HKG:2687 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	130.22	105.07	81.42	-59.11
Depreciation & Amortization	30.18	30.76	29.21	27.49
Loss (Gain) From Sale of Assets	-0.91	-	-	-
Loss (Gain) From Sale of Investments	1.67	-0.58	-1.22	-3.51
Stock-Based Compensation	3.58	3.25	6.3	3.73
Provision & Write-off of Bad Debts	9.17	13.85	8.01	6.09
Other Operating Activities	-8.24	4.46	6.42	-19.11
Change in Accounts Receivable	-198.38	-144.75	-81.89	-17.29
Change in Inventory	-21.6	-12.73	-5.58	-2.64
Change in Accounts Payable	18.91	10.91	-25.63	-8.19
Change in Unearned Revenue	-10.37	-11.06	-6.45	38.61
Change in Other Net Operating Assets	-18.26	-8.74	0.32	-14.2
Operating Cash Flow	-64.02	-9.53	10.91	-48.14
Capital Expenditures	-3.81	-9.74	-9.15	-11.7
Investment in Securities	-156.96	72.56	-48.65	183.54
Investing Cash Flow	-160.76	62.82	-57.81	171.83
Short-Term Debt Issued	189.79	99.98	-	-
Total Debt Issued	189.79	99.98	-	-
Short-Term Debt Repaid	-152.92	-43.98	-	-
Long-Term Debt Repaid	-21.8	-17.48	-16.31	-13.9
Total Debt Repaid	-174.73	-61.46	-16.31	-13.9
Net Debt Issued (Repaid)	15.07	38.52	-16.31	-13.9
Issuance of Common Stock	391.97	-	-	-
Other Financing Activities	-3.96	-3.38	-1.33	-0.96
Financing Cash Flow	403.08	35.14	-17.64	-14.86
Foreign Exchange Rate Adjustments	-0.64	-	-	-
Net Cash Flow	177.66	88.43	-64.53	108.84
Free Cash Flow	-67.83	-19.27	1.76	-59.84
Free Cash Flow Margin	-7.00%	-2.27%	0.27%	-14.96%
Free Cash Flow Per Share	-1.12	-0.32	0.03	-1.00
Cash Interest Paid	3.93	2.53	1.33	0.96
Cash Income Tax Paid	2.11	-	-	-
Levered Free Cash Flow	-107.09	-59.88	-31.5	-
Unlevered Free Cash Flow	-104.74	-58.15	-30.66	-
Change in Working Capital	-229.69	-166.35	-119.23	-3.71