ZTE Corporation 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	5,618	8,425	9,326	8,080	6,813
Depreciation & Amortization	4,758	2,671	4,926	4,386	4,588
Other Amortization	-	2,297	-	-	-
Loss (Gain) From Sale of Assets	-5.03	-95.66	-20.6	-11.03	-231.74
Asset Writedown & Restructuring Costs	526.06	507.58	206.89	412.83	605.28
Loss (Gain) From Sale of Investments	-	127.01	487.07	906.2	-786.26
Stock-Based Compensation	-	-	165.56	472.61	871.5
Provision & Write-off of Bad Debts	-101.3	-116.56	15.83	235.01	294.52
Other Operating Activities	-279.21	1,307	3,451	1,901	565.76
Change in Accounts Receivable	-3,633	-3,449	-2,413	2,677	-2,578
Change in Inventory	-5,952	-720.29	3,285	-9,711	-3,446
Change in Accounts Payable	2,568	1,663	-1,197	-1,437	8,381
Change in Other Net Operating Assets	1,172	-900.78	-391.1	253.74	386.3
Operating Cash Flow	3,919	11,480	17,406	7,578	15,724
Operating Cash Flow Growth	-65.86%	-34.04%	129.70%	-51.81%	53.66%
Capital Expenditures	-3,893	-4,015	-4,005	-4,952	-5,686
Sale of Property, Plant & Equipment	77.23	535.44	104.49	24.17	220.62
Divestitures	-	-	38.49	89.82	1,195
Investment in Securities	-5,056	-27,286	-18,327	2,440	-6,788
Other Investing Activities	1,996	2,093	1,287	1,107	466.36
Investing Cash Flow	-6,876	-28,672	-20,901	-1,291	-10,592
Long-Term Debt Issued	72,831	190,218	274,693	148,943	66,860
Long-Term Debt Repaid	-67,358	-190,982	-264,158	-143,964	-62,001
Net Debt Issued (Repaid)	5,473	-764.56	10,535	4,979	4,859
Issuance of Common Stock	-	9.77	1,643	109.58	518.02
Common Dividends Paid	-4,368	-5,274	-4,313	-3,133	-2,306
Other Financing Activities	-575.21	210.15	-493.62	-501.09	-292.96
Financing Cash Flow	530.04	-5,818	7,372	1,455	2,779
Foreign Exchange Rate Adjustments	-116.58	24.2	65.5	260.02	-242.08
Net Cash Flow	-2,544	-22,987	3,941	8,001	7,668
Free Cash Flow	25.76	7,465	13,401	2,626	10,037
Free Cash Flow Growth	-99.66%	-44.29%	410.36%	-73.84%	166.88%
Free Cash Flow Margin	0.02%	6.15%	10.79%	2.14%	8.76%
Free Cash Flow Per Share	0.01	1.56	2.81	0.55	2.16
Cash Income Tax Paid	-	2,727	3,297	1,483	2,106
Levered Free Cash Flow	1,480	3,038	7,165	-1,402	4,991
Unlevered Free Cash Flow	3,820	5,192	9,129	-185.29	5,916
Change in Working Capital	-6,597	-3,644	-1,152	-8,804	3,002

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