HKG:2632 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	-676.4	-143.27	-181.92	-252.37
Depreciation & Amortization	24.82	27.34	18.43	11.54
Other Amortization	5.36	4.15	1.14	2.63
Loss (Gain) From Sale of Assets	0.22	5.11	5.12	0.03
Loss (Gain) From Sale of Investments	-0.5	0.15	8.54	1.99
Stock-Based Compensation	5.2	2.73	21.28	4.7
Other Operating Activities	620.4	139.23	173.59	173.74
Change in Accounts Receivable	-20.37	-12.04	-179.92	-86.98
Change in Inventory	-0.38	-13.13	-10.07	-38.53
Change in Accounts Payable	8.18	22.94	55.9	18.66
Change in Unearned Revenue	9.61	-4.82	-4.99	8.61
Change in Other Net Operating Assets	9.38	0.81	-31.61	16.1
Operating Cash Flow	-14.5	29.19	-124.5	-139.89
Capital Expenditures	-50.56	-12.21	-11.21	-25.89
Sale of Property, Plant & Equipment	-	-	0.06	0.04
Sale (Purchase) of Intangibles	-7.4	-9.48	-7.16	-2.53
Investment in Securities	-53.7	-34.27	16.74	29.17
Investing Cash Flow	-111.65	-55.96	-1.58	0.79
Long-Term Debt Issued	103.05	138.52	41.25	52.74
Long-Term Debt Repaid	-76.39	-62.54	-51.66	-27.83
Net Debt Issued (Repaid)	26.66	75.98	-10.41	24.9
Issuance of Common Stock	-	119.94	172.65	67.62
Other Financing Activities	-4.28	-2.69	-2.27	0.95
Financing Cash Flow	22.38	193.23	159.97	93.47
Foreign Exchange Rate Adjustments	-0.08	0	0.15	-0.19
Net Cash Flow	-103.85	166.46	34.05	-45.82
Free Cash Flow	-65.06	16.98	-135.71	-165.78
Free Cash Flow Margin	-9.76%	2.94%	-24.70%	-77.44%
Free Cash Flow Per Share	-0.61	0.17	-1.49	-2.02
Cash Interest Paid	2.79	2.69	2.27	0.58
Cash Income Tax Paid	3.39	0.06	-	-
Levered Free Cash Flow	594.37	385.13	232.4	-
Unlevered Free Cash Flow	596.63	387.15	233.8	-
Change in Working Capital	6.42	-6.24	-170.68	-82.15

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