| CNY millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | (7,007.2) | (6,108.5) | (117.8) | 1,952.6 | 790.6 | (200.7) | −125.4% | |
| Depreciation & amortization | 17,195.6 | 16,766.0 | 13,655.0 | 14,091.2 | 13,625.1 | 12,819.6 | −5.9% | |
| Stock-based compensation | 1,370.1 | 1,219.2 | 811.4 | 636.7 | 544.4 | 0.0 | −100.0% | |
| Change in working capital | (16,613.4) | (17,586.2) | (14,493.2) | (13,211.5) | (12,359.1) | (12,697.7) | −2.7% | |
| Operating cash flow | (5,411.1) | (5,951.8) | (70.6) | 3,351.6 | 2,110.1 | 102.9 | −95.1% | |
| Capital expenditure | (385.7) | (400.7) | (269.8) | (104.9) | (173.0) | (93.2) | +46.1% | |
| Acquisitions | (5.8) | (139.2) | 0.0 | (67.9) | 0.0 | 0.0 | — | |
| Investing cash flow | 159.3 | 1,262.4 | 266.0 | (1,739.5) | (2,444.9) | (318.5) | +87.0% | |
| Dividends paid | (62.4) | (27.8) | (64.2) | 0.0 | 0.0 | 0.0 | — | |
| Share buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Debt issued / repaid | 4,773.1 | (3,873.9) | 2,654.1 | (7,677.7) | (1,607.9) | 1,249.7 | +177.7% | |
| Financing cash flow | 9,373.9 | (2,959.5) | 4,468.9 | (4,285.1) | (1,370.1) | 1,035.4 | +175.6% | |
| Free cash flow | (5,796.8) | (6,352.6) | (340.3) | 3,246.7 | 1,937.0 | 9.7 | −99.5% | |
| Net change in cash | 4,030.8 | (7,865.6) | 4,786.7 | (2,580.9) | (1,690.3) | 998.8 | +159.1% |
Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.
Statements are reported in CNY; the shares trade in USD.
