MIXUE Group 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
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
Net Income	5,245	4,437	3,137	1,997	1,910
Depreciation & Amortization	472.49	414.07	263.98	181.09	99.6
Other Amortization	4.75	5.45	-1.19	6.04	3
Loss (Gain) From Sale of Assets	1.45	5.84	-1.47	0.3	1.16
Asset Writedown & Restructuring Costs	-	-	65.52	-	14.83
Loss (Gain) on Equity Investments	1.15	3.02	-0.2	0.18	-
Stock-Based Compensation	18.53	15.79	16.43	24.98	22.55
Provision & Write-off of Bad Debts	-0.53	0.17	3.35	0.73	-0.02
Other Operating Activities	106.87	51.14	67.34	-7.58	40.45
Change in Accounts Receivable	-16.35	5.06	-8.96	-14.11	0.29
Change in Inventory	-1,002	-20.63	-725.82	-291.32	-842.72
Change in Accounts Payable	1,060	452.78	466.09	286.16	261.21
Change in Unearned Revenue	153.75	94.9	143.94	-45.42	133.8
Change in Other Net Operating Assets	406.31	544.63	367.51	292.86	47.87
Operating Cash Flow	6,451	6,009	3,794	2,431	1,692
Operating Cash Flow Growth	70.04%	58.38%	56.09%	43.62%	-
Capital Expenditures	-995.37	-1,439	-1,685	-997.29	-944.52
Sale of Property, Plant & Equipment	60.51	58.2	4.75	0.89	5.07
Divestitures	-	-	-2.24	-	-
Sale (Purchase) of Intangibles	-7.37	-9.86	-5.43	-8.72	-7.18
Investment in Securities	-5,801	-5,627	862.91	-942.8	-884.33
Other Investing Activities	-1.34	-1.34	-0.04	-253.94	-0.67
Investing Cash Flow	-6,745	-7,019	-825.34	-2,202	-1,832
Long-Term Debt Issued	-	4.54	259.54	140	30
Long-Term Debt Repaid	-	-347.56	-239.88	-106.4	-41.71
Net Debt Issued (Repaid)	-127.6	-343.03	19.66	33.6	-11.71
Issuance of Common Stock	3,665	-	-	-	1,120
Common Dividends Paid	-	-	-100	-104.4	-404.4
Other Financing Activities	-47.75	65.59	-30.98	-68.46	22.76
Financing Cash Flow	3,490	-277.44	-111.32	-139.26	726.65
Foreign Exchange Rate Adjustments	-37.23	0.94	0.56	-1.2	-1.07
Net Cash Flow	3,159	-1,287	2,858	88.31	586.34
Free Cash Flow	5,456	4,570	2,109	1,433	747.87
Free Cash Flow Growth	158.75%	116.74%	47.11%	91.66%	-
Free Cash Flow Margin	18.80%	18.41%	10.39%	10.56%	7.22%
Free Cash Flow Per Share	14.90	12.70	5.86	3.98	2.08
Cash Interest Paid	4.03	6.58	14.57	9.13	5.94
Cash Income Tax Paid	1,347	1,280	910.74	658.55	590.08
Levered Free Cash Flow	-	3,580	1,476	884.07	-
Unlevered Free Cash Flow	-	3,584	1,485	889.82	-
Change in Working Capital	601.57	1,077	242.77	228.17	-399.54

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