ZKH Group Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-268.04	-304.31	-735.68	-1,122
Depreciation & Amortization	54.77	73.47	76.07	53.03
Loss (Gain) From Sale of Assets	0.66	3.01	0.18	0.43
Stock-Based Compensation	108.52	17.39	31.9	183.35
Provision & Write-off of Bad Debts	48.9	12.76	28.01	31.48
Other Operating Activities	12.63	44.34	84.92	44.66
Change in Accounts Receivable	502.4	-585.49	-333.07	-1,127
Change in Inventory	17.69	-52.96	85.8	-329.24
Change in Accounts Payable	-329.97	317.23	119.81	922.88
Change in Unearned Revenue	7.53	-11.22	1.02	11.33
Change in Other Net Operating Assets	74.01	-82.17	136.83	-50.92
Operating Cash Flow	229.07	-567.95	-504.2	-1,383
Capital Expenditures	-79.16	-50.5	-37.05	-145.2
Sale of Property, Plant & Equipment	2.09	4.72	12.94	5.05
Cash Acquisitions	-	-	-	-10.24
Sale (Purchase) of Intangibles	-3.88	-5.07	-13.06	-12.87
Investment in Securities	357.02	-857.46	0.12	68.86
Investing Cash Flow	276.08	-908.3	-37.04	-94.4
Short-Term Debt Issued	897	1,114	764.16	404.17
Long-Term Debt Issued	39.88	-	1,384	-
Total Debt Issued	936.88	1,114	2,148	404.17
Short-Term Debt Repaid	-1,171	-779	-807.59	-215.84
Total Debt Repaid	-1,171	-779	-807.59	-215.84
Net Debt Issued (Repaid)	-234.12	335	1,341	188.33
Issuance of Common Stock	30.3	385.77	-	-
Repurchase of Common Stock	-40.76	-	-	-
Other Financing Activities	-9.61	-5.04	-38.08	-13.7
Financing Cash Flow	-254.19	715.72	1,303	174.63
Foreign Exchange Rate Adjustments	15.55	5.04	117.47	-8.7
Net Cash Flow	266.51	-755.48	878.94	-1,311
Free Cash Flow	149.91	-618.44	-541.25	-1,528
Free Cash Flow Margin	1.71%	-7.09%	-6.51%	-19.96%
Free Cash Flow Per Share	0.92	-14.16	-14.30	-44.06
Cash Interest Paid	10.16	19.34	20.96	10.29
Cash Income Tax Paid	0.84	0.15	1.22	1.22
Levered Free Cash Flow	218.69	-671.59	122.7	-1,217
Unlevered Free Cash Flow	230.57	-659.5	181.57	-1,210
Change in Working Capital	271.64	-414.6	10.4	-573.21

Updated Mar 19, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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