HKG:2591 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	-341.36	-174.69	-733.38
Depreciation & Amortization	9.4	16.76	19.54
Other Amortization	0.58	0.17	0.1
Loss (Gain) From Sale of Assets	-	0.3	-
Loss (Gain) From Sale of Investments	-	-0.19	-1.13
Stock-Based Compensation	14.96	16.04	538.9
Other Operating Activities	-1.59	-12.58	-8.43
Change in Accounts Receivable	-5.56	-	-
Change in Inventory	-86.91	-25.59	0.23
Change in Accounts Payable	134.04	2.71	15.64
Change in Other Net Operating Assets	-19.09	14.46	3.92
Operating Cash Flow	-295.54	-162.62	-164.6
Capital Expenditures	-19.97	-3.95	-12.05
Sale (Purchase) of Intangibles	-2.06	-0.38	-0.15
Investment in Securities	44.66	280.28	-145.02
Investing Cash Flow	22.63	275.95	-157.21
Short-Term Debt Issued	172.76	9.9	1
Total Debt Issued	172.76	9.9	1
Short-Term Debt Repaid	-32.4	-1	-1
Long-Term Debt Repaid	-1.91	-0.81	-4.45
Total Debt Repaid	-34.31	-1.81	-5.45
Net Debt Issued (Repaid)	138.45	8.1	-4.45
Issuance of Common Stock	621.78	250	367.81
Other Financing Activities	-37.87	-3.26	-11.66
Financing Cash Flow	722.37	254.84	351.71
Foreign Exchange Rate Adjustments	-6.89	0.7	0.71
Net Cash Flow	442.58	368.87	30.61
Free Cash Flow	-315.51	-166.57	-176.64
Free Cash Flow Margin	-239.91%	-	-
Free Cash Flow Per Share	-0.73	-0.40	-0.46
Cash Interest Paid	1.72	0.87	2.32
Levered Free Cash Flow	-224.14	-95.73	-
Unlevered Free Cash Flow	-223.06	-95.18	-
Change in Working Capital	22.48	-8.41	19.79