HKG:2513 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	-4,698	-2,956	-787.96	-143.37
Depreciation & Amortization	279.37	278.53	68.85	19.96
Other Amortization	1.69	1.41	0.09	0.06
Loss (Gain) From Sale of Assets	0.27	-6.81	1.54	-
Loss (Gain) From Sale of Investments	-25.28	-66.27	-26.02	-5.97
Loss (Gain) on Equity Investments	-54.98	-21.25	0.45	-
Stock-Based Compensation	558.27	23.58	5.5	1.02
Other Operating Activities	988.46	502.41	185.63	50.17
Change in Accounts Receivable	-166.97	-417.48	-279.07	-20
Change in Inventory	-87.99	-3.68	-18.37	-2.92
Change in Accounts Payable	743.43	415.97	143.19	12.89
Change in Unearned Revenue	218.98	6.01	58.26	20.03
Change in Other Net Operating Assets	-3.17	-0.84	-0.11	-0.1
Operating Cash Flow	-2,246	-2,245	-648.02	-68.25
Capital Expenditures	-11.49	-125.96	-506.76	-31.65
Sale of Property, Plant & Equipment	0.05	114.6	-	0.01
Cash Acquisitions	-	-3	-61.09	-
Sale (Purchase) of Intangibles	-11.6	-6.8	-1.81	-
Investment in Securities	-352.91	-27.4	-215.31	64.57
Investing Cash Flow	-375.95	-48.56	-784.97	32.92
Short-Term Debt Issued	700	130	-	-
Long-Term Debt Issued	689.06	137.17	-	-
Total Debt Issued	1,389	267.17	-	-
Long-Term Debt Repaid	-314.94	-147.39	-31.83	-11.11
Net Debt Issued (Repaid)	1,074	119.78	-31.83	-11.11
Issuance of Common Stock	-	-	97.75	-
Other Financing Activities	1,540	3,192	2,397	202.31
Financing Cash Flow	2,614	3,312	2,463	191.2
Foreign Exchange Rate Adjustments	-5.3	0.39	0.19	-
Net Cash Flow	-13.24	1,019	1,030	155.87
Free Cash Flow	-2,258	-2,371	-1,155	-99.9
Free Cash Flow Margin	-311.68%	-758.89%	-927.25%	-174.01%
Free Cash Flow Per Share	-14.15	-14.83	-76.47	-7.50
Cash Interest Paid	37.22	32.57	7.5	0.79
Levered Free Cash Flow	2,492	2,167	1,784	-
Unlevered Free Cash Flow	2,515	2,188	1,788	-
Change in Working Capital	704.29	-0.03	-96.09	9.89

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