Financial Statements — KC
Balance Sheet
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 |
|---|
| Cash & Equivalents | 6.02 | 2.65 | 2.26 | 0.50 | 0.66 | 0.52 |
| Short-term Investments | 0.00 | 0.09 | -- | 1.25 | 0.39 | 2.69 |
| Accounts Receivable | 1.74 | 1.47 | 1.53 | 0.35 | 0.56 | 0.36 |
| Total Current Assets | 1.58 | 0.94 | 6.10 | 1.31 | 12.41 | 9.54 |
| Property, Plant & Equipment | 10.09 | 4.63 | 0.31 | 2.13 | 0.37 | 1.96 |
| Goodwill | 0.66 | 4.61 | 4.61 | 4.61 | 0.73 | -- |
| Intangible Assets | 0.53 | 0.69 | 0.83 | 1.01 | 0.18 | 0.00 |
| Total Non-current Assets | 15.71 | 10.75 | 8.97 | 1.20 | 8.67 | 2.38 |
| Total Assets | 3.82 | 17.59 | 2.12 | 2.51 | 21.08 | 11.93 |
| Accounts Payable | 0.29 | 3.34 | 2.84 | 2.83 | 2.22 | 0.13 |
| Short-term Debt | 0.48 | 2.23 | 1.11 | 0.13 | 1.35 | 0.04 |
| Total Current Liabilities | 9.42 | 9.16 | 6.83 | 0.97 | 7.52 | 3.47 |
| Long-term Debt | 6.93 | 5.70 | 2.13 | 1.72 | -- | 0.07 |
| Total Non-current Liabilities | 7.99 | 2.93 | 1.00 | 1.07 | 0.32 | 0.03 |
| Total Liabilities | 2.49 | 1.66 | 1.10 | 7.73 | 9.59 | 3.69 |
| Retained Earnings | (2.18) | (14.29) | (12.32) | (10.10) | (1.17) | (5.86) |
| Total Stockholder Equity | 1.33 | 5.17 | 6.89 | 8.80 | 10.60 | 8.24 |
Income Statement
(in billions USD) (except per-share rows)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 |
|---|
| Total Revenue | 1.37 | 7.79 | 7.05 | 1.19 | 9.06 | 6.58 |
| Cost of Revenue | 1.15 | 0.88 | 6.20 | 7.75 | 8.71 | 0.95 |
| Gross Profit | 0.21 | 1.34 | 0.12 | 0.06 | 0.35 | 0.05 |
| Research & Development | 0.12 | 0.85 | 0.11 | 0.14 | 0.16 | 0.12 |
| Selling, General & Admin | 0.91 | 0.83 | 0.15 | 0.17 | 0.09 | 0.06 |
| Total Operating Expenses | 2.28 | 3.08 | 2.96 | 2.68 | 2.16 | 0.24 |
| Operating Income | (0.77) | (1.74) | (2.11) | (0.33) | (0.28) | (0.19) |
| Interest Expense | -- | -- | 0.15 | 0.14 | 0.01 | 0.00 |
| Pretax Income | (0.14) | (1.98) | (2.17) | (0.39) | (0.25) | (0.15) |
| Tax Provision | -0.00 | -0.00 | 0.02 | 0.02 | 0.02 | 0.01 |
| Net Income | (0.94) | (1.97) | (0.31) | (0.39) | (0.25) | (0.96) |
| Basic EPS | (0.03) | (0.54) | (0.61) | (0.11) | -- | -- |
| Diluted EPS | (0.23) | (0.54) | (0.09) | (0.11) | -- | -- |
Cash Flow Statement
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 |
|---|
| Operating Cash Flow | 3.80 | 0.63 | (0.17) | 0.19 | (0.11) | (0.04) |
| Investing Cash Flow | (4.53) | (3.62) | (0.67) | (0.03) | (0.07) | (4.31) |
| Financing Cash Flow | 4.18 | 3.26 | (0.03) | (0.17) | 0.35 | 6.12 |
