Luckin Coffee 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	3,600	2,956	2,844	488.25	578.55
Depreciation & Amortization	4,472	3,520	2,003	1,246	1,138
Other Amortization	2.99	2.23	0.61	0.21	0.15
Loss (Gain) From Sale of Assets	3.51	4.02	12.71	9.88	4.83
Asset Writedown & Restructuring Costs	8.5	8.93	5.23	221.81	21.37
Loss (Gain) From Sale of Investments	-	-	-	6.38	-
Stock-Based Compensation	573.15	364.85	239.51	398.01	302.73
Other Operating Activities	421.07	76.59	-147.78	397.6	-1,179
Change in Accounts Receivable	-187.34	-254.64	-83.93	-1.35	-168.27
Change in Inventory	-436.58	-276.52	-983.13	-604.06	-316.67
Change in Accounts Payable	365.51	-76.2	373.2	147.68	84.01
Change in Unearned Revenue	3.19	29.82	26.06	1.15	8.04
Change in Other Net Operating Assets	-2,735	-2,125	-1,389	-2,292	-350.25
Operating Cash Flow	6,091	4,229	2,900	19.82	123.45
Operating Cash Flow Growth	44.02%	45.82%	14535.31%	-83.95%	-
Capital Expenditures	-2,624	-2,302	-2,750	-781.68	-173.22
Sale of Property, Plant & Equipment	0.94	0.41	1.98	2.97	1.49
Sale (Purchase) of Intangibles	-	-116.56	-6.48	-19.34	-
Investment in Securities	-5,187	-801.95	-714.93	-	250
Other Investing Activities	23.51	10.08	22.55	-	-77.94
Investing Cash Flow	-7,787	-3,210	-3,447	-798.05	0.34
Short-Term Debt Issued	-	300	-	-	-
Long-Term Debt Issued	-	33.6	-	-	-
Total Debt Issued	-	333.6	-	-	-
Short-Term Debt Repaid	-300	-	-	-	-
Long-Term Debt Repaid	-33.6	-	-	-2,340	-
Total Debt Repaid	-333.6	-	-	-2,340	-
Net Debt Issued (Repaid)	-333.6	333.6	-	-2,340	-
Financing Cash Flow	-333.6	333.6	-	-2,276	1,515
Foreign Exchange Rate Adjustments	-20.71	14.98	7.4	77.13	-22.22
Net Cash Flow	-2,050	1,368	-539.28	-2,977	1,616
Free Cash Flow	3,467	1,927	150.21	-761.86	-49.77
Free Cash Flow Growth	79.89%	1183.23%	-	-	-
Free Cash Flow Margin	7.03%	5.59%	0.60%	-5.73%	-0.63%
Free Cash Flow Per Share	10.80	6.05	0.47	-2.42	-0.19
Cash Interest Paid	0.49	3.69	-	34.15	-
Cash Income Tax Paid	1,257	455.86	426.74	68.8	1.2
Levered Free Cash Flow	5,880	3,162	1,416	25.9	2,654
Unlevered Free Cash Flow	5,880	3,164	1,416	40.58	2,676
Change in Working Capital	-2,991	-2,703	-2,057	-2,749	-743.15

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.