HKG:2650 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	-163.85	-238.84	-58.54	-26.31
Depreciation & Amortization	23.64	22.55	16.72	13.28
Other Amortization	1.13	0.84	0.9	0.42
Loss (Gain) From Sale of Assets	0.07	0.03	0.11	0.35
Loss (Gain) From Sale of Investments	8	38.41	-0.61	5.91
Stock-Based Compensation	0.31	0.42	0.41	0.11
Other Operating Activities	22.2	9.56	-7.24	9.98
Change in Accounts Receivable	-134.59	70.35	92.27	-278.61
Change in Inventory	21.45	-14.31	-17.87	-43.51
Change in Accounts Payable	0.82	36.77	-55.21	161.2
Change in Unearned Revenue	1.21	2.3	5.15	0.19
Change in Other Net Operating Assets	17.27	-43.67	-3.18	23.78
Operating Cash Flow	-202.35	-115.57	-27.07	-133.22
Capital Expenditures	-57.91	-18.17	-14.85	-26.88
Sale of Property, Plant & Equipment	0.05	0.06	1.75	0.85
Sale (Purchase) of Intangibles	-4.67	-9.77	-5.18	-4.09
Investment in Securities	-	-14.02	30.88	-29.78
Other Investing Activities	-	-	2.2	0.38
Investing Cash Flow	-62.53	-41.91	14.8	-59.52
Short-Term Debt Issued	539.9	419.9	284	263.09
Total Debt Issued	539.9	419.9	284	263.09
Short-Term Debt Repaid	-459.9	-304	-263	-124.18
Long-Term Debt Repaid	-9.47	-9.03	-8.49	-4.59
Total Debt Repaid	-469.37	-313.03	-271.49	-128.77
Net Debt Issued (Repaid)	70.53	106.88	12.51	134.32
Issuance of Common Stock	362.75	50.83	-	159.46
Other Financing Activities	-16.51	-55.19	-10.53	-10.78
Financing Cash Flow	416.77	102.51	1.98	283
Foreign Exchange Rate Adjustments	-1.64	1.27	0.16	-0.01
Net Cash Flow	150.27	-53.71	-10.13	90.26
Free Cash Flow	-260.25	-133.75	-41.92	-160.09
Free Cash Flow Margin	-36.32%	-22.54%	-6.25%	-22.97%
Free Cash Flow Per Share	-0.94	-0.51	-0.16	-0.64
Cash Interest Paid	14.6	13.91	10.08	8.02
Cash Income Tax Paid	2.88	11.93	8.42	1.31
Levered Free Cash Flow	-215.45	-64.23	-5.48	-
Unlevered Free Cash Flow	-206.34	-55.47	0.83	-
Change in Working Capital	-93.84	51.45	21.17	-136.95

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