FRA:BJ3 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-4,073	-2,827	68.06	-1,576	212.98	270.97
Depreciation & Amortization	477.92	477.92	190.06	468.95	150.81	149.11
Other Amortization	23.28	23.28	19.17	18.82	16.71	6.16
Gain (Loss) on Sale of Assets	-0.16	-0.16	-0.21	0.03	0.62	1.51
Gain (Loss) on Sale of Investments	-190.52	-190.52	-86.98	-15.95	-248.75	-237.25
Asset Writedown	61.99	61.99	132.71	137.91	219.56	4.14
Change in Accounts Receivable	-34	-34	716.59	-85.7	404.59	1,120
Change in Other Net Operating Assets	-1,871	-1,871	-9,755	-2,105	-5,660	-6,210
Other Operating Activities	4,514	2,678	1,412	1,455	1,254	1,661
Operating Cash Flow	1,564	973.64	1,387	4,004	6,940	251.51
Operating Cash Flow Growth	-	-29.82%	-65.35%	-42.31%	2659.45%	108.04%
Acquisition of Real Estate Assets	-98.83	-141.33	-205.09	-249.31	-989.91	-330.04
Sale of Real Estate Assets	1.23	1.76	1.59	2.53	0.7	0.76
Net Sale / Acq. of Real Estate Assets	-97.61	-139.57	-203.51	-246.78	-989.21	-329.28
Investment in Marketable & Equity Securities	-49.98	-0.25	-3.19	135.35	-1,327	744.92
Other Investing Activities	-12.6	109.84	251.85	-132.04	227.2	10.45
Investing Cash Flow	-155.4	-29.59	55.04	-225.98	-2,080	409.12
Short-Term Debt Issued	-	1,561	2,633	2,100	-	-
Long-Term Debt Issued	-	3,470	3,092	5,723	17,186	6,984
Total Debt Issued	5,932	5,031	5,725	7,823	17,186	6,984
Short-Term Debt Repaid	-	-104.81	-	-	-	-
Long-Term Debt Repaid	-	-3,625	-7,335	-10,664	-13,448	-7,729
Total Debt Repaid	-5,561	-3,729	-7,335	-10,664	-13,448	-7,729
Net Debt Issued (Repaid)	371.21	1,302	-1,610	-2,841	3,738	-745.27
Repurchase of Common Stock	-	-	-	-1,000	-1,620	-
Common Dividends Paid	-1,046	-1,278	-1,346	-1,791	-2,127	-2,833
Other Financing Activities	-1,985	-2,690	1,631	-2,718	-2,722	1,972
Net Cash Flow	-1,250	-1,722	117.33	-4,573	2,129	-945.2
Cash Income Tax Paid	1,390	963.27	1,439	1,499	2,197	2,052
Levered Free Cash Flow	9,591	-287.18	2,994	770.8	5,051	114.43
Unlevered Free Cash Flow	10,326	350.68	3,561	1,336	5,482	406.14
Change in Working Capital	596.3	596.3	-477.96	3,355	5,303	-1,602

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.