HKG:2025 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	19.32	11.27	20.41	36.57
Depreciation & Amortization	107.62	101.28	88.71	67.04
Loss (Gain) From Sale of Assets	0.13	0.65	0.13	-0.08
Provision & Write-off of Bad Debts	-0.57	-5.35	-	-
Other Operating Activities	6.76	7.28	1.42	-8.61
Change in Accounts Receivable	3.56	3.36	-8.05	29.18
Change in Inventory	-52.7	-4.79	-33.45	-42.51
Change in Accounts Payable	99.96	36.24	14.21	87.98
Change in Other Net Operating Assets	-3.17	-20.52	10.13	-9.51
Operating Cash Flow	180.91	129.43	93.52	160.07
Operating Cash Flow Growth	39.78%	38.40%	-41.58%	160.44%
Capital Expenditures	-239.17	-101.86	-163.23	-143.81
Sale of Property, Plant & Equipment	2.95	0.98	2.41	1.12
Other Investing Activities	15.12	0.06	0.24	0.64
Investing Cash Flow	-221.1	-100.82	-160.57	-142.05
Short-Term Debt Issued	-	-	254.45	185
Long-Term Debt Issued	241	228.82	-	-
Total Debt Issued	241	228.82	254.45	185
Short-Term Debt Repaid	-	-	-179	-185
Long-Term Debt Repaid	-168.04	-221.32	-0.36	-0.26
Total Debt Repaid	-168.04	-221.32	-179.36	-185.26
Net Debt Issued (Repaid)	72.96	7.5	75.09	-0.26
Common Dividends Paid	-10.95	-17.28	-7.84	-17.72
Other Financing Activities	-10.59	-9.77	-8.23	-6.4
Financing Cash Flow	51.42	-19.55	59.02	-24.38
Foreign Exchange Rate Adjustments	-0.24	-0.05	-0.43	0.05
Net Cash Flow	10.98	9.01	-8.46	-6.31
Free Cash Flow	-58.27	27.57	-69.71	16.26
Free Cash Flow Margin	-6.09%	3.84%	-11.61%	2.39%
Free Cash Flow Per Share	-0.07	0.03	-0.09	0.02
Cash Interest Paid	10.59	9.77	8.23	6.4
Cash Income Tax Paid	6.51	2.74	2.76	12.83
Levered Free Cash Flow	-64.77	49.74	-86.45	29.73
Unlevered Free Cash Flow	-58.15	55.85	-81.41	33.73
Change in Working Capital	47.65	14.3	-17.16	65.14

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