HKG:2706 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	-205.32	-93.73	-265.65	-175.78
Depreciation & Amortization	4.96	5.39	5.46	3.77
Other Amortization	2.5	1.46	4.92	4.52
Loss (Gain) From Sale of Assets	0.05	-	-	-
Loss (Gain) From Sale of Investments	-1.86	-	-	-0.43
Stock-Based Compensation	57.05	13.14	113.16	33.1
Provision & Write-off of Bad Debts	19.31	3.22	9.48	2.49
Other Operating Activities	149.64	97.2	62.7	-1.34
Change in Accounts Receivable	-119.95	-96.13	-27.36	-23.65
Change in Inventory	-6	50.85	-16.17	-48.45
Change in Accounts Payable	24.02	45.7	3.21	20.04
Change in Unearned Revenue	10.24	-73.17	-3.05	-4.79
Change in Other Net Operating Assets	10.09	7.52	-26.75	28.44
Operating Cash Flow	-55.27	-38.55	-140.05	-162.08
Capital Expenditures	-5.61	-1.51	-0.57	-1.71
Sale of Property, Plant & Equipment	0.01	0	0.01	-
Investment in Securities	1.86	-	-	0.43
Other Investing Activities	-20	-	-	-
Investing Cash Flow	-23.74	-1.51	-0.56	-1.29
Long-Term Debt Repaid	-3.89	-2.42	-3.97	-3.31
Net Debt Issued (Repaid)	-3.89	-2.42	-3.97	-3.31
Issuance of Common Stock	251.4	29.86	250.69	212.95
Other Financing Activities	98.09	-8.38	9.56	-0.07
Financing Cash Flow	345.61	19.06	256.28	209.57
Foreign Exchange Rate Adjustments	-0	-0.83	0.79	-0.6
Net Cash Flow	266.6	-21.82	116.45	45.6
Free Cash Flow	-60.88	-40.06	-140.62	-163.79
Free Cash Flow Margin	-9.80%	-7.96%	-37.44%	-52.33%
Free Cash Flow Per Share	-0.45	-0.30	-	-
Cash Interest Paid	0.39	0.41	0.62	0.07
Cash Income Tax Paid	-	0.63	-	-
Levered Free Cash Flow	393.33	122.85	1,450	-
Unlevered Free Cash Flow	393.72	123.11	1,450	-
Change in Working Capital	-81.6	-65.22	-70.12	-28.41