HKG:2533 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	-1,425	313.32	-4,855	-2,754	-2,357
Depreciation & Amortization	107.99	74.25	54.89	32.41	10.86
Other Amortization	-	38.24	31.65	17.3	9.89
Loss (Gain) From Sale of Assets	-	0.02	1.48	0.68	0.15
Loss (Gain) From Sale of Investments	-	-1.98	-12.13	-9.66	-
Loss (Gain) on Equity Investments	-	2.33	1.44	0.99	0.72
Stock-Based Compensation	-	429.05	421.05	339.54	111.74
Provision & Write-off of Bad Debts	-	29.07	9.41	8.48	1.84
Other Operating Activities	331.33	-1,996	3,216	1,735	1,628
Change in Accounts Receivable	-	-122.2	-49.13	-84.24	-15.92
Change in Inventory	-	-19.63	-16.84	-69.6	-3.22
Change in Accounts Payable	-	49.21	-1.82	56.82	1.52
Change in Unearned Revenue	-	-7.04	1.82	5.41	0.25
Change in Other Net Operating Assets	-	21.45	139.17	-33.76	-28.56
Operating Cash Flow	-985.37	-1,190	-1,058	-754.67	-639.32
Capital Expenditures	-49.88	-33.89	-81.43	-50.06	-25.54
Sale (Purchase) of Intangibles	-35.88	-21.76	-52.17	-21.03	-8.28
Investment in Securities	-8.85	-167.36	680.3	-672.61	-
Other Investing Activities	-85	-	-	10.9	2
Investing Cash Flow	-179.61	-223.01	546.7	-732.8	-31.82
Long-Term Debt Issued	540	710	-	-	-
Long-Term Debt Repaid	-497.34	-53.24	-42.2	-82.56	-46.05
Net Debt Issued (Repaid)	42.66	656.76	-42.2	-82.56	-46.05
Issuance of Common Stock	1,187	932.89	6.16	1.6	0.67
Repurchase of Common Stock	-	-	-	-4.59	-41.92
Other Financing Activities	-30.72	-37.65	-8.53	889.73	2,092
Financing Cash Flow	1,199	1,552	809.14	804.18	2,001
Foreign Exchange Rate Adjustments	-35.11	10.45	18.18	112.1	-20.2
Net Cash Flow	-1.35	149.69	316.18	-571.19	1,310
Free Cash Flow	-1,035	-1,224	-1,139	-804.73	-664.85
Free Cash Flow Margin	-125.89%	-258.02%	-364.69%	-486.41%	-1098.86%
Free Cash Flow Per Share	-1.72	-2.39	-16.05	-11.33	-9.05
Cash Interest Paid	24.96	11.34	2.45	2.59	2.28
Cash Income Tax Paid	0.02	-	-	-	-
Levered Free Cash Flow	-661.96	-613.04	-637.96	-403.34	-
Unlevered Free Cash Flow	-640.96	-603.32	-636.63	-401.67	-
Change in Working Capital	-	-78.2	73.2	-125.37	-45.93

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