HKG:6651 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	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	-106.75	-79.13	-85.6	-189.84
Depreciation & Amortization	14.42	15.68	16.1	18.09
Other Amortization	0.87	0.83	1.18	1.81
Loss (Gain) From Sale of Assets	0.03	0.04	-0.5	-1.7
Loss (Gain) on Equity Investments	0.68	0.88	1.26	0.27
Stock-Based Compensation	38.61	21.96	3.32	-
Provision & Write-off of Bad Debts	27.2	22.16	9.9	4.18
Other Operating Activities	2.29	3.65	1.05	-1.4
Change in Accounts Receivable	-109.51	-166.3	-41.9	-21.72
Change in Inventory	0.85	-3.19	59.33	-40.7
Change in Accounts Payable	66.06	90.28	-34.45	41.34
Change in Unearned Revenue	-19.57	-0.95	-84.86	36.4
Change in Other Net Operating Assets	-21.17	-20.17	22.28	48.99
Operating Cash Flow	-105.98	-114.27	-132.88	-104.29
Capital Expenditures	-38.76	-38.57	-3.41	-2.62
Sale of Property, Plant & Equipment	0.01	0.01	0.02	0.12
Cash Acquisitions	-0.25	-0.25	-	-1
Divestitures	-	-	-	3.65
Investment in Securities	-23.3	27.56	37.1	-60
Other Investing Activities	0.44	2.26	3.84	1.12
Investing Cash Flow	-61.86	-8.99	37.56	-58.72
Short-Term Debt Issued	-	184.64	144.18	92.94
Total Debt Issued	295.45	184.64	144.18	92.94
Short-Term Debt Repaid	-	-154.26	-118.45	-20.92
Long-Term Debt Repaid	-	-11.14	-12.85	-11.56
Total Debt Repaid	-230.8	-165.4	-131.31	-32.48
Net Debt Issued (Repaid)	64.65	19.24	12.87	60.46
Issuance of Common Stock	-	200	-	8.27
Other Financing Activities	-2.34	-1.85	43.83	-3.75
Financing Cash Flow	62.32	217.39	56.7	64.97
Foreign Exchange Rate Adjustments	0.02	0.01	0.03	0.01
Net Cash Flow	-105.51	94.14	-38.59	-98.03
Free Cash Flow	-144.74	-152.84	-136.28	-106.91
Free Cash Flow Margin	-47.00%	-53.19%	-53.17%	-62.89%
Free Cash Flow Per Share	-0.38	-0.41	-0.43	-0.70
Cash Interest Paid	0.96	1.23	1.74	2.56
Cash Income Tax Paid	0.04	0.01	-	-
Levered Free Cash Flow	-	-125.82	-1,173	-
Unlevered Free Cash Flow	-	-122.32	-1,169	-
Change in Working Capital	-83.34	-100.33	-79.6	64.31

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