9F Inc. (JFU) Cash Flow Statement

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

Where JFU’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
CN¥196.2M
+321.9% vs 2024
Capital expenditures
CN¥2.6M
0.6% of revenue
Free cash flow
CN¥193.6M
42.1% margin
Returned to shareholders
—
Change in cash
CN¥134.0M
cash at year-end CN¥750.6M
Cash from operations: CN¥196.2MCash from operationsCN¥196.2MAcquisitions & other: CN¥10.5MAcquisitions & otherCN¥10.5MOther financing: CN¥5.4MOther financingCN¥5.4MInvestments (net): CN¥74.3MInvestments (net)CN¥74.3M · 35%Added to cash: CN¥134.0MAdded to cashCN¥134.0M · 63%Capital expenditures, Currency & other: CN¥3.8MOther usesCN¥3.8M · 2%CN¥212.1M
Cash from operations
CN¥196.2M
Capital expenditures
−CN¥2.6M
Investments (net)
−CN¥74.3M
Acquisitions & other
+CN¥10.5M
Other financing
+CN¥5.4M
Currency & other
−CN¥1.2M
Change in cash
CN¥134.0M

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

JFU operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

JFU cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flowCN¥414.0M2016CN¥196.2M2025−8.0%/yr
Capital expendituresCN¥20.1M2016CN¥2.6M2025−20.4%/yr
Free cash flowCN¥393.9M2016CN¥193.6M2025−7.6%/yr
Free cash flow margin17.4%201642.1%2025+24.7 pts
Operating cash flow / net income2.6520161.202025−1.45
Stock-based compensationCN¥110.4M2016−CN¥959,0002025—
Dividends paidCN¥02016CN¥02018—
Share buybacks (net)CN¥02016CN¥02018—
Capex / revenue0.9%20160.6%2025−0.3 pts

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

JFU cash flow by activity

OperatingInvestingFinancingChange in cash

JFU 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).

JFU cash flow statement in Chinese yuan

2025202420232022202120202019201820172016
Operating activities
Net incomeCN¥163.6MCN¥50.0M−CN¥140.3M−CN¥594.7M−CN¥234.9M−CN¥2.26B−CN¥2.16BCN¥1.98BCN¥597.7MCN¥156.0M
Depreciation & amortizationCN¥22.0MCN¥22.3MCN¥17.6MCN¥21.0MCN¥31.5MCN¥24.2MCN¥37.5MCN¥18.8MCN¥11.9MCN¥9.4M
Stock-based compensation−CN¥959,000−CN¥959,000−CN¥72.1MCN¥5.5MCN¥52.3MCN¥290.6MCN¥353.2MCN¥508.2MCN¥2.18BCN¥110.4M
Change in working capitalCN¥34.3MCN¥1.0MCN¥29.8MCN¥13.3M−CN¥296.2M−CN¥466.6M−CN¥1.09B−CN¥59.7M−CN¥395.8M−CN¥159.1M
Other non-cash items−CN¥22.8M−CN¥25.9MCN¥227.6MCN¥618.3MCN¥217.5MCN¥666.1MCN¥2.43B−CN¥103.1MCN¥471.3MCN¥297.3M
Cash from operating activitiesCN¥196.2MCN¥46.5MCN¥62.5MCN¥63.3M−CN¥229.7M−CN¥1.74B−CN¥429.0MCN¥2.35BCN¥2.87BCN¥414.0M
Investing activities
Capital expenditures−CN¥2.6M−CN¥1.1M−CN¥5.7M−CN¥44.8M−CN¥7.7M−CN¥7.7M−CN¥56.7M−CN¥48.6M−CN¥47.7M−CN¥20.1M
Investments (net)−CN¥74.3M−CN¥1.30B−CN¥949.0M−CN¥277.8M−CN¥284.1M−CN¥538.2M−CN¥707.6M−CN¥1.24B−CN¥1.01B−CN¥222.9M
Acquisitions & other investingCN¥10.5M—CN¥5.7MCN¥44.8M−CN¥29.7MCN¥585.4MCN¥56.7MCN¥48.6MCN¥47.7MCN¥20.1M
Cash from investing activities−CN¥66.4M—−CN¥949.0M−CN¥277.8M−CN¥321.5MCN¥39.5M−CN¥707.6M−CN¥1.24B−CN¥1.01B−CN¥222.9M
Financing activities
Dividends paid———————CN¥0CN¥0CN¥0
Share repurchases & issuance (net)———————CN¥544.8MCN¥561.6MCN¥0
Net borrowing (repayment)———————CN¥0CN¥0CN¥0
Shares issuedCN¥0CN¥0CN¥0CN¥0CN¥199.2MCN¥0CN¥463.1MCN¥544.8MCN¥0CN¥0
Other financingCN¥5.4MCN¥0CN¥0CN¥0CN¥433,000CN¥12.9MCN¥8.9M−CN¥543.7MCN¥1.7MCN¥701,000
Cash from financing activitiesCN¥5.4MCN¥0CN¥0CN¥0CN¥199.6MCN¥12.9MCN¥472.0MCN¥545.9MCN¥563.4MCN¥701,000
Summary
Net change in cashCN¥134.0M−CN¥1.18B−CN¥812.0M−CN¥107.3M−CN¥378.1M−CN¥1.69B−CN¥659.6MCN¥1.69BCN¥2.39BCN¥1.38B
Cash at end of periodCN¥750.6MCN¥643.6MCN¥1.82BCN¥2.63BCN¥2.74BCN¥3.12BCN¥4.81BCN¥5.47BCN¥3.78BCN¥1.38B
Free cash flowCN¥193.6MCN¥45.4MCN¥56.8MCN¥18.5M−CN¥237.5M−CN¥1.74B−CN¥485.7MCN¥2.30BCN¥2.82BCN¥393.9M
Free cash flow margin42.1%14.6%13.8%3.3%−31.2%−138.9%−11.0%41.3%41.8%17.4%
Capex / revenue0.6%0.4%1.4%8.0%1.0%0.6%1.3%0.9%0.7%0.9%
Operating cash flow / net income1.200.93—————1.184.792.65

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.

JFU cash generation

In fiscal 2025 (ended December 31, 2025), 9F generated CN¥196.2 million of cash from operations (up 321.9%) and spent CN¥2.6 million on capital expenditures, leaving free cash flow of CN¥193.6 million, 42.1% of revenue. Cash and equivalents rose by CN¥134.0 million over the year.

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

JFU cash flow FAQ

What is 9F's free cash flow?

9F's free cash flow was CN¥193.6 million in fiscal 2025: CN¥196.2 million of operating cash flow minus CN¥2.6 million of capital expenditures It was CN¥45.4 million a year earlier..

How much cash does 9F generate from operations?

9F generated CN¥196.2 million of cash from operating activities in fiscal 2025, 1.20 times its net income of CN¥163.6 million.

How much does 9F spend on capital expenditures?

9F spent CN¥2.6 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with CN¥1.1 million the year before.

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