LZ Technology Holdings Limited Class B (LZMH) Cash Flow Statement

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

Where LZMH’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
−CN¥41.2M
−982.2% vs 2024
Capital expenditures
CN¥580,000
0.1% of revenue
Free cash flow
−CN¥41.8M
−3.7% margin
Returned to shareholders
—
Change in cash
CN¥19.3M
cash at year-end CN¥23.5M
Borrowing: CN¥29.1MBorrowingCN¥29.1MShares issued: CN¥60.2MShares issuedCN¥60.2MCash used in operations: CN¥41.2MCash used in operationsCN¥41.2M · 46%Acquisitions & other: CN¥20.0MAcquisitions & otherCN¥20.0M · 22%Investments (net): CN¥5.0MInvestments (net)CN¥5.0M · 6%Other financing: CN¥2.9MOther financingCN¥2.9M · 3%Added to cash: CN¥19.3MAdded to cashCN¥19.3M · 22%Capital expenditures, Currency & other: CN¥970,000Other usesCN¥970,000 · 1%CN¥89.4M
Cash from operations
−CN¥41.2M
Capital expenditures
−CN¥580,000
Investments (net)
−CN¥5.0M
Acquisitions & other
−CN¥20.0M
Net borrowing (repayment)
+CN¥29.1M
Shares issued
+CN¥60.2M
Other financing
−CN¥2.9M
Currency & other
−CN¥390,000
Change in cash
CN¥19.3M

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

LZMH operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

LZMH cash flow trends, 2021–2025

MetricTrendThenLatestChange
Operating cash flow−CN¥45.5M2021−CN¥41.2M2025—
Capital expendituresCN¥27.4M2021CN¥580,0002025−61.8%/yr
Free cash flow−CN¥72.9M2021−CN¥41.8M2025—
Free cash flow margin−89.9%2021−3.7%2025+86.2 pts
Stock-based compensationCN¥02023CN¥111.1M2025—
Capex / revenue33.8%20210.1%2025−33.7 pts

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

LZMH cash flow by activity

OperatingInvestingFinancingChange in cash

LZMH 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).

LZMH cash flow statement in Chinese yuan

20252024202320222021
Operating activities
Net income−CN¥173.3MCN¥5.8M−CN¥6.4M−CN¥14.8M−CN¥48.5M
Depreciation & amortizationCN¥9.5MCN¥8.7MCN¥10.1MCN¥10.0MCN¥4.2M
Stock-based compensationCN¥111.1MCN¥0CN¥0——
Change in working capital−CN¥2.2M−CN¥9.6M−CN¥24.3MCN¥12.0M−CN¥1.9M
Other non-cash itemsCN¥13.6M−CN¥176,000CN¥3.7M−CN¥4.8MCN¥707,000
Cash from operating activities−CN¥41.2MCN¥4.7M−CN¥16.8MCN¥2.5M−CN¥45.5M
Investing activities
Capital expenditures−CN¥580,000−CN¥347,000−CN¥111,000−CN¥6.2M−CN¥27.4M
Investments (net)−CN¥5.0M−CN¥1.4M−CN¥23.2MCN¥13.6M−CN¥54.3M
Acquisitions & other investing−CN¥20.0MCN¥347,000CN¥111,000CN¥6.2MCN¥27.4M
Cash from investing activities−CN¥25.6M−CN¥1.4M−CN¥23.2MCN¥13.6M−CN¥54.3M
Financing activities
Net borrowing (repayment)CN¥29.1M−CN¥7.9M−CN¥281,000−CN¥34.8MCN¥92.2M
Shares issuedCN¥60.2MCN¥0CN¥47.7MCN¥21.3MCN¥9.7M
Other financing−CN¥2.9M−CN¥2.0M−CN¥3.5M−CN¥659,000−CN¥170,000
Cash from financing activitiesCN¥86.5M−CN¥9.9MCN¥43.9M−CN¥14.2MCN¥101.7M
Summary
Net change in cashCN¥19.3M−CN¥6.6MCN¥3.8MCN¥1.8MCN¥2.0M
Cash at end of periodCN¥23.5MCN¥4.2MCN¥10.8MCN¥7.0MCN¥5.1M
Free cash flow−CN¥41.8MCN¥4.3M−CN¥17.0M−CN¥3.7M−CN¥72.9M
Free cash flow margin−3.7%0.5%−3.0%−2.3%−89.9%
Capex / revenue0.1%0.0%0.0%3.8%33.8%
Operating cash flow / net income—0.81———

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.

LZMH cash generation

In fiscal 2025 (ended December 31, 2025), LZ Technology generated -CN¥41.2 million of cash from operations (down 982.2%) and spent CN¥0.6 million on capital expenditures, leaving free cash flow of -CN¥41.8 million, −3.7% of revenue. Cash and equivalents rose by CN¥19.3 million over the year.

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

LZMH cash flow FAQ

What is LZ Technology's free cash flow?

LZ Technology's free cash flow was -CN¥41.8 million in fiscal 2025: -CN¥41.2 million of operating cash flow minus CN¥0.6 million of capital expenditures It was CN¥4.3 million a year earlier..

How much cash does LZ Technology generate from operations?

LZ Technology generated -CN¥41.2 million of cash from operating activities in fiscal 2025.

How much does LZ Technology spend on capital expenditures?

LZ Technology spent CN¥0.6 million on capital expenditures in fiscal 2025, 0.1% of revenue, compared with CN¥0.3 million the year before.

Information Technology Services: cash flow