HKG:1698 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	11,056	6,644	4,920	3,677	3,029
Depreciation & Amortization	1,232	835	1,004	1,160	1,001
Other Amortization	143	143	-	-	-
Loss (Gain) From Sale of Investments	-2,348	102	11	-26	-95
Loss (Gain) on Equity Investments	-42	-96	-127	-38	47
Stock-Based Compensation	669	596	649	665	647
Provision & Write-off of Bad Debts	6	17	17	47	9
Other Operating Activities	548	478	77	-225	28
Change in Accounts Receivable	-355	-539	-204	906	-769
Change in Inventory	-17	-15	7	10	-6
Change in Accounts Payable	-783	1,845	52	663	631
Change in Other Net Operating Assets	122	265	931	642	717
Operating Cash Flow	10,231	10,275	7,337	7,481	5,239
Operating Cash Flow Growth	-0.43%	40.04%	-1.93%	42.79%	7.25%
Capital Expenditures	-305	-319	-165	-85	-159
Cash Acquisitions	-1,056	-34	-9	-165	-2,078
Divestitures	-	-25	-	-	3
Sale (Purchase) of Intangibles	-883	-713	-999	-968	-2,599
Investment in Securities	-8,323	-5,810	-794	-306	-1,255
Other Investing Activities	340	74	128	78	88
Investing Cash Flow	-10,227	-6,818	-1,863	-1,446	-5,999
Long-Term Debt Repaid	-2,255	-134	-116	-130	-116
Net Debt Issued (Repaid)	-2,255	-134	-116	-130	-116
Issuance of Common Stock	430	156	57	3	104
Repurchase of Common Stock	-671	-2,142	-1,349	-3,145	-3,584
Common Dividends Paid	-1,981	-1,508	-	-	-
Other Financing Activities	-172	-202	-130	-147	-114
Financing Cash Flow	-4,649	-3,830	-1,538	-3,419	-3,710
Foreign Exchange Rate Adjustments	-49	-30	76	348	-67
Net Cash Flow	-4,694	-403	4,012	2,964	-4,537
Free Cash Flow	9,926	9,956	7,172	7,396	5,080
Free Cash Flow Growth	-0.30%	38.82%	-3.03%	45.59%	6.34%
Free Cash Flow Margin	30.17%	35.05%	25.84%	26.10%	16.26%
Free Cash Flow Per Share	6.39	6.36	4.53	4.57	3.02
Cash Interest Paid	119	119	117	115	105
Cash Income Tax Paid	1,821	1,355	825	733	589
Levered Free Cash Flow	6,278	6,647	3,143	5,002	1,041
Unlevered Free Cash Flow	6,354	6,724	3,220	5,074	1,116
Change in Working Capital	-1,033	1,556	786	2,221	573

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