| CNY billions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | (0.2) | (0.3) | (2.0) | 11.7 | 8.0 | 1.1 | −85.8% | |
| Depreciation & amortization | 0.3 | 0.6 | 1.2 | 1.8 | 3.1 | 4.6 | +51.6% | |
| Stock-based compensation | 0.1 | 1.1 | 2.1 | 2.4 | 2.6 | 1.3 | −52.2% | |
| Change in working capital | 3.1 | 6.6 | 5.0 | 3.6 | 2.1 | (15.1) | −830.7% | |
| Operating cash flow | 3.1 | 8.3 | 7.4 | 50.7 | 15.9 | (8.6) | −154.0% | |
| Capital expenditure | (0.7) | (3.4) | (5.1) | (6.5) | (7.7) | (4.2) | +45.6% | |
| Acquisitions | (0.0) | (0.6) | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Investing cash flow | (18.7) | (4.3) | (4.4) | (0.0) | (41.1) | (0.7) | +98.3% | |
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Share buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Debt issued / repaid | (0.1) | 5.7 | 3.1 | (1.0) | (0.4) | 0.7 | +261.0% | |
| Financing cash flow | 24.7 | 16.7 | 5.6 | 0.2 | (0.4) | 0.8 | +284.6% | |
| Free cash flow | 2.5 | 4.9 | 2.3 | 44.2 | 8.2 | (12.8) | −256.2% | |
| Net change in cash | 8.7 | 20.3 | 9.9 | 50.9 | (25.4) | (9.0) | +64.6% |
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.
