HKG:1528 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-23,161	-23,722	-2,983	-2,216	678.57	1,964
Depreciation & Amortization	380.63	380.63	574.07	679.08	336.55	373.73
Other Amortization	94.48	94.48	97.38	138.98	33.88	36.49
Gain (Loss) on Sale of Assets	-18.56	-18.56	-165.72	-6.71	-2.86	-462.48
Gain (Loss) on Sale of Investments	895.79	895.79	126.07	146.71	-0.63	-41.67
Asset Writedown	25,798	25,798	2,206	1,324	1,301	752.84
Income (Loss) on Equity Investments	-	-	-	-	26.43	-45.19
Change in Accounts Receivable	849.92	849.92	580.07	438.59	-1,218	351.95
Change in Accounts Payable	-	-	-	-	-336.27	-1,001
Change in Other Net Operating Assets	-1,928	-1,928	-2,568	-1,708	161.11	842.98
Other Operating Activities	638.25	673.93	2,502	2,613	2,852	2,914
Operating Cash Flow	1,342	816.47	216.37	2,364	3,879	5,381
Operating Cash Flow Growth	369.85%	277.34%	-90.85%	-39.07%	-27.91%	29.35%
Acquisition of Real Estate Assets	-203.45	-266.83	-370.28	-351.3	-1,016	-4,497
Sale of Real Estate Assets	17.23	13.63	3.77	155.82	48.6	1,962
Net Sale / Acq. of Real Estate Assets	-186.23	-253.2	-366.5	-195.48	-967.01	-2,534
Cash Acquisition	-958.78	-958.78	-2.05	-	-	-190.83
Investment in Marketable & Equity Securities	397.77	415.26	747.86	1,006	899.22	1,927
Other Investing Activities	218.28	181.06	217.46	-140.1	776.93	60.12
Investing Cash Flow	-529.98	-616.7	631.16	701.36	687.7	-126.81
Long-Term Debt Issued	-	11,107	13,142	5,878	9,565	9,646
Long-Term Debt Repaid	-	-9,190	-19,373	-6,070	-15,473	-16,272
Net Debt Issued (Repaid)	199.07	1,917	-6,231	-192.31	-5,908	-6,626
Issuance of Common Stock	-	-	-	300	-	3,678
Repurchase of Common Stock	-1.69	-	-	-	-5	-
Common Dividends Paid	-1,502	-1,582	-1,932	-2,305	-740.26	-213.72
Other Financing Activities	-475.99	-857.86	7,920	-968.23	-1,406	-1,892
Foreign Exchange Rate Adjustments	-0.38	-0.22	0.14	-0.51	2.83	-3.3
Net Cash Flow	-969.07	-323.27	605.03	-101.46	-3,490	196.93
Cash Interest Paid	-	-	-	-	2,493	2,503
Cash Income Tax Paid	1,106	1,106	1,414	1,604	262.09	611.25
Levered Free Cash Flow	9,770	402.32	7,132	-1,378	1,056	3,994
Unlevered Free Cash Flow	11,091	1,753	8,714	281.63	2,621	5,678
Change in Working Capital	-3,781	-3,781	-2,705	-1,203	-1,731	-110.4

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