HKG:1965 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	-318.33	-134.23	28.42	58.33
Depreciation & Amortization	22.99	19.28	9.55	4.67
Other Amortization	2.77	1.06	0.95	0.52
Loss (Gain) From Sale of Assets	-0.46	-0.04	-1.57	-2.41
Asset Writedown & Restructuring Costs	140.22	-	-	-
Loss (Gain) From Sale of Investments	-	-	-	-1.48
Loss (Gain) on Equity Investments	0.51	-0.91	-0.82	-0.23
Stock-Based Compensation	2.73	2.7	1.29	-
Provision & Write-off of Bad Debts	172.33	181.02	45.91	12.24
Other Operating Activities	-53.86	-44.92	0.18	10.94
Change in Accounts Receivable	-57.46	-34.92	-102.23	-112.55
Change in Inventory	0.27	-0.04	0.19	0.61
Change in Accounts Payable	41.36	136.04	46.99	48.46
Change in Unearned Revenue	40.68	3.26	9.32	13.62
Change in Other Net Operating Assets	-21.76	-8.28	15.72	-33.8
Operating Cash Flow	-28.01	120.02	53.9	-1.08
Operating Cash Flow Growth	-	122.67%	-	-
Capital Expenditures	-7.11	-4.94	-6.73	-5.91
Sale of Property, Plant & Equipment	0.29	0.1	0	0.01
Cash Acquisitions	-2.68	-196.92	-26.33	-
Sale (Purchase) of Intangibles	-3.49	-1.92	-3.97	-1.98
Sale (Purchase) of Real Estate	0.72	0.13	8.9	5.27
Investment in Securities	-1.47	1.27	-0.8	-1.38
Other Investing Activities	-10.98	60.28	-105.79	-92.65
Investing Cash Flow	-24.72	-141.98	-134.71	-96.63
Short-Term Debt Issued	19.85	0.14	0.09	3.65
Total Debt Issued	19.85	0.14	0.09	3.65
Short-Term Debt Repaid	-3.92	-0.06	-0.04	-33.4
Long-Term Debt Repaid	-2.2	-3.34	-4.84	-1.56
Total Debt Repaid	-6.12	-3.4	-4.87	-34.96
Net Debt Issued (Repaid)	13.73	-3.26	-4.79	-31.31
Issuance of Common Stock	-	-	-	279.89
Other Financing Activities	-0.07	-0.12	0.15	-20.48
Financing Cash Flow	13.66	-3.38	-4.64	228.1
Foreign Exchange Rate Adjustments	0.02	-0.04	-0.48	-0.57
Net Cash Flow	-39.04	-25.38	-85.93	129.83
Free Cash Flow	-35.12	115.09	47.18	-6.99
Free Cash Flow Growth	-	143.95%	-	-
Free Cash Flow Margin	-4.45%	12.36%	5.30%	-0.95%
Free Cash Flow Per Share	-0.09	0.30	0.12	-0.02
Cash Interest Paid	0.07	0.12	0.08	0.05
Cash Income Tax Paid	7.54	12.02	16.65	4.08
Levered Free Cash Flow	43.52	237.79	22.96	-16
Unlevered Free Cash Flow	43.57	237.86	23.01	-15.97
Change in Working Capital	3.08	96.06	-30.01	-83.66

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.