YuanShengTai Dairy Farm 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	552.46	296.67	-339.7	22.84	156.99
Depreciation & Amortization	141.77	127.99	149.23	121.73	107.72
Loss (Gain) From Sale of Assets	0.66	-8.31	0.28	18.69	1.79
Asset Writedown & Restructuring Costs	542.3	614.5	840.07	389.6	237.74
Stock-Based Compensation	-	-	9.22	9.66	-
Other Operating Activities	-1.04	18.62	8.02	-12.14	1.64
Change in Accounts Receivable	19.01	47.51	-56.58	26.86	81.53
Change in Inventory	69.28	120.48	-6.92	-244.24	-219.31
Change in Accounts Payable	-121.91	-29.05	87.94	106.42	64.5
Change in Other Net Operating Assets	-160.16	-174.67	53.8	360.29	287.51
Operating Cash Flow	1,042	1,014	745.35	799.71	720.11
Operating Cash Flow Growth	2.82%	36.01%	-6.80%	11.05%	23.91%
Capital Expenditures	-838.95	-889.98	-1,135	-1,588	-997.15
Sale of Property, Plant & Equipment	185.13	152.98	205.5	161.45	158.79
Cash Acquisitions	-	-	-	-135.88	-68.84
Divestitures	-	39.4	-	-	-
Investment in Securities	2.17	-232.83	163.07	-232.33	137.02
Other Investing Activities	-78.04	103.05	-23.99	-	143.01
Investing Cash Flow	-729.69	-827.38	-790.07	-1,794	-627.16
Long-Term Debt Issued	640.23	254.08	652.65	836.53	-
Long-Term Debt Repaid	-942.01	-730.2	-194.82	-211.22	-11.17
Total Debt Repaid	-942.01	-730.2	-194.82	-211.22	-11.17
Net Debt Issued (Repaid)	-301.78	-476.12	457.84	625.31	-11.17
Other Financing Activities	-22.63	-39.93	-39.09	-13.75	-2.23
Financing Cash Flow	-324.41	-516.06	418.75	611.56	-13.4
Foreign Exchange Rate Adjustments	-11.13	8.21	8.74	-0.07	-12.7
Net Cash Flow	-22.87	-321.47	382.76	-383.1	66.85
Free Cash Flow	203.41	123.77	-389.31	-787.83	-277.04
Free Cash Flow Growth	64.34%	-	-	-	-
Free Cash Flow Margin	7.44%	4.85%	-17.63%	-37.69%	-15.59%
Free Cash Flow Per Share	0.04	0.03	-0.08	-0.17	-0.06
Cash Interest Paid	23.73	41.95	46.05	17.25	5.74
Cash Income Tax Paid	0.94	0.65	-	-	-
Levered Free Cash Flow	-324.1	-238.79	-698.97	-882.91	-468.69
Unlevered Free Cash Flow	-308.64	-213.65	-676.79	-876.54	-466.49
Change in Working Capital	-193.79	-35.72	78.23	249.33	214.23

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