DSC Holdings Ltd. (DSC) Cash Flow Statement

NASDAQ: DSCOperating cash, capex, free cash flow and buybacks.

Where DSC’s cash came from and went, 2025

December 31, 2025 · Chinese yuan

Cash from operations: −CN¥90.4M
Capital expenditures: CN¥5.4M
Free cash flow: −CN¥95.8M
Returned to shareholders: —
Change in cash: −CN¥36.7M

Cash from operations

−CN¥90.4M

Capital expenditures

−CN¥5.4M

Investments (net)

−CN¥33.0M

Net borrowing (repayment)

+CN¥17.3M

Other financing

−CN¥1.6M

Currency & other

+CN¥76.5M

Change in cash

−CN¥36.7M

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

DSC operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

DSC cash flow trends, 2022–2025

DSC Holdings Ltd. American Depositary Shares cash flow trends
Metric	Then	Latest	Change
Operating cash flow	−CN¥440.4M2022	−CN¥90.4M2025	—
Capital expenditures	CN¥15.7M2022	CN¥5.4M2025	−29.8%/yr
Free cash flow	−CN¥456.1M2022	−CN¥95.8M2025	—
Free cash flow margin	−80.7%2022	−14.2%2025	+66.6 pts
Stock-based compensation	CN¥02022	CN¥02024	—
Capex / revenue	2.8%2022	0.8%2025	−2.0 pts

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

DSC cash flow by activity

OperatingInvestingFinancingChange in cash

DSC 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).

DSC cash flow statement in Chinese yuan

DSC Holdings Ltd. American Depositary Shares annual cash flow statement
	2025	2024	2023	2022
Operating activities
Net income	−CN¥95.0M	−CN¥154.8M	−CN¥178.4M	−CN¥382.2M
Depreciation & amortization	CN¥26.1M	CN¥26.5M	CN¥34.5M	CN¥36.3M
Stock-based compensation	—	CN¥0	CN¥0	CN¥0
Change in working capital	−CN¥22.3M	−CN¥57.1M	−CN¥12.9M	−CN¥93.8M
Other non-cash items	CN¥896,000	−CN¥27.1M	−CN¥6.6M	−CN¥615,000
Cash from operating activities	−CN¥90.4M	−CN¥212.5M	−CN¥163.4M	−CN¥440.4M
Investing activities
Capital expenditures	−CN¥5.4M	−CN¥2.5M	−CN¥3.3M	−CN¥15.7M
Investments (net)	−CN¥33.0M	CN¥133.5M	−CN¥130.0M	−CN¥613,000
Financing activities
Net borrowing (repayment)	CN¥17.3M	CN¥59.1M	CN¥136.7M	CN¥455.4M
Shares issued	CN¥0	CN¥0	CN¥300.0M	CN¥0
Other financing	−CN¥1.6M	−CN¥7.4M	−CN¥8.6M	CN¥53.3M
Cash from financing activities	CN¥15.6M	CN¥51.7M	CN¥428.1M	CN¥508.8M
Summary
Net change in cash	−CN¥36.7M	−CN¥85.1M	CN¥133.7M	CN¥52.1M
Cash at end of period	CN¥180.0M	CN¥216.7M	CN¥301.8M	CN¥168.2M
Free cash flow	−CN¥95.8M	−CN¥215.0M	−CN¥166.7M	−CN¥456.1M
Free cash flow margin	−14.2%	−22.7%	−18.3%	−80.7%
Capex / revenue	0.8%	0.3%	0.4%	2.8%

DSC Holdings Ltd. American Depositary Shares quarterly cash flow statement
	Dec '24
Operating activities
Net income	−CN¥15.4M
Depreciation & amortization	CN¥6.9M
Change in working capital	−CN¥92.8M
Other non-cash items	−CN¥26.1M
Cash from operating activities	−CN¥127.4M
Investing activities
Capital expenditures	−CN¥1.2M
Investments (net)	CN¥3.2M
Financing activities
Net borrowing (repayment)	CN¥27.2M
Shares issued	CN¥0
Other financing	CN¥0
Cash from financing activities	CN¥27.2M
Summary
Net change in cash	−CN¥79.0M
Cash at end of period	CN¥216.7M
Free cash flow	−CN¥128.6M
Free cash flow margin	−69.5%
Capex / revenue	0.7%

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.

DSC cash generation

In fiscal 2025 (ended December 31, 2025), DSC Holdings Ltd. generated -CN¥90.4 million of cash from operations and spent CN¥5.4 million on capital expenditures, leaving free cash flow of -CN¥95.8 million, −14.2% of revenue. Cash and equivalents fell by CN¥36.7 million over the year.

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

DSC cash flow FAQ

What is DSC Holdings Ltd.'s free cash flow?

DSC Holdings Ltd.'s free cash flow was -CN¥95.8 million in fiscal 2025: -CN¥90.4 million of operating cash flow minus CN¥5.4 million of capital expenditures It was -CN¥215.0 million a year earlier..

How much cash does DSC Holdings Ltd. generate from operations?

DSC Holdings Ltd. generated -CN¥90.4 million of cash from operating activities in fiscal 2025.

How much does DSC Holdings Ltd. spend on capital expenditures?

DSC Holdings Ltd. spent CN¥5.4 million on capital expenditures in fiscal 2025, 0.8% of revenue, compared with CN¥2.5 million the year before.