| CNY billions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | (5.3) | (10.6) | (14.6) | (21.1) | (22.7) | (14.9) | +34.1% | |
| Depreciation & amortization | 1.5 | 2.4 | 4.0 | 4.9 | 7.7 | 9.4 | +21.7% | |
| Stock-based compensation | 0.2 | 1.0 | 2.3 | 2.4 | 1.9 | 1.8 | −7.1% | |
| Change in working capital | 4.8 | (4.0) | (7.1) | 8.2 | (1.2) | 5.8 | +601.7% | |
| Operating cash flow | 2.0 | 2.0 | (3.9) | (1.4) | (7.8) | 3.0 | +138.1% | |
| Capital expenditure | (1.1) | (4.1) | (7.0) | (14.3) | (9.1) | (6.1) | +33.7% | |
| Acquisitions | (0.3) | 0.0 | 0.0 | 0.0 | 0.0 | (0.6) | — | |
| Investing cash flow | (5.1) | (39.8) | 10.4 | (10.9) | (5.0) | (11.5) | −131.1% | |
| 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 | 3.7 | 13.2 | (1.7) | 6.6 | (1.6) | (5.5) | −235.1% | |
| Financing cash flow | 41.4 | 18.1 | (1.6) | 27.7 | 1.8 | 6.8 | +286.1% | |
| Free cash flow | 0.8 | (2.1) | (10.8) | (15.7) | (17.0) | (3.1) | +81.9% | |
| Net change in cash | 37.6 | (20.2) | 4.8 | 15.5 | (10.9) | (1.6) | +84.9% |
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.
