Zensun Enterprises 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	-856.04	-2,182	-2,298	-2,946	399.47
Depreciation & Amortization	17.08	14.23	11.19	20.04	2.16
Asset Writedown & Restructuring Costs	-7.53	30.08	308.33	105.05	0.1
Loss (Gain) From Sale of Investments	-25.19	89.3	-40.32	207.04	-112.62
Provision & Write-off of Bad Debts	7.31	28.27	4.59	11.6	-
Other Operating Activities	1,109	2,109	2,209	2,635	-165.78
Change in Accounts Receivable	399.2	555.86	142.9	-376.65	-574.78
Change in Inventory	5,944	5,447	15,084	2,993	-382.11
Change in Accounts Payable	-2,083	789.68	-318.11	1,513	-959.59
Change in Unearned Revenue	-3,755	-6,892	-13,240	-148.85	6,657
Change in Other Net Operating Assets	169.64	642.24	181.76	1,312	616.95
Operating Cash Flow	918.82	630.76	2,045	5,325	5,481
Operating Cash Flow Growth	45.67%	-69.16%	-61.59%	-2.84%	197.37%
Capital Expenditures	-0.3	-0.01	-0.17	-4.81	-2.81
Sale (Purchase) of Real Estate	-	22.24	-	-	-
Other Investing Activities	0.62	2.55	8.1	7.49	34.96
Investing Cash Flow	0.32	24.78	7.93	2.68	32.15
Short-Term Debt Issued	97.91	524.01	1,364	1,658	1,842
Long-Term Debt Issued	35	350.42	1,507	1,749	5,241
Total Debt Issued	132.91	874.43	2,870	3,407	7,083
Short-Term Debt Repaid	-320.01	-141.52	-1,154	-3,558	-4,137
Long-Term Debt Repaid	-818.06	-1,504	-3,034	-5,859	-8,480
Total Debt Repaid	-1,138	-1,646	-4,187	-9,416	-12,616
Net Debt Issued (Repaid)	-1,005	-771.49	-1,317	-6,009	-5,533
Common Dividends Paid	-	-	-	-	-153.49
Other Financing Activities	-19.45	-95.1	-701.4	-671.06	-1,204
Financing Cash Flow	-1,025	-866.59	-2,019	-6,680	-6,891
Foreign Exchange Rate Adjustments	-1.56	0.3	5.47	1.43	-1.27
Net Cash Flow	-107.03	-210.75	40.1	-1,351	-1,380
Free Cash Flow	918.52	630.75	2,045	5,320	5,478
Free Cash Flow Growth	45.62%	-69.16%	-61.56%	-2.88%	197.96%
Free Cash Flow Margin	13.28%	6.61%	10.21%	55.09%	40.81%
Free Cash Flow Per Share	0.48	0.33	1.07	2.78	2.86
Cash Interest Paid	59.33	102.3	708	749.42	1,347
Cash Income Tax Paid	97.98	69.7	254.84	326.36	650.85
Levered Free Cash Flow	534.51	942.14	2,586	5,695	4,979
Unlevered Free Cash Flow	808.54	1,123	2,860	5,767	5,035
Change in Working Capital	674.28	542.09	1,851	5,292	5,357

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