ZKH Group Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar '25 Mar 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-	-268.04	-304.31	-735.68	-1,122	-401.73
Depreciation & Amortization	-	54.77	73.47	76.07	53.03	37.23
Loss (Gain) From Sale of Assets	-	0.66	3.01	0.18	0.43	0.64
Stock-Based Compensation	-	108.52	17.39	31.9	183.35	91.99
Provision & Write-off of Bad Debts	-	48.9	12.76	28.01	31.48	10.66
Other Operating Activities	-	12.63	44.34	84.92	44.66	21.22
Change in Accounts Receivable	-	502.4	-585.49	-333.07	-1,127	-565.56
Change in Inventory	-	17.69	-52.96	85.8	-329.24	-66.46
Change in Accounts Payable	-	-329.97	317.23	119.81	922.88	1,012
Change in Unearned Revenue	-	7.53	-11.22	1.02	11.33	4.44
Change in Other Net Operating Assets	-	74.01	-82.17	136.83	-50.92	-112.22
Operating Cash Flow	-	229.07	-567.95	-504.2	-1,383	31.8
Capital Expenditures	-	-79.16	-50.5	-37.05	-145.2	-56.84
Sale of Property, Plant & Equipment	-	2.09	4.72	12.94	5.05	4.92
Cash Acquisitions	-	-	-	-	-10.24	-39.66
Sale (Purchase) of Intangibles	-	-3.88	-5.07	-13.06	-12.87	-6.02
Investment in Securities	-	357.02	-857.46	0.12	68.86	39.68
Investing Cash Flow	-	276.08	-908.3	-37.04	-94.4	-57.91
Short-Term Debt Issued	-	897	1,114	764.16	404.17	128.69
Long-Term Debt Issued	-	39.88	-	1,384	-	-
Total Debt Issued	-	936.88	1,114	2,148	404.17	128.69
Short-Term Debt Repaid	-	-1,171	-779	-807.59	-215.84	-106.57
Total Debt Repaid	-	-1,171	-779	-807.59	-215.84	-106.57
Net Debt Issued (Repaid)	-	-234.12	335	1,341	188.33	22.12
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	2
Financing Cash Flow	-	-254.19	715.72	1,303	174.63	1,826
Foreign Exchange Rate Adjustments	-	15.55	5.04	117.47	-8.7	-7.41
Net Cash Flow	-	266.51	-755.48	878.94	-1,311	1,793
Free Cash Flow	-	149.91	-618.44	-541.25	-1,528	-25.04
Free Cash Flow Margin	-	1.71%	-7.09%	-6.51%	-19.96%	-0.53%
Free Cash Flow Per Share	-	0.92	-14.16	-14.30	-44.06	-0.77
Cash Interest Paid	-	10.16	19.34	20.96	10.29	3.29
Cash Income Tax Paid	-	0.84	0.15	1.22	1.22	0.01
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 Net Working Capital	-473.53	-362.05	445.59	-552.27	594.59	-

Updated May 20, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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