HKG:2677 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	135.06	83.81	-350.67	-215.5
Depreciation & Amortization	131.96	133.83	125.06	108.87
Other Amortization	0.97	2	2.01	2.26
Loss (Gain) From Sale of Assets	5.11	3.24	1.03	1.83
Asset Writedown & Restructuring Costs	0.43	0.96	-	-
Loss (Gain) From Sale of Investments	-2.35	-7.39	-6.95	-9.26
Loss (Gain) on Equity Investments	-	0.14	-	-
Stock-Based Compensation	-	38.36	9.26	11.14
Other Operating Activities	-106.75	-121.55	294.53	67.42
Change in Accounts Receivable	-19.38	-16.32	-17.88	-5.81
Change in Inventory	-1.93	-6.44	-3.08	-3.6
Change in Accounts Payable	0.82	0.61	-1.44	2.94
Change in Unearned Revenue	52.79	49.75	33.64	21.74
Change in Other Net Operating Assets	14.52	10.34	38.26	24.83
Operating Cash Flow	211.25	171.34	123.77	6.86
Operating Cash Flow Growth	23.29%	38.44%	1703.89%	-
Capital Expenditures	-48.92	-57.97	-66.37	-86.76
Cash Acquisitions	-	87.87	-	-
Sale (Purchase) of Intangibles	-16.56	-1.48	-1.71	-3.48
Investment in Securities	-24.41	57.56	21.73	-118.82
Other Investing Activities	9.5	-	44.88	-
Investing Cash Flow	-80.4	85.98	-1.48	-209.05
Short-Term Debt Issued	-	-	5.47	4.9
Total Debt Issued	-	-	5.47	4.9
Short-Term Debt Repaid	-	-11.01	-	-
Long-Term Debt Repaid	-71.94	-61.56	-61.24	-56.44
Total Debt Repaid	-71.94	-72.56	-61.24	-56.44
Net Debt Issued (Repaid)	-71.94	-72.56	-55.77	-51.54
Other Financing Activities	-39.95	-77.69	-16.66	-0.84
Financing Cash Flow	-111.89	-150.25	-72.43	-52.38
Foreign Exchange Rate Adjustments	-2.09	2.58	2.13	17.62
Net Cash Flow	16.88	109.64	51.99	-236.95
Free Cash Flow	162.33	113.37	57.4	-79.9
Free Cash Flow Growth	43.18%	97.51%	-	-
Free Cash Flow Margin	15.25%	11.83%	8.31%	-16.89%
Free Cash Flow Per Share	2.97	2.09	4.12	-5.73
Cash Interest Paid	12.52	16.33	15.72	15.54
Cash Income Tax Paid	0.39	0.51	0.06	0.02
Levered Free Cash Flow	102.77	126.32	56.39	-
Unlevered Free Cash Flow	110.59	136.72	66.42	-
Change in Working Capital	46.82	37.94	49.5	40.11

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