The9 Limited 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	-408.92	-73.64	12.58	-979.49	-416.83
Depreciation & Amortization	15.12	61.46	86.87	91.38	47.44
Stock-Based Compensation	116.05	44.68	70.76	202.35	150.17
Other Adjustments	249.42	-70.97	-190.34	408.52	-22.28
Change in Receivables	-10.97	-0.05	0.1	3.53	-13.63
Changes in Accounts Payable	6.95	-1.26	2.37	121.76	38.8
Changes in Accrued Expenses	8.37	2.93	-23.65	-70.53	61.28
Changes in Unearned Revenue	-3.25	0.22	0.27	-1.24	-2.13
Changes in Other Operating Activities	-4.53	-7.57	-5.27	69.68	-547.1
Operating Cash Flow	-31.76	-44.2	-46.32	-154.04	-704.29
Capital Expenditures	-1.45	-	-2.11	-248.82	-75.62
Sale of Property, Plant & Equipment	0.09	0.15	0	0.41	11.73
Purchases of Intangible Assets	-10.51	-	-	-	-
Purchases of Investments	-3.36	-39.09	-	-23.16	-61.35
Proceeds from Sale of Investments	5.9	0.01	6.66	21.94	-
Other Investing Activities	10.44	-18.08	-0.09	-	-0.24
Investing Cash Flow	1.12	-57.02	4.47	-249.64	-125.48
Long-Term Debt Issued	78.36	88.11	86.78	36.17	161.59
Long-Term Debt Repaid	-32.05	-37.22	-54.58	-3.15	-6.38
Net Long-Term Debt Issued (Repaid)	46.31	50.89	32.2	33.03	155.21
Issuance of Common Stock	31.5	17.78	-	-	1,076
Net Common Stock Issued (Repurchased)	31.5	17.78	-	-	1,076
Other Financing Activities	0.65	1.1	0.26	0.04	-3.72
Financing Cash Flow	78.47	69.77	32.47	33.07	1,227
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0.25	-2.86	-3.46	0.25	-0.95
Net Cash Flow	47.58	-34.31	-12.84	-370.36	396.73
Free Cash Flow	-33.2	-44.2	-48.43	-402.86	-779.91
FCF Margin	-30.77%	-39.56%	-27.83%	-383.93%	-575.25%
Free Cash Flow Per Share	-4.38	-9.45	-14.37	-167.80	-472.38
Levered Free Cash Flow	-334.92	33.25	110.68	-1,954	-1,145
Unlevered Free Cash Flow	-259.97	-2.97	-259.28	-699.3	-785

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