HKG:2625 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	36.63	42.72	50.09
Depreciation & Amortization	71.77	70.88	69.74
Loss (Gain) From Sale of Assets	1.49	0.51	-0.03
Asset Writedown & Restructuring Costs	-	-	1.49
Loss (Gain) From Sale of Investments	-0.08	-0.24	-0.26
Provision & Write-off of Bad Debts	10.41	-0.94	3.21
Other Operating Activities	25.48	25.27	19.98
Change in Accounts Receivable	-249.95	19.75	-86.04
Change in Inventory	-83.34	-63.8	57.75
Change in Accounts Payable	62.63	38.73	-28.63
Change in Unearned Revenue	50.97	8.79	-18.08
Change in Other Net Operating Assets	-2.95	-1.6	-
Operating Cash Flow	-76.95	140.09	69.22
Operating Cash Flow Growth	-	102.38%	-
Capital Expenditures	-31.4	-68.76	-40.73
Sale of Property, Plant & Equipment	0.22	0.54	4.12
Investment in Securities	-43	1.78	0.26
Other Investing Activities	2.78	2.21	1.82
Investing Cash Flow	-71.4	-64.24	-34.54
Long-Term Debt Issued	692.08	530.42	595.62
Long-Term Debt Repaid	-623.4	-602.1	-538.75
Net Debt Issued (Repaid)	68.68	-71.69	56.87
Issuance of Common Stock	160.4	-	-
Other Financing Activities	-58.04	-24.11	-21.14
Financing Cash Flow	171.04	-95.8	35.73
Foreign Exchange Rate Adjustments	-1.12	0.59	0.33
Net Cash Flow	21.57	-19.37	70.74
Free Cash Flow	-108.35	71.32	28.49
Free Cash Flow Growth	-	150.36%	-
Free Cash Flow Margin	-7.02%	5.28%	2.03%
Free Cash Flow Per Share	-0.53	0.44	0.18
Cash Interest Paid	58.04	24.11	21.14
Cash Income Tax Paid	16.24	15.27	19.4
Levered Free Cash Flow	-202.94	-1.29	-
Unlevered Free Cash Flow	-186.74	13.73	-
Change in Working Capital	-222.65	1.88	-75