HKG:0600 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	-1,149	-860.92	-752.79	-611.57
Depreciation & Amortization	132.42	132.94	70.5	48.51
Other Amortization	11.67	19.26	15.47	15.26
Loss (Gain) From Sale of Assets	-0.52	0.13	-0.1	-
Loss (Gain) From Sale of Investments	-4.27	-0.42	-21.45	-23.56
Loss (Gain) on Equity Investments	-	-	4.66	-
Stock-Based Compensation	115.54	51.48	42.87	36.1
Other Operating Activities	396	207.76	170.54	131.91
Change in Accounts Receivable	55.2	-42.84	-126.26	-26.34
Change in Inventory	-116.62	-76.55	76.27	-49.92
Change in Accounts Payable	65.95	39.22	-5.76	16.64
Change in Unearned Revenue	9.39	-6.52	-2.48	-1.8
Change in Other Net Operating Assets	-195.33	-61.07	68.29	17.35
Operating Cash Flow	-679.92	-597.53	-460.24	-447.42
Capital Expenditures	-359.54	-46.21	-107.7	-47.44
Sale of Property, Plant & Equipment	1.21	0.01	0.53	-
Cash Acquisitions	-	-50	92.84	-
Investment in Securities	-570.9	120.59	135.31	168.34
Other Investing Activities	-	-	-0.25	-
Investing Cash Flow	-929.23	24.39	120.73	120.9
Long-Term Debt Issued	878.46	319.12	262.07	30
Long-Term Debt Repaid	-353.77	-225.13	-111.79	-15.06
Net Debt Issued (Repaid)	524.69	93.98	150.28	14.94
Issuance of Common Stock	675	1,025	589	265
Repurchase of Common Stock	-7.45	-1.96	-14.25	-
Other Financing Activities	-87.77	-16.41	-138.8	-1.71
Financing Cash Flow	1,104	1,101	586.23	278.23
Foreign Exchange Rate Adjustments	-0.79	-0.97	1.18	-0.02
Net Cash Flow	-505.48	526.51	247.9	-48.31
Free Cash Flow	-1,039	-643.73	-567.94	-494.86
Free Cash Flow Margin	-185.06%	-136.13%	-246.80%	-985.19%
Free Cash Flow Per Share	-14.46	-8.95	-9.69	-10.10
Cash Interest Paid	20.01	16.31	4.52	1.71
Levered Free Cash Flow	1,611	777.26	1,047	-
Unlevered Free Cash Flow	1,624	793.59	1,050	-
Change in Working Capital	-181.42	-147.76	10.06	-44.07

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