HKG:2658 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	-55.61	-492.46	101.44	6.95
Depreciation & Amortization	145.75	130.82	89.14	34.33
Other Amortization	1	0.46	0.17	0.14
Loss (Gain) From Sale of Assets	0.01	-0.09	0	1.15
Loss (Gain) From Sale of Investments	17.1	45.04	9.57	0.91
Stock-Based Compensation	25.82	23.17	17.23	7.91
Other Operating Activities	8.27	251.86	47.37	17.61
Change in Accounts Receivable	-612.15	157.85	-165.42	-117.69
Change in Inventory	135.28	-103.97	-325.96	-10.44
Change in Accounts Payable	6.39	-53.18	157.67	-14.34
Change in Unearned Revenue	35.64	2.93	-2.68	-23.59
Change in Other Net Operating Assets	-93.59	-24.68	158.87	-165.13
Operating Cash Flow	-386.09	-62.27	87.39	-262.19
Capital Expenditures	-599.25	-840.29	-1,021	-437.71
Sale (Purchase) of Intangibles	-2.73	-3.6	-0.23	-
Sale (Purchase) of Real Estate	-	-	-72.26	-78.15
Other Investing Activities	0.94	1.08	3.38	1.41
Investing Cash Flow	-601.04	-842.81	-1,090	-514.45
Long-Term Debt Issued	1,275	1,413	1,154	248.77
Long-Term Debt Repaid	-693.07	-495.29	-375.79	-432.87
Net Debt Issued (Repaid)	581.57	917.76	777.82	-184.1
Issuance of Common Stock	1,533	-	-	1,394
Other Financing Activities	-53.34	-87.68	-50.94	0.8
Financing Cash Flow	2,061	830.08	726.88	1,211
Foreign Exchange Rate Adjustments	-22.58	0.97	0.27	-1.26
Net Cash Flow	1,052	-74.03	-275.87	432.81
Free Cash Flow	-985.34	-902.56	-933.92	-699.89
Free Cash Flow Margin	-138.93%	-173.69%	-79.74%	-160.21%
Free Cash Flow Per Share	-2.70	-2.48	-2.57	-2.11
Cash Interest Paid	85.29	59.42	21.66	5.05
Levered Free Cash Flow	-1,129	-681.16	-851.05	-
Unlevered Free Cash Flow	-1,098	-659.56	-838.63	-
Change in Working Capital	-528.44	-21.06	-177.53	-331.19

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