HKG:2729 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	-172.45	-168.96	-241.72	-209.34
Depreciation & Amortization	13.48	17.18	26.22	15.98
Other Amortization	2.6	3.41	3.28	3.28
Loss (Gain) From Sale of Assets	2.77	0.25	2.76	0.12
Asset Writedown & Restructuring Costs	-	-	7.09	-
Loss (Gain) From Sale of Investments	-1.15	-1.81	-0.61	-0.45
Stock-Based Compensation	6.16	1.44	2.33	3.02
Provision & Write-off of Bad Debts	5.65	22.31	8.8	6.44
Other Operating Activities	113.48	121.58	108.08	101.42
Change in Accounts Receivable	-106.22	-3.3	7.51	-118.78
Change in Inventory	246.03	32.53	-299.16	-238.23
Change in Accounts Payable	-32.62	31.96	95.2	139.68
Change in Unearned Revenue	-156.59	-87.03	259.95	192.58
Change in Other Net Operating Assets	6.1	19.63	-76.71	10.01
Operating Cash Flow	-72.76	-10.81	-96.98	-94.26
Capital Expenditures	-6.1	-13.26	-22.36	-105.77
Sale of Property, Plant & Equipment	0.11	3.34	1.41	1.07
Sale (Purchase) of Intangibles	-	-	-	-4.94
Investment in Securities	50.98	61.43	18.92	-5.93
Other Investing Activities	4.35	3.37	3.98	3.18
Investing Cash Flow	49.35	54.88	1.95	-112.39
Long-Term Debt Issued	26.6	10.5	39.73	56.76
Long-Term Debt Repaid	-20.76	-37.96	-27.94	-9.33
Net Debt Issued (Repaid)	5.84	-27.46	11.79	47.43
Issuance of Common Stock	-	-	-	278.2
Other Financing Activities	-3.94	-9.14	-7.8	6.22
Financing Cash Flow	1.9	-36.6	3.98	331.85
Foreign Exchange Rate Adjustments	-0.12	-1.03	1.35	0.39
Net Cash Flow	-21.64	6.43	-89.71	125.59
Free Cash Flow	-78.86	-24.08	-119.34	-200.03
Free Cash Flow Margin	-8.68%	-3.34%	-21.67%	-30.45%
Free Cash Flow Per Share	-0.20	-0.06	-0.30	-0.55
Cash Interest Paid	2.51	3.16	4.79	2.78
Cash Income Tax Paid	6.56	0.16	6.11	0.63
Levered Free Cash Flow	69.08	100.94	55.55	-
Unlevered Free Cash Flow	70.64	103.09	58.56	-
Change in Working Capital	-43.3	-6.21	-13.21	-14.74

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