SHA:688521 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	-527.81	-600.88	-296.47	73.81	13.29
Depreciation & Amortization	122.05	230.08	179.68	151.02	102.71
Other Amortization	144.3	9.76	6.3	4.63	3.99
Loss (Gain) From Sale of Assets	-0	-0	0.08	-0	-0
Asset Writedown & Restructuring Costs	-2.29	4.75	0.09	0.33	0.28
Loss (Gain) From Sale of Investments	-41.49	0.89	51.06	-14.74	-7.89
Stock-Based Compensation	41.61	7.29	3.61	90.89	47.56
Provision & Write-off of Bad Debts	29.45	39.07	125.28	43.14	9.44
Other Operating Activities	53.53	29.88	19.99	4.27	7.78
Change in Accounts Receivable	-818.16	-195.27	7.96	-503.81	-468.19
Change in Inventory	-105.84	-118.64	140.33	-291.99	-50.98
Change in Accounts Payable	882.97	247.06	-246.45	112.99	497.23
Operating Cash Flow	-221.69	-345.99	-8.52	-329.46	155.23
Capital Expenditures	-251.07	-143.63	-115.44	-843.6	-136.04
Sale of Property, Plant & Equipment	0.11	0	0	0.01	0
Investment in Securities	-772.22	190.16	-310.75	584.42	879.07
Investing Cash Flow	-1,023	46.53	-426.2	-259.17	743.03
Long-Term Debt Issued	742.9	496.2	427.9	349.77	23.34
Total Debt Issued	742.9	496.2	427.9	349.77	23.34
Long-Term Debt Repaid	-399.79	-172.09	-81.01	-17.39	-11.56
Total Debt Repaid	-399.79	-172.09	-81.01	-17.39	-11.56
Net Debt Issued (Repaid)	343.11	324.11	346.89	332.38	11.77
Issuance of Common Stock	1,832	17.1	83.64	7.21	36.69
Repurchase of Common Stock	-24.84	-	-	-	-
Other Financing Activities	461	-93.08	-73.96	-79.18	-65.34
Financing Cash Flow	2,611	248.13	356.58	260.41	-16.88
Foreign Exchange Rate Adjustments	-2.44	8.92	1.51	2.77	-2.77
Net Cash Flow	1,364	-42.42	-76.63	-325.45	878.62
Free Cash Flow	-472.76	-489.62	-123.97	-1,173	19.19
Free Cash Flow Margin	-15.00%	-21.09%	-5.30%	-43.79%	0.90%
Free Cash Flow Per Share	-0.92	-0.98	-0.25	-2.38	0.04
Cash Income Tax Paid	68.88	41.94	13.46	59.99	66.85
Levered Free Cash Flow	-376.32	-83.4	-50.44	-1,290	22.86
Unlevered Free Cash Flow	-350.47	-60.8	-35.95	-1,283	25.06
Change in Working Capital	-41.03	-66.84	-98.15	-682.81	-21.94

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