Cash flow analysis is very important in capital investment decisions, and investment experts will pay special attention to cash flows when determining whether the company is healthy. We often see that many companies have not made profits for a long time, but the market has given them a high valuation. For example, Amazon in the United States has been operating in a negative profit for a long time since its listing in 1997, but its stock price has been rising. There are also unicorn companies such as Didi, which we are familiar with. Although being not profitable, they are highly valued by the market.

Question: What do you think is the reason? How should we analyze the cash flows of a company? Is it possible for the cash flows to be manipulated by the company? Could you name some possible ways companies manipulate cash flows?