HKG:1088 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	54,218	59,544	64,625	69,648	51,422
Depreciation & Amortization	23,283	23,160	22,098	21,587	20,383
Other Amortization	1,155	1,659	2,781	1,281	1,162
Loss (Gain) From Sale of Assets	102	-452	-108	-	-337
Asset Writedown & Restructuring Costs	139	959	3,003	2,889	958
Loss (Gain) From Sale of Investments	-1	9	-	-	60
Loss (Gain) on Equity Investments	-3,762	-4,345	-3,565	-	874
Provision & Write-off of Bad Debts	-11	13	-6	-55	21
Other Operating Activities	10,363	9,633	10,869	16,326	14,348
Change in Accounts Receivable	-4,281	2,755	-8,476	204	-2,779
Change in Inventory	764	-1,022	-1,438	48	-157
Change in Accounts Payable	1,649	63	-931	-1,264	2,326
Change in Unearned Revenue	-191	-980	1,611	-	1,608
Change in Other Net Operating Assets	-8,368	90	-776	-	4,461
Operating Cash Flow	75,059	91,086	89,687	109,734	94,350
Operating Cash Flow Growth	-17.59%	1.56%	-18.27%	16.30%	16.07%
Capital Expenditures	-46,674	-36,814	-36,103	-28,684	-23,011
Sale of Property, Plant & Equipment	2,398	1,242	1,501	1,530	3,466
Cash Acquisitions	-853	-	-	-	614
Divestitures	-186	-14	19	-	1,389
Investment in Securities	24,115	-46,313	-4,713	-31,506	8,749
Other Investing Activities	-594	-4,196	2,322	2,075	2,174
Investing Cash Flow	-21,794	-86,095	-36,974	-56,585	-6,619
Short-Term Debt Issued	2,152	2,821	-	-	995
Long-Term Debt Issued	9,697	15,363	12,926	27,653	22,114
Total Debt Issued	11,849	18,184	12,926	27,653	23,109
Long-Term Debt Repaid	-23,486	-13,784	-30,430	-36,501	-21,938
Net Debt Issued (Repaid)	-11,637	4,400	-17,504	-8,848	1,171
Common Dividends Paid	-64,374	-44,903	-50,665	-53,391	-35,962
Other Financing Activities	-20,231	-8,087	-7,962	-16,495	-8,940
Financing Cash Flow	-96,242	-48,590	-76,131	-78,734	-43,731
Foreign Exchange Rate Adjustments	-148	84	134	337	-174
Net Cash Flow	-43,125	-43,515	-23,284	-25,248	43,826
Free Cash Flow	28,385	54,272	53,584	81,050	71,339
Free Cash Flow Growth	-47.70%	1.28%	-33.89%	13.61%	16.46%
Free Cash Flow Margin	9.63%	15.97%	15.62%	23.52%	21.25%
Free Cash Flow Per Share	1.43	2.73	2.70	4.08	3.59
Cash Interest Paid	2,273	2,293	2,479	-	3,243
Cash Income Tax Paid	16,703	18,740	18,648	37,260	16,080
Levered Free Cash Flow	9,543	38,527	33,762	68,227	68,878
Unlevered Free Cash Flow	10,712	39,791	34,968	68,775	70,256
Change in Working Capital	-10,427	906	-10,010	-1,942	5,459

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.