HKG:2399 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	-351.05	-52.27	-100.01	-178.08
Depreciation & Amortization	36.5	37.18	31.3	68.41
Other Amortization	0.04	0.01	2.52	2.65
Loss (Gain) From Sale of Assets	0.02	0.16	1.75	-2.83
Asset Writedown & Restructuring Costs	25.24	-	6.91	2.11
Stock-Based Compensation	48.64	-	-	-
Provision & Write-off of Bad Debts	211.31	2.92	112.7	86.96
Other Operating Activities	50.74	103.06	31.08	51.59
Change in Accounts Receivable	44.27	-413.37	-267.67	-111.51
Change in Inventory	0.27	23.53	-19.69	25.17
Change in Accounts Payable	-101.57	169.49	156.75	34.91
Operating Cash Flow	-35.58	-129.29	-44.35	-24.33
Capital Expenditures	-36.76	-38.64	-45.86	-50.73
Sale of Property, Plant & Equipment	0.79	0.07	0.5	0.5
Cash Acquisitions	-	-	-	4.25
Divestitures	-	-	-	-0.06
Sale (Purchase) of Intangibles	-0.16	-0.06	-48.71	-
Other Investing Activities	1.33	1.13	1.28	0.89
Investing Cash Flow	-34.8	-37.51	-92.8	-45.16
Short-Term Debt Issued	405.6	429.74	431.12	398.5
Long-Term Debt Issued	-	23.68	49.91	-
Total Debt Issued	405.6	453.43	481.03	398.5
Short-Term Debt Repaid	-338.01	-422.12	-418.5	-419.8
Long-Term Debt Repaid	-14.52	-22.88	-20.65	-29.72
Total Debt Repaid	-352.53	-445	-439.15	-449.52
Net Debt Issued (Repaid)	53.08	8.43	41.89	-51.02
Issuance of Common Stock	19.14	180.73	56.44	77.66
Other Financing Activities	-22.29	-1.47	-42.63	-21.98
Financing Cash Flow	49.93	187.69	55.7	4.66
Foreign Exchange Rate Adjustments	-3.89	-0.95	-	-
Net Cash Flow	-24.34	19.94	-81.45	-64.83
Free Cash Flow	-72.34	-167.92	-90.22	-75.06
Free Cash Flow Margin	-15.49%	-26.03%	-14.94%	-20.08%
Free Cash Flow Per Share	-0.03	-0.07	-0.04	-0.04
Cash Interest Paid	22.29	21.47	22.63	24.58
Cash Income Tax Paid	6.39	-	-	1.14
Levered Free Cash Flow	27.49	-167.48	-155.47	-35.29
Unlevered Free Cash Flow	42.82	-145.07	-136.33	-17.35
Change in Working Capital	-57.03	-220.35	-130.61	-51.43

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