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	40.4	60.49	86.38	122.28
Other Amortization	-	1.99	1.52	2.68
Loss (Gain) From Sale of Assets	-	0.31	6.32	0.9
Asset Writedown & Restructuring Costs	-	-	6.09	9.86
Loss (Gain) on Equity Investments	-	-0.02	-14.9	14.97
Stock-Based Compensation	-	29.49	21.03	14.19
Provision & Write-off of Bad Debts	-	15.17	9.86	11.29
Other Operating Activities	55.67	748.47	754.44	854.7
Change in Accounts Receivable	-	-19.71	-372.34	-111.69
Change in Inventory	-	119.59	-105.53	-540.39
Change in Accounts Payable	-	178.28	179.87	87.39
Change in Unearned Revenue	-	-303.38	61.67	464.55
Change in Other Net Operating Assets	-	-107.28	14.84	-12.76
Operating Cash Flow	85.66	-108.1	-477.43	-649.16
Capital Expenditures	-	-102.23	-48.03	-36.03
Sale of Property, Plant & Equipment	-	5.54	1.85	0.21
Investment in Securities	-	142	8	-183.03
Other Investing Activities	-156	2.74	6.92	-0.56
Investing Cash Flow	-156	48.04	-31.27	-219.4
Short-Term Debt Issued	-	487.9	430.37	286.8
Total Debt Issued	-	487.9	430.37	286.8
Short-Term Debt Repaid	-	-495.17	-220.11	-155.89
Long-Term Debt Repaid	-	-33.32	-46.61	-63.13
Total Debt Repaid	-	-528.49	-266.72	-219.01
Net Debt Issued (Repaid)	-	-40.59	163.65	67.79
Issuance of Common Stock	-	-	-	1,450
Other Financing Activities	2,437	-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	85.66	-210.34	-525.46	-685.18
Free Cash Flow Margin	2.70%	-8.73%	-24.52%	-47.18%
Free Cash Flow Per Share	0.11	-0.72	-1.80	-2.34
Cash Interest Paid	-	14.33	13.26	13.52
Cash Income Tax Paid	-	2.45	6.16	1.06
Levered Free Cash Flow	-7,080	552.24	291.53	-
Unlevered Free Cash Flow	-7,072	560.94	299.84	-
Change in Working Capital	-	-132.51	-221.48	-112.9

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