China Qinfa Group 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	-93.86	501.94	200.35	456.54	2,794
Depreciation & Amortization	485.53	990.47	935.15	963.04	-997.33
Loss (Gain) From Sale of Assets	0	-5.07	0.05	0.21	-27.12
Asset Writedown & Restructuring Costs	-	14.93	32.71	-	-559.25
Loss (Gain) From Sale of Investments	-13.08	-9.81	-	-0.44	-
Provision & Write-off of Bad Debts	-	-	-	-	-12.31
Other Operating Activities	149.15	-1,231	-84.38	-37.34	983.48
Change in Accounts Receivable	-256.27	-12.49	118.17	2.29	260.03
Change in Inventory	-23.2	-239.72	253.26	-224.83	-157.8
Change in Accounts Payable	86.89	-70.73	3.98	74.62	-349.87
Change in Unearned Revenue	-	3.55	18.29	-	-
Change in Other Net Operating Assets	469.67	53.87	-17.28	-249.67	-45.52
Operating Cash Flow	518.03	466.93	1,460	984.43	1,888
Operating Cash Flow Growth	10.94%	-68.03%	48.34%	-47.85%	258.17%
Capital Expenditures	-1,551	-851.46	-1,081	-731.11	-136.71
Sale of Property, Plant & Equipment	0.03	8.28	0.33	0.3	156.36
Cash Acquisitions	-117.3	-	-	-	-23.64
Divestitures	-21.07	-	-	-	-
Investment in Securities	-8.43	-	-	20.55	-20.11
Other Investing Activities	97.92	231.02	-761.67	-125.38	5.34
Investing Cash Flow	-1,600	-612.16	-1,843	-835.63	-18.77
Long-Term Debt Issued	1,883	531.1	1,132	641.87	653.8
Long-Term Debt Repaid	-1,232	-2,648	-1,344	-949.69	-1,644
Net Debt Issued (Repaid)	651.3	-2,117	-212.07	-307.81	-989.73
Issuance of Common Stock	0.45	15.65	-	-	-
Other Financing Activities	-47.94	2,925	-	-	-
Financing Cash Flow	603.81	823.72	-212.07	-307.81	-989.73
Foreign Exchange Rate Adjustments	-55.97	44.32	41.3	-15.43	-3.84
Net Cash Flow	-534.21	722.81	-553.27	-174.44	875.54
Free Cash Flow	-1,033	-384.53	378.85	253.32	1,751
Free Cash Flow Growth	-	-	49.55%	-85.53%	332.79%
Free Cash Flow Margin	-56.18%	-34.02%	10.98%	6.68%	38.41%
Free Cash Flow Per Share	-0.41	-0.15	0.14	0.10	0.67
Cash Interest Paid	94.22	221.49	118.37	155.91	127.75
Cash Income Tax Paid	53.49	232.73	303.99	405.92	175.01
Levered Free Cash Flow	-3,634	835.51	284.8	-56.01	717.87
Unlevered Free Cash Flow	-3,574	870.47	326.28	13.64	814.47
Change in Working Capital	277.08	-265.52	376.42	-397.58	-293.16

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