Zero2IPO Holdings Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	12.14	16.13	20.35	11.47
Depreciation & Amortization	21.06	20.61	17.37	12.44
Other Amortization	0.11	0.02	0.02	0.02
Loss (Gain) From Sale of Assets	0.14	0.03	-0.63	-
Loss (Gain) From Sale of Investments	-10.1	-5.63	-2.58	-5.85
Loss (Gain) on Equity Investments	-1.29	-1.45	-0.17	-0.5
Stock-Based Compensation	-	-	-	27.36
Provision & Write-off of Bad Debts	2.88	6.59	7.75	4.21
Other Operating Activities	-10.74	-12.19	0.9	-3.4
Change in Accounts Receivable	10.67	29.32	-31.14	-18.66
Change in Accounts Payable	-0.99	-2.68	5.02	-2.56
Change in Unearned Revenue	-6.46	-30.48	2.87	28.68
Change in Other Net Operating Assets	-11.16	0.63	-11.03	-17.04
Operating Cash Flow	6.28	20.89	8.73	36.18
Operating Cash Flow Growth	-69.93%	139.36%	-75.88%	-53.82%
Capital Expenditures	-1.36	-4.15	-0.86	-2.48
Sale of Property, Plant & Equipment	0.01	-	-	-
Cash Acquisitions	-28.3	-	-5.36	-3.66
Investment in Securities	-82.68	-38.53	9.93	-33.05
Other Investing Activities	96.69	-4.62	-299.68	-
Investing Cash Flow	-15.63	-47.31	-295.97	-39.19
Long-Term Debt Repaid	-22.19	-16.12	-14.7	-12.81
Net Debt Issued (Repaid)	-22.19	-16.12	-14.7	-12.81
Issuance of Common Stock	-	-	-	55.21
Repurchase of Common Stock	-6.47	-1.88	-16.02	-6.02
Other Financing Activities	-0.41	-	0.45	-
Financing Cash Flow	-29.06	-18	-30.26	36.37
Foreign Exchange Rate Adjustments	4.98	5.82	31.93	-8.56
Net Cash Flow	-33.43	-38.6	-285.58	24.8
Free Cash Flow	4.92	16.74	7.87	33.7
Free Cash Flow Growth	-70.58%	112.75%	-76.66%	-56.80%
Free Cash Flow Margin	2.56%	7.02%	3.56%	16.21%
Free Cash Flow Per Share	0.02	0.05	0.03	0.11
Cash Income Tax Paid	3.35	8.74	3.6	10.73
Levered Free Cash Flow	15.28	19.92	36.87	34.93
Unlevered Free Cash Flow	16.26	21.13	37.5	35.62
Change in Working Capital	-7.94	-3.21	-34.28	-9.58

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