HKG:2048 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	-1,273	-1,240	-3,896	-11,643
Depreciation & Amortization	166.1	237.68	489.03	403.62
Other Amortization	47.81	48.08	48.49	31.73
Loss (Gain) From Sale of Assets	101.11	15.58	-21.36	-6.83
Asset Writedown & Restructuring Costs	378.66	41.01	1,035	858.53
Loss (Gain) From Sale of Investments	62.17	88.44	1,108	9,288
Loss (Gain) on Equity Investments	-4.82	-1.96	-2.83	33.04
Stock-Based Compensation	0.99	11.96	12.21	14.31
Provision & Write-off of Bad Debts	-	-	0.04	5.65
Other Operating Activities	282.58	188.26	-414.85	106.67
Change in Accounts Receivable	-5.14	35.31	-25.04	317.44
Change in Accounts Payable	-75.52	-101.86	-144.94	-183.64
Change in Unearned Revenue	-64.87	69.95	-51.14	25.03
Change in Other Net Operating Assets	179.04	174.56	778.15	-1,622
Operating Cash Flow	-205.19	-432.75	-1,086	-2,371
Capital Expenditures	-11.92	-12.26	-35.51	-369.19
Sale of Property, Plant & Equipment	27.89	27.98	14.54	11.59
Cash Acquisitions	-	-	-	-47.38
Divestitures	-	-0.24	-74.23	-
Sale (Purchase) of Intangibles	-	-	-0.17	-0.65
Sale (Purchase) of Real Estate	369.5	4.72	15.52	33.44
Investment in Securities	-0.51	4.34	21.42	1,073
Other Investing Activities	-5.06	8.46	773.94	-29.01
Investing Cash Flow	379.9	33	715.51	299.33
Short-Term Debt Issued	13.79	3.15	59.33	26.58
Long-Term Debt Issued	210.5	441	492	2,581
Total Debt Issued	224.29	444.15	551.33	2,608
Short-Term Debt Repaid	-0.66	-0.8	-155.83	-63.28
Long-Term Debt Repaid	-689.99	-560.7	-2,060	-3,932
Total Debt Repaid	-690.65	-561.5	-2,216	-3,996
Net Debt Issued (Repaid)	-466.37	-117.35	-1,665	-1,388
Issuance of Common Stock	-	-	-	1.35
Common Dividends Paid	-	-	-	-91.32
Other Financing Activities	-27.5	-91.64	-82.71	-581.12
Financing Cash Flow	-493.87	-208.99	-1,747	-2,059
Foreign Exchange Rate Adjustments	2.13	1.01	49.77	-70.67
Net Cash Flow	-317.03	-607.74	-2,068	-4,201
Free Cash Flow	-217.11	-445.01	-1,122	-2,740
Free Cash Flow Margin	-5.72%	-10.01%	-22.29%	-30.91%
Free Cash Flow Per Share	-0.12	-0.25	-0.64	-1.57
Cash Interest Paid	27.5	69.37	64.44	445.69
Cash Income Tax Paid	5.1	9.09	2.08	67.9
Levered Free Cash Flow	-271.39	-95.48	623.9	2,310
Unlevered Free Cash Flow	44.09	181.43	918.75	2,647
Change in Working Capital	33.51	177.95	557.03	-1,463

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