HKG:2170 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	-223.46	-237.03	-191.69	-122.66	-143.65
Depreciation & Amortization	48.35	35.66	19.53	8.39	5.59
Other Amortization	0.01	0.02	0.04	-	-
Loss (Gain) From Sale of Assets	-0.44	0.66	0.18	-8.7	-0
Loss (Gain) From Sale of Investments	10.72	-2.9	2.4	-3.4	-
Stock-Based Compensation	-	-	-	-	7.91
Provision & Write-off of Bad Debts	4.87	18.56	-	-	-
Other Operating Activities	3.26	-27.85	-55.65	-89.96	11.27
Change in Accounts Receivable	-36.19	7.56	2.14	-15.07	-46.89
Change in Inventory	-9.89	3.94	-21.15	-14.74	-24.1
Change in Accounts Payable	32.51	-52.42	-22.39	30.18	7.75
Change in Unearned Revenue	1.64	24.82	-1.57	2	-
Change in Other Net Operating Assets	0.74	-0.14	0.92	15.73	-15.73
Operating Cash Flow	-167.88	-229.12	-267.23	-188.77	-197.85
Capital Expenditures	-85.57	-93.3	-104.21	-128.45	-28.9
Sale of Property, Plant & Equipment	0.58	1.54	0.88	0.08	0.36
Cash Acquisitions	-	-	-257.89	-32.51	-42.48
Divestitures	-	-	-3.24	53.6	-
Sale (Purchase) of Intangibles	-	-	-	-0.06	-
Investment in Securities	83.77	-111.88	-	-	-
Other Investing Activities	9.35	22.44	39.64	18.65	14.42
Investing Cash Flow	8.12	-181.19	-324.81	-88.7	-56.6
Long-Term Debt Issued	47.24	90.14	196.74	49.75	43.65
Total Debt Issued	47.24	90.14	196.74	49.75	43.65
Long-Term Debt Repaid	-30.56	-44.85	-4.79	-23.15	-32.63
Total Debt Repaid	-30.56	-44.85	-4.79	-23.15	-32.63
Net Debt Issued (Repaid)	16.67	45.3	191.95	26.6	11.01
Issuance of Common Stock	-	-	-	-	1,678
Other Financing Activities	-12.85	-11.52	-1.4	-3.09	-93.69
Financing Cash Flow	3.82	33.78	190.55	23.51	1,596
Foreign Exchange Rate Adjustments	-1.91	6.06	12.57	62.91	-10.31
Net Cash Flow	-157.84	-370.47	-388.93	-191.05	1,331
Free Cash Flow	-253.45	-322.41	-371.44	-317.22	-226.75
Free Cash Flow Margin	-108.65%	-107.79%	-178.60%	-225.14%	-211.33%
Free Cash Flow Per Share	-0.93	-1.18	-1.36	-1.16	-0.85
Cash Interest Paid	0.11	0.47	0.24	0.19	0.24
Cash Income Tax Paid	0.44	-0.02	3.26	-	-
Levered Free Cash Flow	-225.97	-267.63	-244.92	-195.9	-160.63
Unlevered Free Cash Flow	-217.77	-261.77	-243.28	-195.59	-159.84
Change in Working Capital	-11.19	-16.25	-42.05	18.1	-78.96

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