Marketingforce Management Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-19.11	-876.67	-169.48	-216.46	-272.59
Depreciation & Amortization	48.42	69.93	97.01	90.91	62.39
Other Amortization	1.81	2.1	1.8	1.76	2.67
Loss (Gain) From Sale of Assets	10.73	6.08	-0.39	-0.08	0.12
Loss (Gain) From Sale of Investments	102.09	840.21	138.96	67.57	137.43
Stock-Based Compensation	136.92	155.08	8.38	8.38	7.95
Other Operating Activities	37.82	33.76	37.78	28.23	23.37
Change in Accounts Receivable	-185.34	-45.65	-0.9	-75.44	-56.16
Change in Accounts Payable	0.01	24.14	7.28	28.1	-12.4
Change in Unearned Revenue	-42.57	-149.22	92.56	68.48	233.83
Change in Other Net Operating Assets	-686.97	76.75	-334.97	65.45	-596.4
Operating Cash Flow	-596.62	138.06	-121.5	64.81	-469.8
Capital Expenditures	-9.97	-9.57	-15.68	-39.05	-69.43
Sale of Property, Plant & Equipment	0.98	1	0.51	0.17	-
Sale (Purchase) of Intangibles	2.31	-0.56	-0.94	-0.69	-0.59
Investment in Securities	-689.61	-133.39	-50	-	-
Investing Cash Flow	-696.29	-142.52	-66.1	-39.58	-70.02
Short-Term Debt Issued	-	-	-	35.5	8
Long-Term Debt Issued	-	1,868	1,019	516.85	601.82
Total Debt Issued	2,552	1,868	1,019	552.35	609.82
Short-Term Debt Repaid	-	-	-	-35.5	-8
Long-Term Debt Repaid	-	-1,507	-873.22	-541.92	-307.89
Total Debt Repaid	-1,947	-1,507	-873.22	-577.42	-315.89
Net Debt Issued (Repaid)	604.75	360.98	145.78	-25.07	293.92
Issuance of Common Stock	1,169	227.56	-	-	-
Other Financing Activities	-44.67	-34.49	-23.86	-15.01	-10.87
Financing Cash Flow	1,831	655.44	121.92	-40.08	679.23
Foreign Exchange Rate Adjustments	-0.19	1.92	0.2	2.7	-0.57
Net Cash Flow	537.71	652.89	-65.48	-12.15	138.84
Free Cash Flow	-606.59	128.49	-137.18	25.76	-539.23
Free Cash Flow Margin	-34.71%	8.24%	-11.13%	2.25%	-61.47%
Free Cash Flow Per Share	-2.50	0.60	-0.82	0.15	-3.59
Cash Interest Paid	43.75	33.8	23.31	15.01	10.87
Cash Income Tax Paid	0.53	-0.03	-	-1.24	12.02
Levered Free Cash Flow	-674.97	99.31	-175.23	159.02	-
Unlevered Free Cash Flow	-645.34	123.87	-153.2	176.51	-
Change in Working Capital	-915.29	-92.43	-235.56	84.51	-431.13

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.