Shanghai Xizhi Technology 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	-1,342	-735.28	-413.5
Depreciation & Amortization	51.58	27	18.17
Other Amortization	35.83	27.81	18.67
Loss (Gain) From Sale of Assets	-	7.01	0.01
Loss (Gain) From Sale of Investments	-8.44	-1.21	-3.75
Stock-Based Compensation	204.97	60.09	92.84
Provision & Write-off of Bad Debts	1.49	0.15	0.08
Other Operating Activities	854.97	359.46	39.87
Change in Accounts Receivable	-69.52	-14.18	-4.74
Change in Inventory	-3.26	-13.27	-14.75
Change in Accounts Payable	0.61	5.19	-0.35
Change in Unearned Revenue	-42.68	77.97	104.55
Change in Other Net Operating Assets	-44.28	17.45	-13.39
Operating Cash Flow	-361.1	-181.8	-176.31
Capital Expenditures	-236.02	-101.61	-43.23
Sale of Property, Plant & Equipment	0.05	0.06	0.15
Investment in Securities	-370.25	4.15	192.62
Other Investing Activities	210.04	8.05	4.88
Investing Cash Flow	-396.17	-89.35	154.41
Short-Term Debt Issued	202.25	399.62	-
Long-Term Debt Issued	-	200	54.16
Total Debt Issued	202.25	599.62	54.16
Short-Term Debt Repaid	-202.25	-399.62	-
Long-Term Debt Repaid	-69.21	-29.8	-12.29
Total Debt Repaid	-271.46	-429.41	-12.29
Net Debt Issued (Repaid)	-69.21	170.2	41.88
Issuance of Common Stock	40.47	22.16	0.42
Other Financing Activities	514.96	207.94	-
Financing Cash Flow	622.88	331.94	212.75
Foreign Exchange Rate Adjustments	-4.89	-2.54	0.29
Net Cash Flow	-139.28	58.25	191.15
Free Cash Flow	-597.12	-283.41	-219.54
Free Cash Flow Margin	-561.37%	-470.85%	-574.19%
Free Cash Flow Per Share	-20.51	-20.07	-21.95
Cash Interest Paid	0.78	0.23	-
Levered Free Cash Flow	110.01	-203.48	-
Unlevered Free Cash Flow	112.01	-201.49	-
Change in Working Capital	-159.13	73.16	71.32