HKG:2122 Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-129.05	-202.15	-210.5	-182.29	1.34
Depreciation & Amortization	67.03	94.62	120.17	115.44	109.91
Loss (Gain) From Sale of Assets	-0.03	0.52	0.11	0.01	-
Asset Writedown & Restructuring Costs	5.26	13.24	13.69	7.7	2.76
Loss (Gain) From Sale of Investments	-	-	0.29	-	0.52
Stock-Based Compensation	0.77	-	-	-	-
Provision & Write-off of Bad Debts	0.2	0.8	-0.73	0.57	0.25
Other Operating Activities	2.01	33.56	29.66	41.55	-7.77
Change in Accounts Receivable	-2.35	14.73	1.03	37.5	-4.53
Change in Inventory	77.75	61.95	100.16	58.01	-52.29
Change in Accounts Payable	-5.38	-0.66	20.88	-49.4	50.21
Change in Unearned Revenue	3.02	-1.83	0.85	-3.3	-7.3
Change in Other Net Operating Assets	-0.73	-9.1	-26.38	61.24	-7.58
Operating Cash Flow	18.52	5.69	49.23	87.04	85.52
Operating Cash Flow Growth	225.66%	-88.45%	-43.44%	1.77%	-33.80%
Capital Expenditures	-7.53	-16.54	-13.94	-27.43	-24.57
Sale of Property, Plant & Equipment	0.16	0.45	0	0.01	-
Sale (Purchase) of Intangibles	-	-	-	-	-4.48
Investment in Securities	-	-	-	-	-0.81
Other Investing Activities	0.02	0.06	0.11	0.14	0.44
Investing Cash Flow	-7.35	-16.02	-13.83	-27.28	-29.41
Short-Term Debt Issued	104.27	106	62.4	31.47	7.06
Long-Term Debt Issued	62.65	66.87	33.02	6.87	-
Total Debt Issued	166.92	172.87	95.42	38.34	7.06
Short-Term Debt Repaid	-90.88	-75.93	-18.4	-	-
Long-Term Debt Repaid	-71.96	-81.73	-98.99	-96.14	-86.79
Total Debt Repaid	-162.84	-157.66	-117.4	-96.14	-86.79
Net Debt Issued (Repaid)	4.07	15.21	-21.97	-57.8	-79.73
Other Financing Activities	-9.46	-10.41	-10.14	-4.29	-4.35
Financing Cash Flow	-5.39	4.81	-32.11	-62.08	-84.08
Foreign Exchange Rate Adjustments	-0.35	0.23	0.16	0.83	-0.38
Net Cash Flow	5.43	-5.3	3.45	-1.49	-28.35
Free Cash Flow	10.99	-10.85	35.29	59.61	60.95
Free Cash Flow Growth	-	-	-40.80%	-2.21%	-36.47%
Free Cash Flow Margin	1.31%	-1.11%	3.05%	5.21%	4.15%
Free Cash Flow Per Share	0.01	-0.01	0.04	0.07	0.08
Cash Interest Paid	7.91	9.48	9.47	9.73	9.09
Cash Income Tax Paid	0.04	-0.43	0.18	1.18	1.93
Levered Free Cash Flow	50.31	44.64	90.78	113.66	66.68
Unlevered Free Cash Flow	56.12	51.91	98.19	120.34	72.85
Change in Working Capital	72.32	65.09	96.53	104.05	-21.49

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