HKG:6871 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	-152.94	-71.5	-110.61
Depreciation & Amortization	22.19	17.57	14.29
Other Amortization	1.06	1.02	0.94
Loss (Gain) From Sale of Assets	0.04	-0.02	0.55
Loss (Gain) From Sale of Investments	-	-	1.83
Loss (Gain) on Equity Investments	0.85	0.32	0.79
Stock-Based Compensation	49.72	19.17	4.78
Provision & Write-off of Bad Debts	5.65	3.63	0.75
Other Operating Activities	31.98	16.78	56.99
Change in Accounts Receivable	-47.35	-89.55	-22.76
Change in Inventory	-131.45	-31.5	-31.61
Change in Accounts Payable	59.51	74.77	14.54
Change in Unearned Revenue	-6.05	-19.68	-5.6
Change in Other Net Operating Assets	-14.32	9.41	-11.63
Operating Cash Flow	-182.52	-69.58	-86.75
Capital Expenditures	-32.81	-6.33	-5.49
Sale of Property, Plant & Equipment	1.85	0.03	0.02
Sale (Purchase) of Intangibles	-1.04	-0.54	-2.06
Investment in Securities	4	4	48.88
Other Investing Activities	0.03	0.01	2.57
Investing Cash Flow	-27.97	-2.83	43.92
Long-Term Debt Issued	180	144.5	46
Long-Term Debt Repaid	-169.57	-65.38	-9.62
Net Debt Issued (Repaid)	10.43	79.12	36.38
Issuance of Common Stock	243.92	-	-
Other Financing Activities	-15.75	-2.94	-0.32
Financing Cash Flow	238.6	76.18	36.06
Foreign Exchange Rate Adjustments	0.11	0.04	0.08
Net Cash Flow	28.23	3.8	-6.69
Free Cash Flow	-215.33	-75.91	-92.24
Free Cash Flow Margin	-55.59%	-28.32%	-45.85%
Free Cash Flow Per Share	-1.00	-0.38	-0.46
Cash Interest Paid	4.04	2.94	0.32
Cash Income Tax Paid	-	-	0.09
Levered Free Cash Flow	-159.34	-61.1	-
Unlevered Free Cash Flow	-155.82	-58.52	-
Change in Working Capital	-141.06	-56.56	-57.07

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