Xingfa Aluminium Holdings Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	632.22	826.03	804.17	457.77	887.8
Depreciation & Amortization	658.98	579.87	470.72	510.88	384.08
Loss (Gain) From Sale of Assets	-0.21	0.37	14.88	-6.54	0.32
Loss (Gain) From Sale of Investments	-	-12.96	-	-	-3.68
Loss (Gain) on Equity Investments	1.43	-	1.92	5.02	0.58
Stock-Based Compensation	-	-	-	-1.69	0.63
Provision & Write-off of Bad Debts	-57.22	67.65	293.14	552.95	79.68
Other Operating Activities	-32.91	-16.02	102.74	-1.46	62.41
Change in Accounts Receivable	198.19	-1,175	234.01	-833.13	-1,224
Change in Inventory	-338.37	-295.13	68.78	163.84	-356.81
Change in Accounts Payable	-268.69	1,522	-584.1	-306.73	1,461
Change in Unearned Revenue	151.03	-33.41	3.9	161.72	41.78
Change in Other Net Operating Assets	35.95	-48.6	56.46	88.14	-0.25
Operating Cash Flow	980.4	1,415	1,467	790.77	1,333
Operating Cash Flow Growth	-30.74%	-3.48%	85.47%	-40.69%	36.97%
Capital Expenditures	-670.63	-955.83	-980.92	-975.1	-686.83
Sale of Property, Plant & Equipment	-	4.8	4.83	20.31	2.82
Divestitures	-31.78	-	-	-	-0.85
Investment in Securities	-1,089	26.19	-27.52	-	-1.18
Other Investing Activities	-11.48	40.19	166.91	64.4	81.24
Investing Cash Flow	-1,803	-884.65	-836.7	-890.39	-604.82
Long-Term Debt Issued	2,338	1,994	2,771	3,528	3,268
Long-Term Debt Repaid	-2,243	-2,267	-2,125	-2,782	-2,648
Net Debt Issued (Repaid)	95.59	-273.87	646.19	745.66	619.46
Issuance of Common Stock	-	-	-	5.84	6.08
Common Dividends Paid	-245.51	-245.63	-141.05	-285.42	-123.63
Other Financing Activities	-103.31	-128.38	-146.46	-139.57	-93.14
Financing Cash Flow	-253.24	-647.88	358.69	326.51	408.78
Foreign Exchange Rate Adjustments	-2.36	2.68	2.05	-20.25	-3.76
Net Cash Flow	-1,078	-114.36	990.64	206.64	1,133
Free Cash Flow	309.77	459.66	485.69	-184.33	646.46
Free Cash Flow Growth	-32.61%	-5.36%	-	-	20.95%
Free Cash Flow Margin	1.50%	2.44%	2.80%	-1.09%	4.19%
Free Cash Flow Per Share	0.74	1.09	1.16	-0.44	1.54
Cash Interest Paid	107.01	128.38	146.46	139.57	93.14
Cash Income Tax Paid	139.99	193.37	131.55	138.51	123.55
Levered Free Cash Flow	-44.32	-12.92	252.81	-405.13	396.75
Unlevered Free Cash Flow	20.43	52.43	339.1	-318.34	459.91
Change in Working Capital	-221.88	-29.45	-220.96	-726.17	-78.51

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.