HKG:9903 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	-1,098	-892.43	-791.31	-523.84
Depreciation & Amortization	125.49	123.55	93.58	76.49
Other Amortization	64.24	45.22	24.69	13.87
Loss (Gain) From Sale of Assets	0.06	1.26	4.55	2.42
Loss (Gain) From Sale of Investments	-0.21	-0.84	-0.7	-1.11
Stock-Based Compensation	436.55	247.77	207.76	120.84
Provision & Write-off of Bad Debts	23.82	18.04	21.59	19.02
Other Operating Activities	-12.55	11.12	0.02	-23.28
Change in Accounts Receivable	-110.57	-194.91	-132.85	-107.59
Change in Inventory	-149.84	-114.83	-3.85	-211.95
Change in Accounts Payable	6.5	27.49	-67.1	80.99
Change in Unearned Revenue	20.89	-0.69	16.65	15
Change in Other Net Operating Assets	-93.86	111.27	-80.06	-114.7
Operating Cash Flow	-787.24	-617.98	-707.03	-653.85
Capital Expenditures	-66.43	-84.84	-70.68	-82.17
Sale (Purchase) of Intangibles	-60.72	-92.58	-57.8	-73.4
Investment in Securities	-50	-5	-31.82	-37.67
Other Investing Activities	46.61	16.44	6.81	10.16
Investing Cash Flow	-130.53	-165.98	-153.49	-183.08
Long-Term Debt Issued	-	730	498	203.69
Long-Term Debt Repaid	-	-633.98	-122.71	-154.95
Net Debt Issued (Repaid)	118.12	96.02	375.29	48.74
Issuance of Common Stock	2,253	728.41	564.9	935.01
Repurchase of Common Stock	-14.12	-14.82	-	-
Other Financing Activities	-28.76	-20.14	6.29	-30.58
Financing Cash Flow	2,329	789.47	946.48	953.16
Foreign Exchange Rate Adjustments	-1.62	-	2.78	7.33
Net Cash Flow	1,409	5.51	88.75	123.57
Free Cash Flow	-853.66	-702.82	-777.71	-736.02
Free Cash Flow Margin	-128.11%	-130.27%	-269.06%	-388.67%
Free Cash Flow Per Share	-5.02	-4.29	-5.33	-5.61
Cash Interest Paid	18.66	16.52	10.42	6.03
Levered Free Cash Flow	-	-166.24	-785.85	-
Unlevered Free Cash Flow	-	-155.38	-778.97	-
Change in Working Capital	-326.88	-171.67	-267.21	-338.26

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