| CNY millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | (1,339.9) | (1,441.9) | (177.9) | (311.8) | (192.9) | (150.2) | +22.1% | |
| Depreciation & amortization | 39.7 | 64.8 | 24.7 | 16.2 | 12.3 | 9.7 | −20.8% | |
| Stock-based compensation | 356.0 | 195.2 | 129.6 | 83.7 | 61.9 | 30.8 | −50.2% | |
| Change in working capital | 358.2 | (546.8) | (483.8) | (36.1) | (42.9) | 141.9 | +431.1% | |
| Operating cash flow | (523.0) | (1,506.7) | (463.9) | (212.1) | (139.2) | 36.3 | +126.1% | |
| Capital expenditure | (89.5) | (129.4) | (2.8) | (26.6) | (9.4) | (6.7) | +28.7% | |
| Acquisitions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.6 | — | |
| Investing cash flow | (89.5) | (117.6) | (8.9) | (161.1) | 35.6 | (40.5) | −213.7% | |
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Share buybacks | 0.0 | 0.0 | (33.9) | (51.4) | (1.1) | (3.4) | −219.6% | |
| Debt issued / repaid | (85.0) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Financing cash flow | 2,797.4 | 1.0 | (33.9) | (51.4) | 21.3 | 24.8 | +16.1% | |
| Free cash flow | (612.5) | (1,636.0) | (466.7) | (238.7) | (148.6) | 29.6 | +119.9% | |
| Net change in cash | 2,146.4 | (1,654.2) | (462.8) | (411.2) | (72.7) | 22.3 | +130.7% |
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.
