HKG:2025 Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	22.61	19.32	11.27	20.41	36.57	33.6
Depreciation & Amortization	116.24	107.62	101.28	88.71	67.04	65.52
Loss (Gain) From Sale of Assets	0.13	0.13	0.65	0.13	-0.08	0.04
Provision & Write-off of Bad Debts	-0.57	-0.57	-5.35	-	-	-
Other Operating Activities	-15.58	6.76	7.28	1.42	-8.61	0.18
Change in Accounts Receivable	3.56	3.56	3.36	-8.05	29.18	-57.69
Change in Inventory	-52.7	-52.7	-4.79	-33.45	-42.51	-35.86
Change in Accounts Payable	99.96	99.96	36.24	14.21	87.98	55.85
Change in Other Net Operating Assets	-3.17	-3.17	-20.52	10.13	-9.51	-0.19
Operating Cash Flow	170.48	180.91	129.43	93.52	160.07	61.46
Operating Cash Flow Growth	94.80%	39.78%	38.40%	-41.58%	160.44%	-41.24%
Capital Expenditures	-261.7	-239.17	-101.86	-163.23	-143.81	-89.87
Sale of Property, Plant & Equipment	2.95	2.95	0.98	2.41	1.12	1.34
Investment in Securities	-	-	-	-	-	-13.93
Other Investing Activities	22.94	15.12	0.06	0.24	0.64	0.18
Investing Cash Flow	-235.81	-221.1	-100.82	-160.57	-142.05	-102.28
Short-Term Debt Issued	-	-	-	254.45	185	180
Long-Term Debt Issued	-	241	228.82	-	-	-
Total Debt Issued	280.05	241	228.82	254.45	185	180
Short-Term Debt Repaid	-	-	-	-179	-185	-140.92
Long-Term Debt Repaid	-	-168.04	-221.32	-0.36	-0.26	-0.25
Total Debt Repaid	-212.54	-168.04	-221.32	-179.36	-185.26	-141.17
Net Debt Issued (Repaid)	67.5	72.96	7.5	75.09	-0.26	38.83
Common Dividends Paid	-10.95	-10.95	-17.28	-7.84	-17.72	-13.64
Other Financing Activities	-11.76	-10.59	-9.77	-8.23	-6.4	-7.5
Financing Cash Flow	44.8	51.42	-19.55	59.02	-24.38	17.69
Foreign Exchange Rate Adjustments	-0.24	-0.24	-0.05	-0.43	0.05	0.17
Net Cash Flow	-20.77	10.98	9.01	-8.46	-6.31	-22.97
Free Cash Flow	-91.22	-58.27	27.57	-69.71	16.26	-28.41
Free Cash Flow Margin	-8.48%	-6.09%	3.84%	-11.61%	2.39%	-6.55%
Free Cash Flow Per Share	-0.11	-0.07	0.03	-0.09	0.02	-0.04
Cash Interest Paid	10.59	10.59	9.77	8.23	6.4	7.5
Cash Income Tax Paid	10.16	6.51	2.74	2.76	12.83	6.04
Levered Free Cash Flow	-125.55	-64.77	49.74	-86.45	29.73	-34.13
Unlevered Free Cash Flow	-118.25	-58.15	55.85	-81.41	33.73	-30.25
Change in Working Capital	47.65	47.65	14.3	-17.16	65.14	-37.88

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.