HKG:2502 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	-34.28	-16.04	54.93	138.23	72.47
Depreciation & Amortization	79.91	80.39	58.52	62.29	61.12
Loss (Gain) From Sale of Assets	1.6	-0.94	0.07	0	-0.01
Loss (Gain) on Equity Investments	1.82	-0.39	-3.15	-	-
Other Operating Activities	8.62	16.45	13.55	59.86	0.26
Change in Accounts Receivable	15.4	37	31.29	62.3	19.24
Change in Inventory	89.88	-28.59	-51.79	1.74	-18.67
Change in Accounts Payable	-51.29	17.69	-24.39	21.83	-3.28
Change in Unearned Revenue	11.45	-7.95	13.41	4.92	0.46
Change in Other Net Operating Assets	1.31	-0.77	12.01	-32.38	-32.98
Operating Cash Flow	124.43	96.86	104.46	318.8	98.62
Operating Cash Flow Growth	28.47%	-7.28%	-67.23%	223.25%	60.08%
Capital Expenditures	-43.22	-83.03	-148.4	-118.37	-31.46
Sale of Property, Plant & Equipment	0.53	1.16	-	0.02	0.01
Cash Acquisitions	-	-	-	-0.43	-10.04
Investment in Securities	-	-213.92	30	-30	-
Other Investing Activities	9.78	26.94	47.34	-18.58	-17.21
Investing Cash Flow	-32.92	-268.86	-71.06	-167.34	-58.7
Short-Term Debt Issued	-	-	-	-	36.28
Long-Term Debt Issued	283.8	224.52	166.62	199.84	39.27
Total Debt Issued	283.8	224.52	166.62	199.84	75.55
Short-Term Debt Repaid	-	-	-	-214.82	-16.7
Long-Term Debt Repaid	-332.16	-150.23	-73.02	-85.71	-70.49
Total Debt Repaid	-332.16	-150.23	-73.02	-300.52	-87.19
Net Debt Issued (Repaid)	-48.36	74.28	93.59	-100.69	-11.64
Issuance of Common Stock	-	-	260.89	-	-
Common Dividends Paid	-	-19.22	-63	-15.3	-15.3
Other Financing Activities	-37.45	-52.58	-86.53	-23.08	-17.35
Financing Cash Flow	-85.81	2.49	204.95	-139.06	-44.29
Foreign Exchange Rate Adjustments	-0.23	5.57	-0.1	-	-
Net Cash Flow	5.48	-163.94	238.24	12.39	-4.36
Free Cash Flow	81.21	13.82	-43.95	200.43	67.16
Free Cash Flow Growth	487.42%	-	-	198.43%	4048.43%
Free Cash Flow Margin	3.13%	0.45%	-1.89%	8.89%	4.54%
Free Cash Flow Per Share	0.09	0.01	-0.07	0.37	-
Cash Interest Paid	14.6	16.42	11.41	8.38	2.65
Cash Income Tax Paid	7.19	11.52	29.8	38.17	35.75
Levered Free Cash Flow	57.77	-15.58	41.61	-78.89	57.9
Unlevered Free Cash Flow	66.78	-5.29	45.4	-73.88	59.56
Change in Working Capital	66.76	17.38	-19.46	58.42	-35.22

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