HKG:2408 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	106.12	60.7	45.91	-35.97
Depreciation & Amortization	297.57	224.62	148.48	115.6
Other Amortization	2.18	1.87	1.17	0.85
Loss (Gain) From Sale of Assets	-2.23	-3.99	-1.23	0.31
Asset Writedown & Restructuring Costs	2.75	1.59	8.94	9.44
Loss (Gain) From Sale of Investments	-	-0.26	-0.06	-0.01
Stock-Based Compensation	7.14	3.14	1.42	1.34
Other Operating Activities	26.38	25.34	19.55	2.28
Change in Accounts Receivable	-48.74	-29.99	-32.01	-6.05
Change in Inventory	-11.44	4.43	-10.46	2.97
Change in Accounts Payable	44.21	10.37	43.27	-1.6
Change in Unearned Revenue	48.22	23.49	25.18	17.68
Change in Other Net Operating Assets	-24.14	-7.76	-5.03	-2.07
Operating Cash Flow	448.03	313.55	245.13	104.77
Operating Cash Flow Growth	42.89%	27.91%	133.96%	-
Capital Expenditures	-124.2	-97.32	-60.75	-30.8
Sale of Property, Plant & Equipment	0.71	0.81	0.02	2.29
Sale (Purchase) of Intangibles	-1.79	-2.61	-1.26	-1.72
Investment in Securities	70.26	-44.94	-18.04	-7
Other Investing Activities	1.23	0.96	2.02	1.22
Investing Cash Flow	-53.8	-143.09	-78.01	-36
Short-Term Debt Issued	-	50	25.12	35.39
Total Debt Issued	-	50	25.12	35.39
Short-Term Debt Repaid	-50	-	-35.1	-25.41
Long-Term Debt Repaid	-225.73	-177.08	-128.61	-68.95
Total Debt Repaid	-275.73	-177.08	-163.71	-94.36
Net Debt Issued (Repaid)	-275.73	-127.08	-138.59	-58.96
Issuance of Common Stock	601.38	-	-	-
Common Dividends Paid	-49.09	-0.39	-19.15	-
Other Financing Activities	-34.15	-27.59	-19.13	-16.8
Financing Cash Flow	242.4	-155.06	-176.87	-75.76
Foreign Exchange Rate Adjustments	-2.28	0.03	-	-
Net Cash Flow	634.35	15.43	-9.76	-6.99
Free Cash Flow	323.83	216.22	184.38	73.98
Free Cash Flow Growth	49.77%	17.27%	149.24%	-
Free Cash Flow Margin	19.96%	18.73%	23.03%	17.69%
Free Cash Flow Per Share	0.55	0.37	0.32	0.13
Cash Interest Paid	30.45	27.46	19.13	16.8
Cash Income Tax Paid	23.23	13.4	7.68	0.17
Levered Free Cash Flow	273.46	190.06	154.74	-
Unlevered Free Cash Flow	292.49	207.22	166.69	-
Change in Working Capital	8.12	0.54	20.96	10.94

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