Global Top E-Commerce 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	Jan '23 Jan 1, 2023	Dec '21 Dec 31, 2021
Net Income	-418.26	-478.81	-9.69	17.95	673.48
Depreciation & Amortization	13.95	16.08	27.18	45.18	88.74
Other Amortization	0.6	3.77	1.54	0.87	7.16
Loss (Gain) From Sale of Assets	0.19	-1.92	4.71	-94.61	8.57
Asset Writedown & Restructuring Costs	268.05	236.02	1.73	0.01	4.62
Loss (Gain) From Sale of Investments	46.28	-2.98	-59.93	3.73	-3,191
Provision & Write-off of Bad Debts	-	25.28	-8.23	36.71	38.48
Other Operating Activities	164.47	351.53	225.23	144.73	1,728
Change in Accounts Receivable	-36.24	-71.08	-3.74	-376.4	-658.84
Change in Inventory	203.93	136.32	-140.95	-32.47	333.43
Change in Accounts Payable	160.29	-139.97	-152.84	161.47	754.75
Operating Cash Flow	403.73	77.1	-120.63	-103.62	-274.74
Operating Cash Flow Growth	423.65%	-	-	-	-
Capital Expenditures	-1.83	-0.91	-1.71	-4.87	-12.48
Sale of Property, Plant & Equipment	0.18	0.38	3.01	8.55	9.11
Divestitures	-	5.35	6	7.77	1,172
Investment in Securities	-	14	1.6	-2.8	33.54
Other Investing Activities	-37.5	-	-	2.7	1.6
Investing Cash Flow	-39.15	18.82	8.9	11.35	1,204
Short-Term Debt Issued	-	302.16	252.37	173.52	728.67
Long-Term Debt Issued	-	-	-	9.98	25
Total Debt Issued	-	302.16	252.37	183.5	753.67
Short-Term Debt Repaid	-	-299.35	-252.59	-203.88	-1,094
Long-Term Debt Repaid	-	-27.1	-68.69	-43.48	-241.99
Total Debt Repaid	-	-326.45	-321.29	-247.36	-1,336
Net Debt Issued (Repaid)	-	-24.29	-68.91	-63.86	-582.72
Issuance of Common Stock	-	0.25	-	-	-
Common Dividends Paid	-146.32	-140.24	-128.01	-128.44	-143.83
Other Financing Activities	-56.77	-88.78	90.73	308.44	-345.02
Financing Cash Flow	-203.09	-253.05	-106.19	116.14	-1,072
Foreign Exchange Rate Adjustments	1.81	2.5	6.42	-11.38	46.42
Net Cash Flow	163.29	-154.64	-211.5	12.49	-95.99
Free Cash Flow	401.9	76.19	-122.34	-108.49	-287.22
Free Cash Flow Growth	427.53%	-	-	-	-
Free Cash Flow Margin	7.39%	1.33%	-1.85%	-1.49%	-3.26%
Free Cash Flow Per Share	0.26	0.05	-0.08	-0.07	-0.18
Cash Income Tax Paid	64.05	48.8	123.23	94.87	148.71
Levered Free Cash Flow	1,216	62.96	-236.76	-194.18	-312.48
Unlevered Free Cash Flow	1,216	153.62	-140.69	-126.33	-208.33
Change in Working Capital	328.45	-71.87	-303.16	-258.19	367.38

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