CNFinance Holdings Limited (CNF) Cash Flow Statement

NYSE: CNFOperating cash, capex, free cash flow and buybacks.

Where CNF’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
CN¥82.1M
−89.2% vs 2024
Capital expenditures
CN¥3.5M
0.6% of revenue
Free cash flow
CN¥78.7M
12.6% margin
Returned to shareholders
CN¥1.7M
2% of free cash flow
Change in cash
−CN¥782.8M
cash at year-end CN¥338.4M
Acquisitions & other: CN¥3.16BAcquisitions & otherCN¥3.16BDrawn from cash: CN¥782.8MDrawn from cashCN¥782.8MCash from operations, Investments (net), Other financing, Currency & other: CN¥241.7MOther sourcesCN¥241.7MDebt repayment: CN¥4.18BDebt repaymentCN¥4.18B · 100%Capital expenditures, Share buybacks: CN¥5.2MOther usesCN¥5.2M · 0%CN¥4.19B
Cash from operations
CN¥82.1M
Capital expenditures
−CN¥3.5M
Investments (net)
+CN¥23.5M
Acquisitions & other
+CN¥3.16B
Share buybacks (net)
−CN¥1.7M
Net borrowing (repayment)
−CN¥4.18B
Other financing
+CN¥114.0M
Currency & other
+CN¥22.1M
Change in cash
−CN¥782.8M

Drawn to scale: where the cash came from and how it was used. Hover for values.

CNF operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

CNF cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flowCN¥379.9M2016CN¥82.1M2025−15.6%/yr
Capital expendituresCN¥15.2M2016CN¥3.5M2025−15.2%/yr
Free cash flowCN¥364.7M2016CN¥78.7M2025−15.7%/yr
Free cash flow margin27.9%201612.6%2025−15.3 pts
Operating cash flow / net income1.61201620.042024+18.43
Stock-based compensationCN¥128.9M2016CN¥02025−100.0%
Dividends paidCN¥02016CN¥02018—
Share buybacks (net)CN¥02016CN¥1.7M2025—
Capex / revenue1.2%20160.6%2025−0.6 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

CNF cash flow by activity

OperatingInvestingFinancingChange in cash

CNF net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

CNF cash flow statement in Chinese yuan

2025202420232022202120202019201820172016
Operating activities
Net income−CN¥457.6MCN¥37.8MCN¥164.6MCN¥135.4MCN¥65.2MCN¥114.9MCN¥534.6MCN¥860.9MCN¥532.7MCN¥235.4M
Depreciation & amortizationCN¥15.5MCN¥11.5MCN¥1.8MCN¥2.2MCN¥3.8MCN¥6.0MCN¥10.9MCN¥13.3MCN¥10.8MCN¥6.6M
Stock-based compensationCN¥0CN¥14.9MCN¥7.5MCN¥5.8MCN¥18.8MCN¥62.1MCN¥15.9MCN¥39.7MCN¥182.7MCN¥128.9M
Change in working capital−CN¥373.4M−CN¥382.3MCN¥77.0M−CN¥330.4MCN¥62.5MCN¥412.1MCN¥888.1MCN¥74.3MCN¥303.0MCN¥4.4M
Other non-cash itemsCN¥897.6MCN¥1.08BCN¥1.45BCN¥1.11BCN¥539.4MCN¥524.5M−CN¥150.4MCN¥344.5MCN¥257.5MCN¥4.5M
Cash from operating activitiesCN¥82.1MCN¥757.2MCN¥1.71BCN¥919.3MCN¥689.7MCN¥1.12BCN¥1.30BCN¥1.33BCN¥1.29BCN¥379.9M
Investing activities
Capital expenditures−CN¥3.5M−CN¥7.9M−CN¥114.5M−CN¥89.9M−CN¥3.8M−CN¥3.2M−CN¥4.4M−CN¥14.8M−CN¥19.8M−CN¥15.2M
Investments (net)CN¥23.5M−CN¥263.7M−CN¥2.48B−CN¥1.10B−CN¥2.35BCN¥236.0MCN¥4.94BCN¥641.4M−CN¥9.58B−CN¥4.70B
Acquisitions & other investingCN¥3.16BCN¥7.9MCN¥114.5MCN¥89.9MCN¥3.8MCN¥291.3MCN¥4.4MCN¥14.8MCN¥19.8MCN¥15.2M
Cash from investing activitiesCN¥3.18B−CN¥263.7M−CN¥2.48B−CN¥1.10B−CN¥2.35BCN¥524.1MCN¥4.94BCN¥641.4M−CN¥9.58B−CN¥4.70B
Financing activities
Dividends paid———————CN¥0CN¥0CN¥0
Share repurchases & issuance (net)−CN¥1.7M−CN¥4.6M−CN¥30.7M−CN¥87.6MCN¥0CN¥0CN¥0CN¥313.8MCN¥0CN¥0
Net borrowing (repayment)−CN¥4.18B−CN¥1.33BCN¥1.11B−CN¥251.3MCN¥1.93B−CN¥1.37B−CN¥7.70B−CN¥316.3MCN¥9.26BCN¥4.29B
Shares issuedCN¥0CN¥0CN¥0CN¥0CN¥0CN¥0CN¥0CN¥313.8MCN¥0CN¥0
Other financingCN¥114.0MCN¥0−CN¥71.1MCN¥50.8MCN¥0CN¥0CN¥0−CN¥313.8MCN¥0CN¥0
Cash from financing activities−CN¥4.07B−CN¥1.33BCN¥1.01B−CN¥288.2MCN¥1.93B−CN¥1.37B−CN¥7.70B−CN¥2.5MCN¥9.26BCN¥4.29B
Summary
Net change in cash−CN¥782.8M−CN¥831.2MCN¥229.4M−CN¥459.3MCN¥270.5MCN¥255.6M−CN¥1.46BCN¥1.97BCN¥957.2M−CN¥26.9M
Cash at end of periodCN¥338.4MCN¥1.17BCN¥2.00BCN¥1.77BCN¥2.23BCN¥1.96BCN¥1.71BCN¥3.16BCN¥1.19BCN¥233.1M
Free cash flowCN¥78.7MCN¥749.3MCN¥1.59BCN¥829.4MCN¥685.9MCN¥1.12BCN¥1.29BCN¥1.32BCN¥1.27BCN¥364.7M
Free cash flow margin12.6%46.8%86.6%45.0%50.0%60.9%41.7%30.8%37.1%27.9%
Capex / revenue0.6%0.5%6.2%4.9%0.3%0.2%0.1%0.3%0.6%1.2%
Operating cash flow / net income—20.0410.366.7910.589.752.431.552.421.61

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.

CNF cash generation

In fiscal 2025 (ended December 31, 2025), CNFinance generated CN¥82.1 million of cash from operations (down 89.2%) and spent CN¥3.5 million on capital expenditures, leaving free cash flow of CN¥78.7 million, 12.6% of revenue. It returned CN¥1.7 million to shareholders through dividends (CN¥0) and net share buybacks (CN¥1.7 million). Cash and equivalents fell by CN¥782.8 million over the year.

Related: CNF income statement, CNF balance sheet. See the CNF stock overview for the latest quote and news.

CNF cash flow FAQ

What is CNFinance's free cash flow?

CNFinance's free cash flow was CN¥78.7 million in fiscal 2025: CN¥82.1 million of operating cash flow minus CN¥3.5 million of capital expenditures It was CN¥749.3 million a year earlier..

How much cash does CNFinance generate from operations?

CNFinance generated CN¥82.1 million of cash from operating activities in fiscal 2025.

How much does CNFinance spend on capital expenditures?

CNFinance spent CN¥3.5 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with CN¥7.9 million the year before.

How much stock does CNFinance buy back?

CNFinance spent CN¥1.7 million on net share repurchases in fiscal 2025.

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