HKG:2706 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	-146.38	-93.73	-265.65	-175.78
Depreciation & Amortization	5.34	5.39	5.46	3.77
Other Amortization	1.89	1.46	4.92	4.52
Loss (Gain) From Sale of Investments	-0.95	-	-	-0.43
Stock-Based Compensation	42	13.14	113.16	33.1
Provision & Write-off of Bad Debts	11.05	3.22	9.48	2.49
Other Operating Activities	118.26	97.2	62.7	-1.34
Change in Accounts Receivable	-111.13	-96.13	-27.36	-23.65
Change in Inventory	23.26	50.85	-16.17	-48.45
Change in Accounts Payable	35.41	45.7	3.21	20.04
Change in Unearned Revenue	-45.74	-69.5	-3.05	-4.79
Change in Other Net Operating Assets	-6.31	3.85	-26.75	28.44
Operating Cash Flow	-73.31	-38.55	-140.05	-162.08
Capital Expenditures	-5.2	-1.51	-0.57	-1.71
Sale of Property, Plant & Equipment	-	0	0.01	-
Investment in Securities	-330.45	-	-	0.43
Investing Cash Flow	-335.65	-1.51	-0.56	-1.29
Long-Term Debt Repaid	-	-2.42	-3.97	-3.31
Net Debt Issued (Repaid)	-3.9	-2.42	-3.97	-3.31
Issuance of Common Stock	251.4	29.86	250.69	212.95
Other Financing Activities	97.65	-8.38	9.56	-0.07
Financing Cash Flow	345.16	19.06	256.28	209.57
Foreign Exchange Rate Adjustments	-0.04	-0.83	0.79	-0.6
Net Cash Flow	-63.83	-21.82	116.45	45.6
Free Cash Flow	-78.51	-40.06	-140.62	-163.79
Free Cash Flow Margin	-14.53%	-7.96%	-37.44%	-52.33%
Free Cash Flow Per Share	-0.10	-0.11	-	-
Cash Interest Paid	0.37	0.41	0.62	0.07
Cash Income Tax Paid	-	0.63	-	-
Levered Free Cash Flow	-	122.85	1,450	-
Unlevered Free Cash Flow	-	123.11	1,450	-
Change in Working Capital	-104.51	-65.22	-70.12	-28.41

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