| CNY billions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | (3.3) | (0.6) | 1.4 | 10.0 | 17.2 | 33.4 | +93.8% | |
| Depreciation & amortization | 1.6 | 1.4 | 1.3 | 1.1 | 1.1 | 1.1 | −1.1% | |
| Stock-based compensation | 1.9 | 1.7 | 1.2 | 1.8 | 2.0 | 2.3 | +11.2% | |
| Change in working capital | (6.9) | 0.2 | (0.8) | 9.3 | 3.3 | (5.7) | −272.7% | |
| Operating cash flow | (3.8) | 2.5 | 2.6 | 22.0 | 19.6 | 14.4 | −26.7% | |
| Capital expenditure | (0.5) | (0.6) | (0.5) | (0.6) | (0.6) | (0.8) | −34.9% | |
| Acquisitions | (1.3) | (0.0) | (0.0) | 0.0 | 1.2 | (0.8) | −161.9% | |
| Investing cash flow | (3.8) | (4.1) | 1.1 | 5.9 | (6.1) | (4.2) | +30.9% | |
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (1.4) | — | |
| Share buybacks | 0.0 | 0.0 | 0.0 | (1.6) | (2.2) | (4.4) | −102.4% | |
| Debt issued / repaid | 3.9 | (4.1) | (6.8) | (1.1) | (6.1) | (9.1) | −50.3% | |
| Financing cash flow | 6.0 | 3.9 | (6.7) | (2.5) | (6.7) | (14.7) | −118.5% | |
| Free cash flow | (4.4) | 1.9 | 2.1 | 21.4 | 19.0 | 13.6 | −28.6% | |
| Net change in cash | (2.3) | 1.8 | (2.7) | 25.5 | 7.1 | (4.6) | −165.3% |
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.
