| CNY millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Net income | (3,176.9) | (6,429.1) | (806.9) | (91.3) | 304.4 | 221.7 | −27.2% | |
| Depreciation & amortization | 115.4 | 213.1 | 204.2 | 155.0 | 114.6 | 97.5 | −14.9% | |
| Stock-based compensation | 153.1 | 315.4 | 235.9 | 136.6 | 118.5 | 78.4 | −33.8% | |
| Change in working capital | 762.2 | 161.8 | 392.0 | (4.5) | 377.7 | (580.2) | −253.6% | |
| Operating cash flow | (2,055.7) | (5,666.5) | 107.1 | (234.6) | 929.0 | 520.9 | −43.9% | |
| Capital expenditure | (248.5) | (451.6) | (126.9) | (83.3) | (98.2) | (172.9) | −76.1% | |
| Acquisitions | 1.2 | 0.5 | 0.0 | 0.0 | 0.0 | 3.0 | — | |
| Investing cash flow | (1,021.2) | (4,065.3) | (66.9) | 519.3 | 475.5 | 417.9 | −12.1% | |
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Share buybacks | 0.0 | (2.9) | (17.7) | 0.0 | (30.5) | (8.6) | +72.0% | |
| Debt issued / repaid | 1,326.9 | 1,799.5 | 1,059.1 | (937.8) | (1,694.0) | (714.7) | +57.8% | |
| Financing cash flow | 3,656.7 | 9,042.6 | 1,112.4 | (934.4) | (1,723.9) | (723.1) | +58.1% | |
| Free cash flow | (2,304.2) | (6,118.1) | (19.7) | (317.9) | 830.9 | 348.0 | −58.1% | |
| Net change in cash | 511.9 | (780.0) | 1,188.5 | (649.2) | (319.5) | 255.0 | +179.8% |
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.
