HKG:2450 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	-28.82	-21.97	37.49	67.41	64.71
Depreciation & Amortization	98.04	68.55	60.63	61.38	51.69
Asset Writedown & Restructuring Costs	19.54	13.35	-	-	-
Provision & Write-off of Bad Debts	1.23	-0.19	-19.2	-25.81	-6.08
Other Operating Activities	43.05	92.43	98.07	101.29	11.59
Change in Accounts Receivable	4.55	7.24	37.7	-12.96	52.33
Change in Inventory	-0.12	1.43	1.66	-0.2	0.24
Change in Accounts Payable	-29.28	11.86	-8.72	-39.4	67.7
Change in Other Net Operating Assets	-292.11	-0.41	-0.36	3.52	2.66
Operating Cash Flow	-183.92	172.29	207.27	155.23	244.84
Operating Cash Flow Growth	-	-16.88%	33.52%	-36.60%	-16.07%
Capital Expenditures	-38.73	-5.53	-108.49	-296.99	-725.39
Investment in Securities	232.53	-232.53	-	-	-
Other Investing Activities	-	34.23	173	-173	105
Investing Cash Flow	193.8	-203.83	64.51	-469.99	-620.39
Short-Term Debt Issued	-	-	207	-	244.47
Long-Term Debt Issued	0.4	1,360	-	-	1,521
Total Debt Issued	0.4	1,360	207	-	1,765
Short-Term Debt Repaid	-	-335.1	-	-	-27
Long-Term Debt Repaid	-128.42	-800.37	-100	-34.5	-643.87
Total Debt Repaid	-128.42	-1,135	-100	-34.5	-670.87
Net Debt Issued (Repaid)	-128.02	224.53	107	-34.5	1,094
Issuance of Common Stock	-	-	93.39	-	1.8
Common Dividends Paid	-	-7.39	-	-	-153.52
Other Financing Activities	-194.3	61.07	-443.47	-191.74	-46.92
Financing Cash Flow	-322.32	278.21	-243.08	-226.24	895.71
Foreign Exchange Rate Adjustments	-	-	4.29	-	-
Net Cash Flow	-312.44	246.67	32.99	-540.99	520.17
Free Cash Flow	-222.65	166.76	98.78	-141.75	-480.54
Free Cash Flow Growth	-	68.82%	-	-	-
Free Cash Flow Margin	-101.67%	70.61%	33.99%	-34.77%	-129.76%
Free Cash Flow Per Share	-0.84	0.63	0.38	-0.72	-2.43
Cash Interest Paid	49.53	69.16	37.44	40.1	36.87
Cash Income Tax Paid	1.43	-14.17	-9.52	41.83	94.95
Levered Free Cash Flow	-54.58	-334.77	-17.02	-210.58	-103.45
Unlevered Free Cash Flow	-16.08	-281.54	21.8	-166.67	-69.93
Change in Working Capital	-316.95	20.12	30.28	-49.04	122.94

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