LZ Technology Holdings 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	-173.27	5.78	-6.37	-14.8	-48.46
Depreciation & Amortization	8.82	8.71	10.13	9.74	4.1
Stock-Based Compensation	111.11	-	-	-	-
Other Adjustments	14.31	-0.18	3.68	-4.5	0.83
Change in Receivables	-28.96	-33.32	-147.17	-11.6	-28.08
Changes in Inventories	-3.2	-	-	-	-
Changes in Accounts Payable	14.82	18.78	127.78	17.9	16.94
Changes in Accrued Expenses	2.21	5.46	9.54	6.03	8.9
Changes in Unearned Revenue	35.67	-3.64	4.13	-0.06	-0.15
Changes in Other Operating Activities	-22.7	3.07	-18.56	-0.22	0.45
Operating Cash Flow	-41.2	4.67	-16.84	2.49	-45.48
Capital Expenditures	-0.58	-0.35	-0.11	-1.47	-27.38
Purchases of Intangible Assets	-	-	-	-4.74	-
Purchases of Investments	-5	-	-	-	-
Proceeds from Sale of Investments	-	-	1.72	0.99	-
Payments for Business Acquisitions	-0.11	-	-	-	-
Proceeds from Business Divestments	-	-	0.16	-1.33	-
Other Investing Activities	-19.87	-1.08	-25.02	20.14	-26.89
Investing Cash Flow	-25.55	-1.42	-23.25	13.59	-54.27
Short-Term Debt Repaid	-	-	-	-11.91	-
Net Short-Term Debt Issued (Repaid)	-	-	-	-11.91	-
Long-Term Debt Issued	40	23.48	14	9	96.44
Long-Term Debt Repaid	-10.77	-21.14	-14.15	-	-36.65
Net Long-Term Debt Issued (Repaid)	29.23	2.34	-0.15	9	59.8
Issuance of Common Stock	60.24	-	47.71	21.26	9.73
Net Common Stock Issued (Repurchased)	60.24	-	47.71	21.26	9.73
Other Financing Activities	-3.01	-12.21	-3.69	-32.58	32.19
Financing Cash Flow	86.47	-9.87	43.88	-14.23	101.72
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0.39	-	-	-	-
Net Cash Flow	19.32	-6.63	3.79	1.85	1.97
Free Cash Flow	-41.78	4.32	-16.96	1.02	-72.85
FCF Margin	-3.70%	0.53%	-2.98%	0.62%	-89.89%
Free Cash Flow Per Share	-5.42	0.58	-2.36	0.15	-6.33
Levered Free Cash Flow	-109.21	39.92	126.55	15.36	17.59
Unlevered Free Cash Flow	-141.5	36.4	122.65	9.93	-11.47

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