| CNY billions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | 19.0 | 7.6 | 7.5 | 21.5 | 24.2 | 5.6 | −76.9% | |
| Depreciation & amortization | 22.7 | 22.6 | 20.1 | 21.5 | 20.5 | 21.4 | +4.0% | |
| Stock-based compensation | 6.7 | 7.1 | 6.8 | 6.3 | 4.8 | 3.6 | −24.6% | |
| Change in working capital | (18.2) | (18.7) | (16.8) | (13.1) | (27.5) | (40.9) | −48.7% | |
| Operating cash flow | 24.2 | 20.1 | 26.2 | 36.6 | 21.2 | (3.0) | −114.2% | |
| Capital expenditure | (5.3) | (11.2) | (8.4) | (11.3) | (8.1) | (13.4) | −64.9% | |
| Acquisitions | (2.9) | (12.3) | 0.3 | (0.1) | 8.4 | 1.1 | −86.4% | |
| Investing cash flow | (27.6) | (31.4) | (3.9) | (50.4) | (8.6) | (25.1) | −193.8% | |
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Share buybacks | (13.1) | (7.6) | (1.9) | (4.8) | (6.3) | (5.4) | +14.8% | |
| Debt issued / repaid | 12.4 | 8.8 | (6.8) | (13.1) | (7.5) | 19.7 | +361.9% | |
| Financing cash flow | 5.7 | 23.4 | (6.4) | (14.2) | (13.8) | 17.1 | +224.6% | |
| Free cash flow | 18.9 | 8.9 | 17.8 | 25.3 | 13.1 | (16.4) | −225.4% | |
| Net change in cash | 2.1 | 11.1 | 17.6 | (27.7) | (1.0) | (11.8) | −1093.7% |
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.
