HKG:2590 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	-10.41	-831.5	-1,127	-1,567
Depreciation & Amortization	36.83	60.49	86.38	122.28
Other Amortization	3.57	1.99	1.52	2.68
Loss (Gain) From Sale of Assets	1.78	0.31	6.32	0.9
Asset Writedown & Restructuring Costs	-	-	6.09	9.86
Loss (Gain) on Equity Investments	-15	-0.02	-14.9	14.97
Stock-Based Compensation	42.11	29.49	21.03	14.19
Provision & Write-off of Bad Debts	35.43	15.17	9.86	11.29
Other Operating Activities	-14.79	748.47	754.44	854.7
Change in Accounts Receivable	-291.35	-19.71	-372.34	-111.69
Change in Inventory	178.75	119.59	-105.53	-540.39
Change in Accounts Payable	157.76	178.28	179.87	87.39
Change in Unearned Revenue	-203.79	-302.41	61.67	464.55
Change in Other Net Operating Assets	164.78	-108.26	14.84	-12.76
Operating Cash Flow	85.66	-108.1	-477.43	-649.16
Capital Expenditures	-130.09	-102.23	-48.03	-36.03
Sale of Property, Plant & Equipment	0.05	5.54	1.85	0.21
Investment in Securities	-79.93	142	8	-183.03
Other Investing Activities	53.98	2.74	6.92	-0.56
Investing Cash Flow	-156	48.04	-31.27	-219.4
Short-Term Debt Issued	562.88	487.9	430.37	286.8
Total Debt Issued	562.88	487.9	430.37	286.8
Short-Term Debt Repaid	-638.89	-495.17	-220.11	-155.89
Long-Term Debt Repaid	-17.24	-33.32	-46.61	-63.13
Total Debt Repaid	-656.13	-528.49	-266.72	-219.01
Net Debt Issued (Repaid)	-93.25	-40.59	163.65	67.79
Issuance of Common Stock	2,611	-	-	1,450
Other Financing Activities	-80.39	-15.56	-13.26	-13.52
Financing Cash Flow	2,437	-56.15	150.39	1,505
Foreign Exchange Rate Adjustments	-27.86	-8.22	-2.47	9.81
Net Cash Flow	2,339	-124.42	-360.78	645.83
Free Cash Flow	-44.43	-210.34	-525.46	-685.18
Free Cash Flow Margin	-1.40%	-8.73%	-24.52%	-47.18%
Free Cash Flow Per Share	-0.06	-0.72	-1.80	-2.34
Cash Interest Paid	12.91	14.33	13.26	13.52
Cash Income Tax Paid	6.83	2.45	6.16	1.06
Levered Free Cash Flow	-7,219	552.24	291.53	-
Unlevered Free Cash Flow	-7,211	560.94	299.84	-
Change in Working Capital	6.15	-132.51	-221.48	-112.9

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