HKG:9637 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024
Net Income	-750.04	-326.03
Depreciation & Amortization	44.61	12.52
Other Amortization	0.13	0.03
Loss (Gain) From Sale of Assets	0.1	0
Loss (Gain) From Sale of Investments	-1.95	-
Loss (Gain) on Equity Investments	2.82	-0
Stock-Based Compensation	260.76	21.9
Other Operating Activities	108.66	16.02
Change in Accounts Receivable	0.87	-0.87
Change in Inventory	-4.15	-6.12
Change in Accounts Payable	74.06	4.13
Change in Unearned Revenue	9.02	30.77
Change in Other Net Operating Assets	-32.78	-2.26
Operating Cash Flow	-287.89	-249.9
Capital Expenditures	-101.62	-230.63
Sale (Purchase) of Intangibles	-	-6.04
Investment in Securities	-148.38	-13.55
Other Investing Activities	13.18	-7.2
Investing Cash Flow	-236.82	-257.41
Short-Term Debt Issued	-	32.55
Long-Term Debt Issued	145.03	384.62
Total Debt Issued	145.03	417.18
Short-Term Debt Repaid	-	-528.83
Long-Term Debt Repaid	-118.05	-57.21
Total Debt Repaid	-118.05	-586.03
Net Debt Issued (Repaid)	26.97	-168.86
Issuance of Common Stock	535.78	1,345
Other Financing Activities	-21.04	-388.19
Financing Cash Flow	541.72	787.67
Foreign Exchange Rate Adjustments	-2.45	0.26
Net Cash Flow	14.56	280.62
Free Cash Flow	-389.51	-480.52
Free Cash Flow Margin	-1274.74%	-7364.34%
Free Cash Flow Per Share	-1.59	-1.77
Cash Interest Paid	18.99	14.57
Levered Free Cash Flow	-1,950	-
Unlevered Free Cash Flow	-1,881	-
Change in Working Capital	47.02	25.66