HKG:2635 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	117.84	115.37	88.57	63.16
Depreciation & Amortization	29.03	6.12	2.58	1.43
Other Amortization	3.27	3.54	0.29	-
Loss (Gain) From Sale of Assets	-	0.01	0.01	0
Loss (Gain) From Sale of Investments	-	-	28.57	15.3
Provision & Write-off of Bad Debts	9.99	16.8	-	-
Other Operating Activities	6.82	4.75	-3.26	-2.9
Change in Accounts Receivable	-73.87	-215.04	-148.7	-110.65
Change in Inventory	-3.09	0.26	-2.53	-1.45
Change in Accounts Payable	126.77	26.26	-76.11	72.61
Change in Unearned Revenue	-	-	-0.37	0.37
Change in Other Net Operating Assets	-130.9	82.16	11.03	-118.45
Operating Cash Flow	85.85	40.22	-99.92	-80.59
Operating Cash Flow Growth	113.43%	-	-	-
Capital Expenditures	-98.24	-76.58	-2.23	-2.47
Sale of Property, Plant & Equipment	-	0.02	0.02	0
Sale (Purchase) of Intangibles	-0.25	-0.06	-7.07	-
Investment in Securities	-159.83	0.51	-	2.46
Investing Cash Flow	-258.33	-76.11	-9.28	-2.01
Long-Term Debt Issued	240.61	110	135	30
Long-Term Debt Repaid	-112.96	-112.43	-77.21	-0.94
Net Debt Issued (Repaid)	127.66	-2.43	57.79	29.06
Issuance of Common Stock	274.67	130	-	195
Common Dividends Paid	-	-	-	-6
Other Financing Activities	-11.58	-8.89	-2.51	-4.39
Financing Cash Flow	390.75	118.68	55.28	213.67
Foreign Exchange Rate Adjustments	-1.02	-	-	-
Net Cash Flow	217.25	82.79	-53.92	131.07
Free Cash Flow	-12.4	-36.36	-102.15	-83.06
Free Cash Flow Margin	-2.49%	-9.03%	-28.09%	-32.88%
Free Cash Flow Per Share	-0.04	-0.11	-0.32	-0.29
Cash Interest Paid	4.17	3.42	2.51	0.56
Cash Income Tax Paid	13.38	11.2	13.62	13.24
Levered Free Cash Flow	-54.32	-62.75	-140.43	-
Unlevered Free Cash Flow	-51.72	-60.61	-138.98	-
Change in Working Capital	-81.09	-106.36	-216.68	-157.57

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