HKG:2589 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	501.32	328.93	387.9	149.47
Depreciation & Amortization	62.18	80.25	89.97	77.79
Other Amortization	2.74	2.64	3.21	2.93
Loss (Gain) From Sale of Assets	6.32	1.41	0.68	0.19
Asset Writedown & Restructuring Costs	1.34	-	2.59	-
Loss (Gain) From Sale of Investments	-20.16	-20.3	-11.44	-3.45
Stock-Based Compensation	57.37	57.78	14.48	4.84
Other Operating Activities	-7.83	24.98	6.85	5.14
Change in Accounts Receivable	-24.02	-0.77	-0.7	-
Change in Inventory	-62.46	-14.66	2.13	-59.45
Change in Accounts Payable	123.12	6.45	33.3	67.44
Change in Unearned Revenue	93.63	-46.39	10.09	10.64
Change in Other Net Operating Assets	19.43	0.22	53.76	12.23
Operating Cash Flow	752.98	420.54	592.82	267.77
Operating Cash Flow Growth	79.05%	-29.06%	121.39%	-
Capital Expenditures	-24.62	-17.47	-28.04	-44.08
Sale of Property, Plant & Equipment	2.68	0.92	1.3	1.41
Sale (Purchase) of Intangibles	-4.98	-6.68	-5.29	-3.52
Investment in Securities	99.04	-377.08	-154.77	-34.52
Other Investing Activities	-144.16	-183.91	-23.94	1.52
Investing Cash Flow	-72.03	-584.21	-210.75	-79.19
Short-Term Debt Issued	150.94	79.47	17.5	1
Total Debt Issued	150.94	79.47	17.5	1
Short-Term Debt Repaid	-178.82	-49.59	-18.5	-
Long-Term Debt Repaid	-46.49	-56.96	-57.61	-43.4
Total Debt Repaid	-225.31	-106.55	-76.11	-43.4
Net Debt Issued (Repaid)	-74.37	-27.08	-58.61	-42.4
Issuance of Common Stock	287.63	117.14	132.01	-
Common Dividends Paid	-	-210.06	-8.7	-
Other Financing Activities	-27.79	-5.14	-8.47	-6.36
Financing Cash Flow	185.46	-125.14	56.22	-48.75
Foreign Exchange Rate Adjustments	-0.72	0.16	-	-
Net Cash Flow	865.7	-288.65	438.3	139.83
Free Cash Flow	728.36	403.07	564.78	223.7
Free Cash Flow Growth	80.70%	-28.63%	152.48%	-
Free Cash Flow Margin	16.31%	12.27%	16.87%	10.17%
Free Cash Flow Per Share	6.99	3.94	5.85	2.39
Cash Interest Paid	4.26	5.14	6.19	6.36
Cash Income Tax Paid	178.86	93.68	116.08	52.46
Levered Free Cash Flow	799.16	238.6	490.05	-
Unlevered Free Cash Flow	801.8	241.84	493.92	-
Change in Working Capital	149.7	-55.16	98.58	30.87

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