Shenzhen HQVT Technology 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	29.35	40.41	-18.41
Depreciation & Amortization	11.72	12.8	13.02
Other Amortization	9.95	4.45	1.6
Loss (Gain) From Sale of Assets	2.99	0.03	-0.05
Loss (Gain) From Sale of Investments	6.48	5.41	1.63
Stock-Based Compensation	8.47	2.53	0.24
Other Operating Activities	7.95	6.24	2.87
Change in Accounts Receivable	-172.62	-152.29	29.75
Change in Inventory	-55.51	20.07	-15.83
Change in Accounts Payable	21.3	53.85	54.76
Operating Cash Flow	-129.92	-6.49	69.57
Capital Expenditures	-77.75	-33.99	-22.76
Sale of Property, Plant & Equipment	0.01	-	-
Investment in Securities	-32.73	11.31	56.85
Investing Cash Flow	-110.48	-22.68	34.08
Long-Term Debt Issued	297.04	29.5	-
Long-Term Debt Repaid	-132.75	-9.72	-150.96
Net Debt Issued (Repaid)	164.29	19.78	-150.96
Issuance of Common Stock	90	30	-
Other Financing Activities	-5.04	-1.02	-1.8
Financing Cash Flow	249.24	48.76	-152.76
Net Cash Flow	8.85	19.59	-49.1
Free Cash Flow	-207.67	-40.48	46.81
Free Cash Flow Margin	-31.06%	-7.75%	39.98%
Free Cash Flow Per Share	-24.70	-5.09	5.92
Cash Interest Paid	3.31	1.02	1.8
Cash Income Tax Paid	0.76	0.03	-
Levered Free Cash Flow	-231.3	-60.45	-
Unlevered Free Cash Flow	-229.07	-59.89	-
Change in Working Capital	-206.83	-78.36	68.68