| CNY millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | (1,343.6) | (128.5) | (203.0) | (99.3) | 83.7 | 29.7 | −64.6% | |
| Depreciation & amortization | 223.4 | 63.8 | 38.2 | 29.7 | 17.1 | 15.0 | −12.5% | |
| Stock-based compensation | 20.5 | 9.1 | 5.0 | 15.9 | 9.4 | 5.6 | −40.4% | |
| Change in working capital | (1,045.8) | (134.8) | 14.2 | 156.3 | 22.3 | (144.5) | −747.8% | |
| Operating cash flow | (1,313.1) | (226.3) | (143.0) | 232.8 | 96.3 | (109.1) | −213.3% | |
| Capital expenditure | (28.3) | (14.7) | (6.5) | (9.8) | (11.8) | (7.1) | +39.8% | |
| Acquisitions | 56.3 | 6.0 | (16.1) | 0.0 | 0.0 | 1.1 | — | |
| Investing cash flow | 1,159.1 | 703.8 | (51.8) | 40.9 | 26.7 | 4.9 | −81.7% | |
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (29.8) | — | |
| Share buybacks | (0.3) | 0.0 | 0.0 | 0.0 | (44.9) | (51.2) | −14.1% | |
| Debt issued / repaid | (185.3) | (343.0) | (0.5) | (22.8) | (2.0) | (80.0) | −3960.9% | |
| Financing cash flow | (209.5) | (344.6) | (0.5) | (22.6) | (74.0) | (160.1) | −116.4% | |
| Free cash flow | (1,341.4) | (241.1) | (149.4) | 223.1 | 84.5 | (116.2) | −237.5% | |
| Net change in cash | (358.4) | 131.5 | (197.7) | 247.0 | 46.2 | (273.6) | −692.6% |
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.
