NetEase Cloud Music 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	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	2,748	1,562	734.18	-221.49	-2,056
Depreciation & Amortization	12.63	17.22	19.37	25.24	15.82
Loss (Gain) From Sale of Assets	-0.22	-0.23	-0.34	-0.25	-0.08
Loss (Gain) From Sale of Investments	-12.25	-30.7	53.89	13.15	-5.51
Loss (Gain) on Equity Investments	-0.1	6.54	0.06	2.72	-2.33
Stock-Based Compensation	111.8	138.57	84.32	106.92	257.14
Other Operating Activities	-1,133	-405.87	-438.85	-177.11	705.75
Change in Accounts Receivable	-15.57	-133.57	-368.88	115.42	-419.21
Change in Accounts Payable	32.06	23.84	-0.04	0.08	-1.27
Change in Other Net Operating Assets	-125.77	597.3	105.34	1,978	597.37
Operating Cash Flow	1,618	1,775	189.05	1,843	-908.41
Operating Cash Flow Growth	-8.82%	838.69%	-89.74%	-	-
Capital Expenditures	-11.2	-3.71	-5.55	-26.09	-39.5
Sale of Property, Plant & Equipment	0.95	1.97	2.23	2	1.3
Investment in Securities	-2,800	-2,213	813.22	31.4	-3,865
Other Investing Activities	464.12	275.68	417.17	151.29	40.42
Investing Cash Flow	-2,346	-1,939	1,227	158.59	-3,862
Short-Term Debt Repaid	-	-	-	-0.35	-
Long-Term Debt Repaid	-1.8	-1.67	-3.24	-2.11	-0.42
Total Debt Repaid	-1.8	-1.67	-3.24	-2.46	-0.42
Net Debt Issued (Repaid)	-1.8	-1.67	-3.24	-2.46	-0.42
Issuance of Common Stock	86.4	162.82	77.38	63.55	2,682
Repurchase of Common Stock	-1.9	-222.98	-381.5	-31.03	-
Other Financing Activities	-0.19	-0.24	-0.32	-32.97	-67.47
Financing Cash Flow	82.51	-62.06	-307.68	-2.91	2,614
Foreign Exchange Rate Adjustments	-31.85	1.03	-4.58	64.49	3.89
Net Cash Flow	-677.59	-225.19	1,104	2,063	-2,153
Free Cash Flow	1,607	1,771	183.51	1,817	-947.91
Free Cash Flow Growth	-9.26%	865.03%	-89.90%	-	-
Free Cash Flow Margin	20.71%	22.27%	2.33%	20.20%	-13.55%
Free Cash Flow Per Share	7.53	8.39	0.87	8.69	-7.34
Cash Interest Paid	0.19	0.24	0.32	-	64.5
Cash Income Tax Paid	6.56	8.29	34.79	11.36	5.74
Levered Free Cash Flow	1,125	1,165	-56.22	1,712	-916.94
Unlevered Free Cash Flow	1,125	1,165	-56.02	1,712	-916.94
Change in Working Capital	-109.28	487.57	-263.58	2,094	176.9

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