HKG:3978 Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	192.45	91.25	56.29	-325.03
Depreciation & Amortization	88.01	77.85	95.54	297.28
Other Amortization	3.62	3.98	6.18	7.71
Loss (Gain) From Sale of Assets	5.65	-18.49	1.93	154.63
Asset Writedown & Restructuring Costs	-	0.2	-	18.23
Loss (Gain) From Sale of Investments	8.26	44.89	-7.39	280.27
Loss (Gain) on Equity Investments	0.17	1.88	1.2	8.23
Stock-Based Compensation	0.45	-0.66	0.73	-5.91
Other Operating Activities	28.34	12.39	-81.54	27.76
Change in Accounts Payable	136.3	40.11	-55.81	-94.59
Change in Unearned Revenue	390.24	62.34	-40.53	-358.47
Change in Other Net Operating Assets	-29.04	-24.56	-8.54	-63.54
Operating Cash Flow	824.44	291.17	-31.95	-53.43
Operating Cash Flow Growth	183.15%	-	-	-
Capital Expenditures	-50.12	-16.97	-44.09	-129.47
Sale of Property, Plant & Equipment	0.01	0.18	5.24	0.75
Cash Acquisitions	-	-0.37	-	-
Divestitures	1.24	-1.36	-0.37	-217.97
Sale (Purchase) of Intangibles	-2.06	-0.55	-0.96	-15.83
Investment in Securities	-437.46	-119.21	459.85	226.2
Other Investing Activities	2.38	-6.24	30.79	68.47
Investing Cash Flow	-485.01	-144.52	450.46	-67.85
Short-Term Debt Issued	-	-	-	260
Total Debt Issued	-	-	-	260
Short-Term Debt Repaid	-	-	-333.19	-275.78
Long-Term Debt Repaid	-62.09	-49.72	-89.05	-225.1
Total Debt Repaid	-62.09	-49.72	-422.24	-500.88
Net Debt Issued (Repaid)	-62.09	-49.72	-422.24	-240.88
Issuance of Common Stock	-	-	-	4.56
Repurchase of Common Stock	-11.12	-0.01	-	-78.33
Common Dividends Paid	-24.4	-	-	-34.07
Other Financing Activities	-11.74	-10.04	-12.35	-12.62
Financing Cash Flow	-109.34	-59.77	-434.58	-361.33
Foreign Exchange Rate Adjustments	-0.01	-0.04	-0.03	0.06
Net Cash Flow	230.08	86.84	-16.1	-482.55
Free Cash Flow	774.32	274.2	-76.04	-182.9
Free Cash Flow Growth	182.40%	-	-	-
Free Cash Flow Margin	70.27%	56.04%	-15.48%	-9.63%
Free Cash Flow Per Share	1.03	0.36	-0.10	-0.24
Cash Interest Paid	11.74	8.97	12.84	12.64
Cash Income Tax Paid	21.65	-0	16.55	57.5
Levered Free Cash Flow	703.33	195.61	-69.62	-444.88
Unlevered Free Cash Flow	710.66	201.22	-61.89	-408.76
Change in Working Capital	497.5	77.89	-104.88	-516.6

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.