Lufax Holding Ltd (LU) Cash Flow Statement
Where LU’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥12.79B +603.9% vs 2024
- Capital expenditures
- CN¥35.7M 0.1% of revenue
- Free cash flow
- CN¥12.75B 45.3% margin
- Returned to shareholders
- CN¥5.13B 40% of free cash flow
- Change in cash
- −CN¥1.04B cash at year-end CN¥41.15B
Cash from operations
CN¥12.79B
Investments (net)
−CN¥17.63B
Acquisitions & other
+CN¥477.8M
Dividends
−CN¥5.13B
Net borrowing (repayment)
+CN¥3.85B
Other financing
+CN¥5.03B
Currency & other
−CN¥415.9M
Change in cash
−CN¥1.04B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LU operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
LU cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥2.67B2017 | CN¥12.79B2025 | +21.6%/yr | |
| Capital expenditures | CN¥469.2M2017 | CN¥35.7M2025 | −27.5%/yr | |
| Free cash flow | CN¥2.21B2017 | CN¥12.75B2025 | +24.5%/yr | |
| Free cash flow margin | 6.8%2017 | 45.3%2025 | +38.5 pts | |
| Operating cash flow / net income | 0.322017 | 16.952023 | +16.63 | |
| Stock-based compensation | CN¥209.3M2017 | −CN¥18.1M2025 | — | |
| Dividends paid | CN¥02017 | CN¥5.13B2025 | — | |
| Share buybacks (net) | CN¥02017 | CN¥02024 | — | |
| Capex / revenue | 1.5%2017 | 0.1%2025 | −1.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LU cash flow by activity
OperatingInvestingFinancingChange in cash
LU 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).
LU cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −CN¥2.04B | −CN¥3.87B | CN¥886.9M | CN¥13.01B | CN¥23.40B | CN¥17.91B | CN¥19.43B | CN¥18.65B | CN¥8.36B |
| Depreciation & amortization | CN¥266.1M | CN¥427.9M | CN¥606.1M | CN¥771.1M | CN¥824.6M | CN¥862.7M | CN¥817.3M | CN¥951.5M | CN¥869.7M |
| Stock-based compensation | −CN¥18.1M | −CN¥18.1M | −CN¥36.1M | CN¥45.9M | CN¥133.4M | CN¥165.2M | −CN¥55.4M | CN¥128.2M | CN¥209.3M |
| Change in working capital | CN¥4.45B | CN¥4.16B | CN¥9.20B | −CN¥13.64B | −CN¥18.65B | −CN¥12.73B | −CN¥17.26B | −CN¥18.70B | −CN¥8.80B |
| Other non-cash items | CN¥10.13B | CN¥1.12B | CN¥4.38B | CN¥4.26B | −CN¥718.5M | CN¥914.0M | −CN¥743.3M | −CN¥2.48B | CN¥2.03B |
| Cash from operating activities | CN¥12.79B | CN¥1.82B | CN¥15.03B | CN¥4.46B | CN¥4.99B | CN¥7.12B | CN¥2.19B | −CN¥1.45B | CN¥2.67B |
| Investing activities | |||||||||
| Capital expenditures | −CN¥35.7M | −CN¥72.6M | −CN¥48.3M | −CN¥122.8M | −CN¥153.1M | −CN¥206.5M | −CN¥181.7M | −CN¥269.9M | −CN¥469.2M |
| Investments (net) | −CN¥17.63B | CN¥2.58B | −CN¥5.94B | CN¥8.45B | CN¥313.8M | −CN¥15.00B | −CN¥11.01B | CN¥3.49B | −CN¥1.63B |
| Acquisitions & other investing | CN¥477.8M | CN¥164.2M | CN¥48.3M | CN¥122.8M | CN¥153.1M | CN¥206.5M | CN¥181.7M | CN¥269.9M | CN¥469.2M |
| Cash from investing activities | −CN¥17.19B | CN¥2.67B | −CN¥5.94B | CN¥8.45B | CN¥313.8M | −CN¥15.00B | −CN¥11.01B | CN¥3.49B | −CN¥1.63B |
| Financing activities | |||||||||
| Dividends paid | −CN¥5.13B | −CN¥5.13B | −CN¥1.44B | −CN¥7.72B | −CN¥6.44B | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | — | CN¥2.2M | CN¥252,000 | CN¥111.8M | −CN¥6.44B | CN¥18.91B | CN¥677.8M | CN¥9.23B | CN¥351.2M |
| Net borrowing (repayment) | CN¥3.85B | −CN¥5.53B | −CN¥18.26B | −CN¥1.10B | CN¥4.80B | CN¥7.12B | −CN¥2.79B | −CN¥10.31B | CN¥6.44B |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥15.9M | CN¥22.3M | CN¥18.91B | CN¥677.8M | CN¥9.23B | CN¥0 |
| Other financing | CN¥5.03B | −CN¥626.0M | −CN¥855.9M | −CN¥1.23B | CN¥5.61B | −CN¥20.06B | −CN¥1.18B | −CN¥10.15B | −CN¥285.0M |
| Cash from financing activities | CN¥3.74B | −CN¥11.28B | −CN¥20.55B | −CN¥9.92B | −CN¥2.45B | CN¥24.87B | −CN¥2.61B | −CN¥2.01B | CN¥6.51B |
| Summary | |||||||||
| Net change in cash | −CN¥1.04B | −CN¥6.78B | −CN¥11.06B | CN¥3.04B | CN¥2.71B | CN¥16.47B | −CN¥11.26B | −CN¥52.1M | CN¥7.50B |
| Cash at end of period | CN¥41.15B | CN¥11.80B | CN¥18.48B | CN¥29.54B | CN¥26.50B | CN¥23.79B | CN¥7.31B | CN¥18.58B | CN¥18.63B |
| Free cash flow | CN¥12.75B | CN¥1.74B | CN¥14.98B | CN¥4.33B | CN¥4.83B | CN¥6.91B | CN¥2.01B | −CN¥1.72B | CN¥2.21B |
| Free cash flow margin | 45.3% | 7.1% | 35.9% | 6.3% | 7.4% | 13.6% | 4.6% | −4.2% | 6.8% |
| Capex / revenue | 0.1% | 0.3% | 0.1% | 0.2% | 0.2% | 0.4% | 0.4% | 0.7% | 1.5% |
| Operating cash flow / net income | — | — | 16.95 | 0.34 | 0.21 | 0.40 | 0.11 | −0.08 | 0.32 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | −CN¥447.9M | −CN¥447.9M | −CN¥1.33B | −CN¥665.2M | −CN¥711.5M | −CN¥383.6M | −CN¥874.8M | −CN¥792.1M | −CN¥870.5M | −CN¥844.2M | CN¥93.8M |
| Depreciation & amortization | CN¥12.5M | CN¥12.5M | CN¥427.9M | CN¥136.8M | — | — | — | CN¥46.3M | CN¥45.3M | CN¥595.1M | CN¥595.1M |
| Stock-based compensation | — | −CN¥36.20B | −CN¥18.1M | CN¥187,000 | — | — | — | — | −CN¥36.1M | −CN¥36.1M | −CN¥36.1M |
| Change in working capital | — | CN¥6.03T | CN¥17.86B | CN¥1.74B | — | — | CN¥4.00B | CN¥5.14B | CN¥105.94B | CN¥105.94B | CN¥105.94B |
| Other non-cash items | CN¥147.5M | −CN¥6.00T | −CN¥19.12B | CN¥2.32B | CN¥3.93B | CN¥3.09B | −CN¥2.63B | −CN¥1.40B | −CN¥104.58B | −CN¥100.97B | −CN¥101.54B |
| Cash from operating activities | −CN¥287.9M | −CN¥287.9M | −CN¥2.19B | CN¥3.53B | CN¥3.22B | CN¥2.70B | CN¥503.7M | CN¥3.00B | CN¥502.5M | CN¥4.69B | CN¥5.06B |
| Investing activities | |||||||||||
| Capital expenditures | −CN¥8.7M | −CN¥8.7M | −CN¥72.6M | −CN¥11.5M | CN¥0 | −CN¥6.9M | CN¥0 | −CN¥21.4M | −CN¥48.3M | −CN¥48.3M | −CN¥48.3M |
| Investments (net) | — | — | — | — | — | — | −CN¥1.87B | −CN¥225.0M | CN¥2.75B | −CN¥4.06B | −CN¥3.71B |
| Acquisitions & other investing | CN¥761.1M | CN¥761.1M | CN¥2.09B | −CN¥6.82B | — | −CN¥1.40B | CN¥0 | CN¥21.4M | CN¥48.3M | CN¥48.3M | CN¥48.3M |
| Cash from investing activities | CN¥752.5M | CN¥752.5M | CN¥2.02B | −CN¥6.83B | — | −CN¥1.41B | −CN¥1.87B | −CN¥225.0M | CN¥2.75B | −CN¥4.06B | −CN¥3.71B |
| Financing activities | |||||||||||
| Dividends paid | −CN¥25.6M | −CN¥25.6M | −CN¥5.13B | — | — | — | — | CN¥0 | −CN¥1.44B | −CN¥1.44B | −CN¥1.44B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | CN¥2.0M | — | CN¥252,000 | — |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥953.9M | −CN¥953.9M | CN¥7.01B | CN¥2.24B | — | −CN¥579.6M | −CN¥8.97B | −CN¥4.69B | CN¥1.93B | CN¥555.3M | −CN¥6.62B |
| Cash from financing activities | −CN¥979.5M | −CN¥979.5M | CN¥1.88B | CN¥2.24B | — | −CN¥579.6M | −CN¥8.97B | −CN¥4.69B | CN¥499.2M | −CN¥879.9M | −CN¥8.05B |
| Summary | |||||||||||
| Net change in cash | CN¥117.0M | −CN¥11.02T | CN¥1.83B | — | −CN¥528.1M | −CN¥11.80B | −CN¥10.43B | −CN¥1.84B | CN¥3.76B | −CN¥348.6M | −CN¥6.63B |
| Cash at end of period | CN¥10.01B | CN¥18.58T | CN¥11.80B | CN¥29.59T | CN¥13.22B | — | CN¥9.96B | CN¥20.40B | CN¥22.24B | CN¥18.48B | CN¥18.83B |
| Free cash flow | −CN¥296.6M | −CN¥296.6M | −CN¥2.26B | CN¥3.52B | CN¥3.22B | CN¥2.70B | CN¥503.7M | CN¥2.98B | CN¥502.5M | CN¥4.64B | CN¥5.06B |
| Free cash flow margin | −4.7% | −4.7% | −22.9% | 44.3% | 51.0% | 38.3% | 11.3% | 49.8% | 7.2% | 81.6% | 76.9% |
| Capex / revenue | 0.1% | 0.1% | 0.7% | 0.1% | 0.0% | 0.1% | 0.0% | 0.4% | 0.7% | 0.8% | 0.7% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | — | 53.93 |
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.
LU cash generation
In fiscal 2025 (ended December 31, 2025), Lufax generated CN¥12.8 billion of cash from operations (up 603.9%) and spent CN¥35.7 million on capital expenditures, leaving free cash flow of CN¥12.8 billion, 45.3% of revenue. It returned CN¥5.1 billion to shareholders through dividends (CN¥5.1 billion) and net share buybacks (CN¥0). Cash and equivalents fell by CN¥1.0 billion over the year.
Related: LU income statement, LU balance sheet. See the LU stock overview for the latest quote and news.
LU cash flow FAQ
What is Lufax's free cash flow?
Lufax's free cash flow was CN¥12.8 billion in fiscal 2025: CN¥12.8 billion of operating cash flow minus CN¥35.7 million of capital expenditures It was CN¥1.7 billion a year earlier..
How much cash does Lufax generate from operations?
Lufax generated CN¥12.8 billion of cash from operating activities in fiscal 2025.
How much does Lufax spend on capital expenditures?
Lufax spent CN¥35.7 million on capital expenditures in fiscal 2025, 0.1% of revenue, compared with CN¥72.6 million the year before.
How much does Lufax pay in dividends?
Lufax paid CN¥5.1 billion in dividends in fiscal 2025, 40.2% of free cash flow.