HKG:0954 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	-66.76	-68.24	-86.06	81.42	58.32
Depreciation & Amortization	54.2	45.62	42.75	32.2	29.21
Loss (Gain) From Sale of Assets	0.13	2.62	1.14	4.35	-124.82
Asset Writedown & Restructuring Costs	10.74	0.93	38.58	8.88	29.63
Loss (Gain) From Sale of Investments	-0.04	0.21	0.18	-0.14	0.03
Other Operating Activities	-1.41	3.17	26.35	-6.11	20.23
Change in Accounts Receivable	-18.03	4.46	2.21	-18.06	-25.71
Change in Inventory	26.25	-25.97	16.09	-55.62	-4.1
Change in Accounts Payable	13.33	4.4	-48.71	-16.03	11.17
Change in Unearned Revenue	-	-	-	-0.05	-0.91
Change in Other Net Operating Assets	1.11	0.5	5.12	-11.21	-
Operating Cash Flow	19.52	-32.32	-2.35	19.63	-6.94
Capital Expenditures	-8.83	-63.97	-139.17	-223.52	-176.59
Sale of Property, Plant & Equipment	0.12	0.53	0.8	0.79	-
Sale (Purchase) of Intangibles	-	-	-	-	-0.25
Investment in Securities	-	-	-	0.45	0.2
Other Investing Activities	15.24	30.91	16.27	1.57	32.02
Investing Cash Flow	6.53	-32.53	-122.11	-220.71	-144.62
Long-Term Debt Issued	352.3	400.14	424.06	289.58	137.9
Total Debt Issued	352.3	400.14	424.06	289.58	137.9
Long-Term Debt Repaid	-368	-367	-227.89	-89.38	-50.56
Total Debt Repaid	-368	-367	-227.89	-89.38	-50.56
Net Debt Issued (Repaid)	-15.7	33.13	196.17	200.21	87.34
Common Dividends Paid	-	-	-42.33	-	-10.59
Other Financing Activities	-	-	-	-0.66	-
Financing Cash Flow	-15.7	33.13	153.84	199.55	76.75
Foreign Exchange Rate Adjustments	-0.16	0.13	0.18	3.34	-0.7
Net Cash Flow	10.19	-31.59	29.56	1.82	-75.52
Free Cash Flow	10.69	-96.28	-141.52	-203.89	-183.53
Free Cash Flow Margin	1.92%	-16.46%	-22.21%	-27.93%	-33.49%
Free Cash Flow Per Share	0.02	-0.18	-0.27	-0.39	-0.35
Cash Interest Paid	21.02	21.85	15.53	11.37	1.86
Cash Income Tax Paid	0.91	-0.92	5.15	16.77	12.26
Levered Free Cash Flow	16.01	-36.28	-84.72	-206.22	-171.67
Unlevered Free Cash Flow	26.77	-29.18	-79.98	-204.55	-170.45
Change in Working Capital	22.66	-16.61	-25.29	-100.97	-19.54

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