HKG:0686 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	-159	86	42	269	564
Depreciation & Amortization	3,637	2,616	1,903	1,316	798
Other Amortization	34	125	72	57	125
Loss (Gain) on Sale of Assets	-	-	-	-	6
Loss (Gain) on Sale of Investments	17	-	1	26	68
Loss (Gain) on Equity Investments	-62	-40	-30	-19	-16
Asset Writedown	-	-	163	-	7
Stock-Based Compensation	3	6	10	5	-
Change in Accounts Receivable	563	177	528	16	-1,282
Change in Accounts Payable	216	157	-1,045	-787	-468
Change in Other Net Operating Assets	63	478	499	363	476
Other Operating Activities	2,392	2,587	2,184	1,655	708
Operating Cash Flow	6,704	6,192	4,327	2,901	986
Operating Cash Flow Growth	8.27%	43.10%	49.16%	194.22%	-30.37%
Capital Expenditures	-4,481	-12,054	-16,808	-6,419	-2,845
Cash Acquisitions	-378	-272	-2,174	-1,326	-1,979
Divestitures	-	-	-	-	-5
Investment in Securities	166	-1,373	1,399	-987	-1,847
Other Investing Activities	46	84	65	37	91
Investing Cash Flow	-4,647	-13,615	-17,518	-8,695	-6,585
Long-Term Debt Issued	39,046	44,264	47,308	23,538	16,536
Total Debt Issued	39,046	44,264	47,308	23,538	16,536
Long-Term Debt Repaid	-40,092	-32,931	-32,667	-15,087	-10,188
Total Debt Repaid	-40,092	-32,931	-32,667	-15,087	-10,188
Net Debt Issued (Repaid)	-1,046	11,333	14,641	8,451	6,348
Repurchase of Common Stock	-	-69	-14	-6	-
Common Dividends Paid	-191	-198	-197	-	-
Other Financing Activities	38	-4,446	-252	-2,349	2,518
Financing Cash Flow	-1,199	6,620	14,178	6,096	8,866
Foreign Exchange Rate Adjustments	78	-189	-47	131	-30
Net Cash Flow	936	-992	940	433	3,237
Free Cash Flow	2,223	-5,862	-12,481	-3,518	-1,859
Free Cash Flow Margin	28.73%	-83.61%	-224.16%	-85.49%	-65.81%
Free Cash Flow Per Share	1.01	-2.64	-5.37	-1.57	-0.83
Cash Interest Paid	2,132	2,607	1,939	1,464	974
Cash Income Tax Paid	326	246	208	168	111
Levered Free Cash Flow	-1,376	-7,949	-9,738	-6,611	-3,276
Unlevered Free Cash Flow	-22.63	-6,587	-8,562	-5,722	-2,707
Change in Working Capital	842	812	-18	-408	-1,274

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