103.39	-578.26	541.8	-2.91	18.25
Free Cash Flow	-257.91	-1,001	-664.34	-635.06	-635.8
Free Cash Flow Margin	-8.88%	-30.54%	-21.12%	-25.71%	-30.76%
Free Cash Flow Per Share	-1.46	-5.67	-3.77	-3.60	-4.77
Cash Interest Paid	-	-	-	-	0.18
Cash Income Tax Paid	-38.1	11.52	-11.22	33.86	105.62
Levered Free Cash Flow	-150.68	-1,652	-108.23	-847.51	-355.95
Unlevered Free Cash Flow	-49.96	-1,554	-44.45	-796.24	-312.76
Change in Working Capital	-50.78	-701.82	119.69	-393.28	-943.76

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