HKG:6651 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	-181.85	-79.13	-85.6	-189.84
Depreciation & Amortization	14.43	15.68	16.1	18.09
Other Amortization	0.95	0.83	1.18	1.81
Loss (Gain) From Sale of Assets	-0.51	0.04	-0.5	-1.7
Loss (Gain) on Equity Investments	0.4	0.88	1.26	0.27
Stock-Based Compensation	39.07	21.96	3.32	-
Provision & Write-off of Bad Debts	41.32	22.16	9.9	4.18
Other Operating Activities	-1.4	3.65	1.05	-1.4
Change in Accounts Receivable	-103.66	-166.3	-41.9	-21.72
Change in Inventory	-0.95	-3.19	59.33	-40.7
Change in Accounts Payable	81.9	90.28	-34.45	41.34
Change in Unearned Revenue	3.66	-0.95	-84.86	36.4
Change in Other Net Operating Assets	14.87	-20.17	22.28	48.99
Operating Cash Flow	-91.75	-114.27	-132.88	-104.29
Capital Expenditures	-1.9	-38.57	-3.41	-2.62
Sale of Property, Plant & Equipment	0.04	0.01	0.02	0.12
Divestitures	-	-	-	3.65
Investment in Securities	7.51	22.31	37.1	-61
Other Investing Activities	4.96	7.26	3.84	1.12
Investing Cash Flow	10.6	-8.99	37.56	-58.72
Short-Term Debt Issued	335.9	184.64	144.18	92.94
Total Debt Issued	335.9	184.64	144.18	92.94
Short-Term Debt Repaid	-198.61	-154.26	-118.45	-20.92
Long-Term Debt Repaid	-12.74	-11.14	-12.85	-11.56
Total Debt Repaid	-211.36	-165.4	-131.31	-32.48
Net Debt Issued (Repaid)	124.55	19.24	12.87	60.46
Issuance of Common Stock	660.46	200	-	8.27
Other Financing Activities	-41.4	-1.85	43.83	-3.75
Financing Cash Flow	743.6	217.39	56.7	64.97
Foreign Exchange Rate Adjustments	-0	0.01	0.03	0.01
Net Cash Flow	662.45	94.14	-38.59	-98.03
Free Cash Flow	-93.65	-152.84	-136.28	-106.91
Free Cash Flow Margin	-26.93%	-53.19%	-53.17%	-62.89%
Free Cash Flow Per Share	-0.24	-0.41	-0.43	-0.70
Cash Interest Paid	0.69	1.23	1.74	2.56
Cash Income Tax Paid	0.04	0.01	-	-
Levered Free Cash Flow	-29.99	-134.54	-1,173	-
Unlevered Free Cash Flow	-26.05	-131.03	-1,169	-
Change in Working Capital	-4.17	-100.33	-79.6	64.31

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