HMCTF 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	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-203.6	-381.44	-136.01	-155.3	765.13	-1,340
Depreciation & Amortization	871.5	866.77	872.75	399.15	221.02	177.85
Other Amortization	3.6	1.29	0.99	0.94	0.95	1.1
Loss (Gain) From Sale of Assets	3.52	1.31	1.21	0.38	0.71	0.88
Asset Writedown & Restructuring Costs	-3.5	-2.6	7.41	-1.44	0.7	-
Loss (Gain) From Sale of Investments	-42.71	-	-	-	17.52	1,389
Provision & Write-off of Bad Debts	-21.84	-10.06	-58.7	12.07	28.87	169.62
Other Operating Activities	142.49	129.49	100.4	63.01	-174.08	344.29
Change in Accounts Receivable	133.38	127.34	-90.65	16.71	-73.49	-207.33
Change in Inventory	0.14	-	-	-0.16	-0.23	0.3
Change in Accounts Payable	-94.22	31.32	-145.79	-115.52	78.77	-42.67
Operating Cash Flow	774.62	729.89	526.94	174.04	828.19	463.97
Operating Cash Flow Growth	48.42%	38.52%	202.76%	-78.98%	78.50%	-44.19%
Capital Expenditures	-46.33	-425.59	-326.8	-108.92	-317.04	-1,340
Sale of Property, Plant & Equipment	-0.01	-	0.03	2.7	0.66	0
Divestitures	-	-	-	-	-	1.02
Investment in Securities	0.06	0.06	-	-	-	-
Other Investing Activities	0.01	0.01	0.08	-	-	-
Investing Cash Flow	-46.27	-425.52	-326.69	-106.22	-316.38	-1,339
Long-Term Debt Issued	-	1,188	-	-	-	-
Long-Term Debt Repaid	-	-1,148	-349.11	-	-379.45	-527.14
Net Debt Issued (Repaid)	79.47	39.59	-349.11	-	-379.45	-527.14
Common Dividends Paid	-81.39	-87.14	-86.91	-	-	-
Other Financing Activities	-242.5	80.61	320	-125.86	-212.58	148.12
Financing Cash Flow	-244.42	33.06	-116.02	-125.86	-592.03	-379.02
Foreign Exchange Rate Adjustments	-	-	-	-	-	-0.04
Net Cash Flow	483.93	337.43	84.23	-58.04	-80.22	-1,254
Free Cash Flow	728.3	304.3	200.14	65.12	511.15	-876.03
Free Cash Flow Growth	-	52.04%	207.33%	-87.26%	-	-
Free Cash Flow Margin	34.66%	14.02%	9.60%	5.71%	31.83%	-63.97%
Free Cash Flow Per Share	1.54	0.64	0.42	0.14	1.08	-1.85
Cash Interest Paid	-	-	-	130.84	97.69	148.48
Cash Income Tax Paid	158.76	83.37	81.45	91.81	88.03	235.14
Levered Free Cash Flow	864.14	207.95	-354.1	-154.59	-88.57	1,591
Unlevered Free Cash Flow	946.78	292.71	-267.13	-99.03	-71.46	1,595
Change in Working Capital	25.16	125.12	-261.12	-144.77	-32.63	-278.83

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