HKG:1956 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	-174.31	-156.85	-259.02
Depreciation & Amortization	28.08	28.75	29.53
Other Amortization	2.15	1.24	1.16
Loss (Gain) From Sale of Assets	-0.44	0.11	0.2
Loss (Gain) From Sale of Investments	6.92	7.78	1.49
Stock-Based Compensation	44.51	41.87	74.27
Other Operating Activities	14.35	9.53	-3.56
Change in Accounts Receivable	-85.14	-55.42	-54.73
Change in Inventory	-3.88	9.36	-13.88
Change in Accounts Payable	16.49	8.17	19.89
Change in Unearned Revenue	-19.71	-18.66	14.88
Change in Other Net Operating Assets	-17.02	-10.75	6.95
Operating Cash Flow	-188	-134.87	-182.83
Capital Expenditures	-3.44	-7.36	-28.35
Sale of Property, Plant & Equipment	-	0.07	0.03
Cash Acquisitions	-27.07	-	-
Divestitures	-2.99	-	-
Sale (Purchase) of Intangibles	-	-3.23	-0.28
Investment in Securities	35.23	-70.97	678
Other Investing Activities	-15.34	6.09	16.33
Investing Cash Flow	-13.61	-75.4	665.74
Short-Term Debt Issued	-	-	3.64
Long-Term Debt Issued	64.23	-	-
Total Debt Issued	64.23	-	3.64
Short-Term Debt Repaid	-	-3.64	-
Long-Term Debt Repaid	-27.18	-14.74	-19.79
Total Debt Repaid	-27.18	-18.38	-19.79
Net Debt Issued (Repaid)	37.05	-18.38	-16.15
Issuance of Common Stock	47	150	8.03
Other Financing Activities	-2.78	-0.66	-
Financing Cash Flow	81.27	130.96	-8.12
Foreign Exchange Rate Adjustments	-0.07	-0.07	0.01
Net Cash Flow	-120.41	-79.38	474.79
Free Cash Flow	-191.43	-142.23	-211.18
Free Cash Flow Margin	-47.23%	-44.76%	-84.58%
Free Cash Flow Per Share	-1.22	-0.94	-1.41
Cash Interest Paid	0.43	-	-
Levered Free Cash Flow	-156.76	-100.47	-
Unlevered Free Cash Flow	-155.07	-99.89	-
Change in Working Capital	-109.26	-67.3	-26.9