vintages

2023

2024

2025

2026

2027

I. Operating revenues/RMB 100 Million

262.46

324.49

401.16

495.95

613.14

Less: Operating costs/RMB 100 Million

36.12

44.65

55.2

68.24

84.37

Business taxes and surcharges/RMB 100 Million

2.57

3.18

3.93

4.86

6.01

sales expense/RMB 100 Million

94.38

116.69

144.26

178.34

220.49

overhead/RMB 100 Million

27.24

33.68

41.64

51.48

63.64

II. Earnings before interest and taxes/RMB 100 Million

102.15

126.29

156.13

193.02

238.64

Less: Income tax/RMB 100 Million

15.32

18.94

23.42

28.95

35.8

Net operating profit after tax/RMB 100 Million

86.83

107.35

132.71

164.07

202.84

Add: Depreciation and amortization/RMB 100 Million

5.72

7.07

8.75

10.81

13.37

Less: net increase in working capital/RMB 100 Million

11.99

14.83

18.33

22.66

28.02

capital expenditure/RMB 100 Million

12.1

14.96

18.49

22.86

28.27

Enterprise free cash flow

68.46

84.63

104.63

129.35

159.92