HKG:2380 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	3,404	3,862	3,084	3,344	-256.26
Depreciation & Amortization	15,226	13,838	9,730	7,799	6,155
Loss (Gain) on Sale of Assets	-	44.24	147.58	-511.51	-210.43
Loss (Gain) on Sale of Investments	-	-80.24	-	-154.34	-
Loss (Gain) on Equity Investments	-	-732.6	-706.15	152.86	292.84
Asset Writedown	-	265.26	66.96	265.05	1
Stock-Based Compensation	-	19.28	7.42	28.8	-
Change in Accounts Receivable	-	-9,055	-1,722	-1,920	-894.32
Change in Inventory	-	913.74	-1,206	-45.92	-770.94
Change in Accounts Payable	-	-123.59	1,257	1,606	723.71
Change in Unearned Revenue	-	58.15	46.75	38.72	2.89
Change in Other Net Operating Assets	-	-1,031	-1,914	-2,458	-3,349
Other Operating Activities	-112.32	2,666	1,061	-2,522	-369
Operating Cash Flow	18,518	10,621	9,903	5,726	1,548
Operating Cash Flow Growth	74.35%	7.25%	72.96%	269.89%	-71.86%
Capital Expenditures	-20,175	-26,980	-24,648	-17,596	-17,165
Sale of Property, Plant & Equipment	55.05	28.68	15.89	15.31	23.74
Cash Acquisitions	453.36	-7,258	-1,774	-1,511	-441.27
Divestitures	60.43	157.8	-115.03	1,264	189.71
Investment in Securities	-1,844	-801.91	-3,144	-1,850	-1,186
Other Investing Activities	-1,234	-319.2	2,821	-397.41	-141.79
Investing Cash Flow	-22,684	-35,172	-26,844	-20,075	-18,721
Long-Term Debt Issued	158,934	129,804	82,053	69,436	81,137
Total Debt Issued	158,934	129,804	82,053	69,436	81,137
Long-Term Debt Repaid	-151,634	-109,545	-74,373	-61,980	-67,888
Net Debt Issued (Repaid)	7,300	20,260	7,680	7,456	13,249
Issuance of Common Stock	663.43	32.05	8,009	5,609	3,150
Repurchase of Common Stock	-	-163.43	-3,000	-	-
Common Dividends Paid	-2,551	-2,089	-1,787	-690.83	-1,421
Other Financing Activities	-943.61	7,463	7,550	4,435	2,631
Financing Cash Flow	4,469	24,886	18,452	16,808	17,608
Foreign Exchange Rate Adjustments	1.14	-0.02	-0.95	2.5	13.06
Net Cash Flow	304.69	334.8	1,511	2,461	448.3
Free Cash Flow	-1,657	-16,359	-14,745	-11,870	-15,617
Free Cash Flow Margin	-3.16%	-29.09%	-31.96%	-26.73%	-43.46%
Free Cash Flow Per Share	-0.13	-1.32	-1.19	-1.06	-1.58
Cash Interest Paid	-	4,709	3,977	4,483	4,150
Cash Income Tax Paid	-	1,623	1,134	545.25	1,213
Levered Free Cash Flow	-8,500	-20,146	-8,730	-8,409	-12,465
Unlevered Free Cash Flow	-5,321	-17,003	-6,078	-5,741	-10,025
Change in Working Capital	-	-9,260	-3,488	-2,676	-4,065

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