SHA:688192 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	-768.52	-845.96	-1,108	-736	-669.88
Depreciation & Amortization	68.71	64.21	65.58	58.43	53.72
Other Amortization	7.86	12.81	7.1	4.64	1.86
Loss (Gain) From Sale of Assets	-0	-	0.01	-0.02	-
Asset Writedown & Restructuring Costs	-25.33	-	-	-	-
Loss (Gain) From Sale of Investments	-	-14.45	-22.52	-42.16	-2.37
Stock-Based Compensation	-	-	-	27.89	61.97
Provision & Write-off of Bad Debts	-	-0.12	0.4	-0.02	0
Other Operating Activities	32.78	-68.49	6.6	-5.17	9.4
Change in Accounts Receivable	-114.03	23.7	-57.22	-0.72	-17.93
Change in Inventory	7.17	-20.64	-18.4	-5.07	-
Change in Accounts Payable	129.38	65.6	-38.33	94.83	70.93
Change in Other Net Operating Assets	73.65	132.82	196.61	-	-
Operating Cash Flow	-588.32	-650.53	-967.88	-603.37	-492.28
Capital Expenditures	-170.47	-137.58	-32.13	-73.78	-8.98
Sale of Property, Plant & Equipment	0.01	-	0	0	-
Investment in Securities	-1,028	99.5	643.32	458.34	-1,620
Other Investing Activities	-	-	-	-	1.68
Investing Cash Flow	-1,199	-38.07	611.19	384.56	-1,627
Short-Term Debt Issued	-	-	-	-	19.54
Long-Term Debt Issued	810.72	963.36	338.23	-	-
Total Debt Issued	810.72	963.36	338.23	-	19.54
Short-Term Debt Repaid	-	-	-	-	-19.54
Long-Term Debt Repaid	-711.91	-233.51	-26.32	-22.14	-18.01
Total Debt Repaid	-711.91	-233.51	-26.32	-22.14	-37.55
Net Debt Issued (Repaid)	98.81	729.85	311.91	-22.14	-18.01
Issuance of Common Stock	1,776	158.27	1.25	3.75	2,022
Common Dividends Paid	-32.89	-20.55	-3.38	-	-
Other Financing Activities	-13.6	-0.55	-1.53	-14.88	-22.45
Financing Cash Flow	1,829	867.01	308.25	-33.26	1,981
Foreign Exchange Rate Adjustments	-0.39	-2.45	0.97	9.52	-6.33
Net Cash Flow	41.26	175.96	-47.47	-242.56	-144.78
Free Cash Flow	-758.79	-788.1	-1,000	-677.15	-501.26
Free Cash Flow Margin	-94.72%	-218.98%	-1095.44%	-	-4873.51%
Free Cash Flow Per Share	-1.70	-1.90	-2.46	-1.67	-1.39
Cash Interest Paid	-	-	-	-	0.05
Cash Income Tax Paid	40.36	20.7	-5.18	-68.69	-25.17
Levered Free Cash Flow	-548.37	-423.64	-596.9	-468.46	-234.15
Unlevered Free Cash Flow	-548.37	-409.42	-592.17	-465.75	-232.23
Change in Working Capital	96.16	201.47	82.66	89.05	53.01

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