Tongcheng Travel 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	2,371	1,974	1,554	-146.01	723.4
Depreciation & Amortization	1,299	1,061	858.31	789.81	621.03
Other Amortization	-	21.97	52.45	50.38	48.81
Loss (Gain) From Sale of Assets	-	-0.14	2.59	0.09	-0.28
Loss (Gain) From Sale of Investments	-152.2	-44.79	49.98	-74.08	-33.16
Loss (Gain) on Equity Investments	-	-10.6	33.4	14.13	32.87
Stock-Based Compensation	247.5	408.33	348.14	441.09	330.03
Other Operating Activities	624.37	248.18	193.9	227.46	-86.74
Change in Accounts Receivable	-345.5	-477.22	-47.29	-190.66	153.2
Change in Inventory	-	-4.95	1.63	-	-
Change in Accounts Payable	108.7	306.84	1,178	315.39	190.48
Change in Unearned Revenue	-43.2	-	-	-	-
Change in Other Net Operating Assets	200.8	-512.73	-221.33	-1,125	-141.96
Operating Cash Flow	4,311	2,970	4,003	302.32	1,838
Operating Cash Flow Growth	45.16%	-25.82%	1224.26%	-83.55%	1256.02%
Capital Expenditures	-529.65	-403.16	-771.68	-515.31	-310.02
Sale of Property, Plant & Equipment	-	18.47	3.84	0.13	7.11
Cash Acquisitions	-	-647.2	-1,246	-343.08	-96.26
Divestitures	-	-12.19	-	-	-
Sale (Purchase) of Intangibles	-627.61	-12.17	-22.05	-17.71	-0.35
Investment in Securities	-4,008	210.86	515.41	483.99	-1,218
Other Investing Activities	466.99	11.14	-241.86	-5.05	54.68
Investing Cash Flow	-4,698	-834.26	-1,762	-397.03	-1,563
Long-Term Debt Issued	-	2,500	720	1,993	-
Short-Term Debt Repaid	-	-	-20.44	-	-
Long-Term Debt Repaid	-994.8	-1,206	-834.56	-100.73	-104.05
Total Debt Repaid	-994.8	-1,206	-855	-100.73	-104.05
Net Debt Issued (Repaid)	-994.8	1,294	-135	1,892	-104.05
Issuance of Common Stock	281.8	285.23	56.72	100.37	204
Common Dividends Paid	-379.1	-311.66	-	-	-
Other Financing Activities	6.78	-589.04	-513.95	-457.32	-120.38
Financing Cash Flow	-1,085	678.8	-592.23	1,535	-20.42
Foreign Exchange Rate Adjustments	-41.55	13.15	-3.59	60.61	-13.57
Net Cash Flow	-1,514	2,828	1,645	1,501	241.12
Free Cash Flow	3,781	2,567	3,232	-212.99	1,528
Free Cash Flow Growth	47.32%	-20.58%	-	-	-
Free Cash Flow Margin	19.50%	14.80%	27.17%	-3.23%	20.27%
Free Cash Flow Per Share	1.62	1.12	1.41	-0.10	0.68
Cash Income Tax Paid	628.9	435.05	192.47	49.96	184.13
Levered Free Cash Flow	2,310	1,739	3,154	-25.39	1,732
Unlevered Free Cash Flow	2,525	1,856	3,243	47.63	1,743
Change in Working Capital	-79.2	-688.07	910.55	-1,001	201.72

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