| Notes to consolidated statements of cash flows |
|
Notes to the consolidated statements of cash flows |
| (a) |
Reconciliation from profit/(loss) before income tax expense to cash generated from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the year ended December 31, |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Profit/(loss) before income tax expense |
|
|
1,588,465 |
|
|
|
(2,078,685 |
) |
|
|
(577,746 |
) |
| Adjustments for: |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation of property and equipment |
|
|
185,222 |
|
|
|
104,439 |
|
|
|
49,831 |
|
| |
|
|
427,358 |
|
|
|
283,645 |
|
|
|
209,151 |
|
| Amortization of intangible assets |
|
|
11,022 |
|
|
|
39,766 |
|
|
|
14,608 |
|
| Share of loss of associates and joint ventures |
|
|
5,416 |
|
|
|
691 |
|
|
|
— |
|
| Net gain on sales of property and equipment, and intangible assets |
|
|
21,994 |
|
|
|
84,666 |
|
|
|
1,006 |
|
| Net unrealized loss/(gain) on financial assets at fair value through profit or loss |
|
|
525,003 |
|
|
|
1,583,149 |
|
|
|
(871,086 |
) |
Non-cash employee benefits expense - share based payment |
|
|
(36,204 |
) |
|
|
(18,119 |
) |
|
|
374 |
|
| Asset impairment losses |
|
|
31,246 |
|
|
|
— |
|
|
|
28,306 |
|
| Credit impairment losses |
|
|
5,596,942 |
|
|
|
7,638,072 |
|
|
|
10,575,102 |
|
| Finance costs classified as financing activities |
|
|
1,764,472 |
|
|
|
1,114,753 |
|
|
|
981,416 |
|
| Investment income classified as investing activities |
|
|
(604,979 |
) |
|
|
(537,329 |
) |
|
|
(783,678 |
) |
| Foreign exchange loss/(gain) |
|
|
(75,714 |
) |
|
|
190,800 |
|
|
|
64,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in operating assets and liabilities, net of effects from purchase of controlled entity: |
|
|
|
|
|
|
|
|
|
|
|
|
| Decrease in loans to customers and accounts and other receivables |
|
|
103,902,273 |
|
|
|
17,856,581 |
|
|
|
3,486,172 |
|
| Decrease/(increase) in accounts and other payables |
|
|
(97,868,864 |
) |
|
|
(22,107,429 |
) |
|
|
1,093,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash generated from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (b) |
Net decrease in cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the year ended December 31, |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents at the end of the year |
|
|
18,577,225 |
|
|
|
11,798,435 |
|
|
|
11,089,073 |
|
| Less: Cash and cash equivalents at the beginning of the year |
|
|
(29,594,654 |
) |
|
|
(18,577,225 |
) |
|
|
(11,798,435 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net decrease in cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LUFAX HOLDING LTD NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 AND 2025
| (c) |
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Cash at bank (Note 16) |
|
|
39,695,914 |
|
|
|
29,903,846 |
|
|
|
22,086,187 |
|
Less: Time deposits with original maturities of more than three months |
|
|
(21,122,482 |
) |
|
|
(18,108,539 |
) |
|
|
(11,000,088 |
) |
Add: Provision for impairment losses |
|
|
3,793 |
|
|
|
3,128 |
|
|
|
2,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (d) |
Net debt reconciliation | This section sets out an analysis of net debt and the movements in net debt for each of the years ended December 31, 2023, 2024 and 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Convertible
promissory
notes payable |
|
|
|
|
|
Optionally
convertible
promissory
notes |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of January 1, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows |
|
|
349,881 |
|
|
|
(2,298,222 |
) |
|
|
(50,900 |
) |
|
|
(486,942 |
) |
|
|
(8,840,294 |
) |
|
|
(11,326,477 |
) |
Acquisitions - leases |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
273,778 |
|
|
|
— |
|
|
|
273,778 |
|
Disposals - leases |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(170,878 |
) |
|
|
— |
|
|
|
(170,878 |
) |
Foreign exchange adjustments |
|
|
15,441 |
|
|
|
79,167 |
|
|
|
89,012 |
|
|
|
— |
|
|
|
290,131 |
|
|
|
473,751 |
|
Accrued expense |
|
|
1,542,449 |
|
|
|
75,707 |
|
|
|
448,017 |
|
|
|
27,934 |
|
|
|
407,255 |
|
|
|
2,501,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows |
|
|
10,360,632 |
|
|
|
— |
|
|
|
(51,180 |
) |
|
|
(289,615 |
) |
|
|
— |
|
|
|
10,019,837 |
|
Acquisition of subsidiaries |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,612 |
|
|
|
— |
|
|
|
8,612 |
|
Acquisitions - leases |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
217,279 |
|
|
|
— |
|
|
|
217,279 |
|
Disposals - leases |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(53,727 |
) |
|
|
— |
|
|
|
(53,727 |
) |
Foreign exchange adjustments |
|
|
253,081 |
|
|
|
— |
|
|
|
88,231 |
|
|
|
— |
|
|
|
— |
|
|
|
341,312 |
|
Accrued expense |
|
|
1,677,578 |
|
|
|
— |
|
|
|
486,731 |
|
|
|
15,800 |
|
|
|
— |
|
|
|
2,180,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows |
|
|
10,974,734 |
|
|
|
— |
|
|
|
(51,597 |
) |
|
|
(206,364 |
) |
|
|
— |
|
|
|
10,716,773 |
|
Acquisitions - leases |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
196,102 |
|
|
|
— |
|
|
|
196,102 |
|
Disposals - leases |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(45,035 |
) |
|
|
— |
|
|
|
(45,035 |
) |
Foreign exchange adjustments |
|
|
(107,518 |
) |
|
|
— |
|
|
|
(144,761 |
) |
|
|
— |
|
|
|
— |
|
|
|
(252,279 |
) |
Accrued expense |
|
|
1,554,122 |
|
|
|
— |
|
|
|
526,111 |
|
|
|
12,194 |
|
|
|
— |
|
|
|
2,092,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|