| CNY millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | (407.2) | (796.7) | (971.2) | (653.7) | (346.6) | (55.3) | +84.0% | |
| Depreciation & amortization | 33.3 | 47.8 | 124.1 | 133.4 | 52.2 | 21.8 | −58.3% | |
| Stock-based compensation | 173.2 | 282.4 | 326.8 | 260.7 | 155.6 | 13.9 | −91.1% | |
| Change in working capital | 112.1 | (62.4) | (11.2) | (52.2) | (36.5) | (59.4) | −62.6% | |
| Operating cash flow | (73.5) | (477.9) | (456.8) | (255.8) | (92.3) | (28.4) | +69.2% | |
| Capital expenditure | (79.5) | (213.4) | (62.0) | (9.4) | (6.0) | (5.2) | +12.2% | |
| Acquisitions | 4.0 | 2.5 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Investing cash flow | (109.3) | 81.7 | (7.5) | (9.3) | (4.4) | (4.4) | +0.5% | |
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Share buybacks | 0.0 | (4.3) | (71.8) | (7.0) | (0.1) | 0.0 | +100.0% | |
| Debt issued / repaid | (20.6) | (44.8) | (2.4) | 0.0 | 0.0 | 1.9 | — | |
| Financing cash flow | 2,165.7 | (52.9) | (86.2) | (48.8) | (0.1) | 1.9 | +2738.9% | |
| Free cash flow | (153.1) | (691.3) | (518.8) | (265.2) | (98.2) | (33.7) | +65.7% | |
| Net change in cash | 1,827.0 | (486.1) | (513.8) | (310.1) | (93.1) | (41.1) | +55.9% |
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.
