Marketingforce Management 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	88.94	-876.67	-169.48	-216.46	-272.59
Depreciation & Amortization	53.81	69.93	97.01	90.91	62.39
Other Amortization	1.56	2.1	1.8	1.76	2.67
Loss (Gain) From Sale of Assets	0.76	6.08	-0.39	-0.08	0.12
Loss (Gain) From Sale of Investments	39.64	840.21	138.96	67.57	137.43
Stock-Based Compensation	78.24	155.08	8.38	8.38	7.95
Other Operating Activities	24.55	33.76	37.78	28.23	23.37
Change in Accounts Receivable	-472.65	-45.65	-0.9	-75.44	-56.16
Change in Inventory	-8.58	-	-	-	-
Change in Accounts Payable	30.75	24.14	7.28	28.1	-12.4
Change in Unearned Revenue	215.44	-149.22	92.56	68.48	233.83
Change in Other Net Operating Assets	-725.29	76.75	-334.97	65.45	-596.4
Operating Cash Flow	-676.34	138.06	-121.5	64.81	-469.8
Capital Expenditures	-11.58	-9.57	-15.68	-39.05	-69.43
Sale of Property, Plant & Equipment	0.02	1	0.51	0.17	-
Sale (Purchase) of Intangibles	-	-0.56	-0.94	-0.69	-0.59
Investment in Securities	-733.28	-133.39	-50	-	-
Investing Cash Flow	-744.85	-142.52	-66.1	-39.58	-70.02
Short-Term Debt Issued	-	-	-	35.5	8
Long-Term Debt Issued	2,994	1,868	1,019	516.85	601.82
Total Debt Issued	2,994	1,868	1,019	552.35	609.82
Short-Term Debt Repaid	-	-	-	-35.5	-8
Long-Term Debt Repaid	-2,212	-1,507	-873.22	-541.92	-307.89
Total Debt Repaid	-2,212	-1,507	-873.22	-577.42	-315.89
Net Debt Issued (Repaid)	781.89	360.98	145.78	-25.07	293.92
Issuance of Common Stock	1,108	328.95	-	-	-
Other Financing Activities	18.47	-34.49	-23.86	-15.01	-10.87
Financing Cash Flow	1,909	655.44	121.92	-40.08	679.23
Foreign Exchange Rate Adjustments	-34.34	1.92	0.2	2.7	-0.57
Net Cash Flow	453.15	652.89	-65.48	-12.15	138.84
Free Cash Flow	-687.93	128.49	-137.18	25.76	-539.23
Free Cash Flow Margin	-24.41%	8.24%	-11.13%	2.25%	-61.47%
Free Cash Flow Per Share	-2.72	0.60	-0.82	0.15	-3.59
Cash Interest Paid	42.53	33.8	23.31	15.01	10.87
Cash Income Tax Paid	0.69	-0.03	-	-1.24	12.02
Levered Free Cash Flow	-820.4	99.31	-175.23	159.02	-
Unlevered Free Cash Flow	-790.22	123.87	-153.2	176.51	-
Change in Working Capital	-963.85	-92.43	-235.56	84.51	-431.13

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