Financial Street Property 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	107.35	116.07	128.1	121.11	137.72
Depreciation & Amortization	37.01	34.87	36.3	36.51	27.12
Other Amortization	1.71	1.61	1.58	1.37	1.03
Loss (Gain) From Sale of Assets	0.09	-17.58	0.62	-2.61	0.06
Asset Writedown & Restructuring Costs	19.14	11.1	-	-	0.86
Loss (Gain) From Sale of Investments	-	-	-	61.88	-
Loss (Gain) on Equity Investments	-3.28	-3.18	-4.59	-2.97	-2.54
Provision & Write-off of Bad Debts	14.39	11.63	10.06	4.69	2.92
Other Operating Activities	-14.69	-18.69	-27.35	12.19	13.65
Change in Accounts Receivable	-47.68	-79.38	-30.19	-36.65	-66.09
Change in Accounts Payable	41.01	110.42	21	22.41	31.9
Change in Unearned Revenue	-10.88	9.02	-	-	-
Change in Other Net Operating Assets	12.17	-10.55	3.64	-1.23	-28.66
Operating Cash Flow	156.34	165.32	139.18	216.72	117.96
Operating Cash Flow Growth	-5.44%	18.78%	-35.78%	83.72%	-35.35%
Capital Expenditures	-5.72	-4.51	-6.02	-20.47	-17.99
Sale of Property, Plant & Equipment	0	0	0.01	0.01	0.1
Cash Acquisitions	-	28.84	-105.6	-	-4.64
Divestitures	-	-	4.06	-	-
Sale (Purchase) of Intangibles	-0.12	-1.77	-7.02	-0.82	-4.81
Sale (Purchase) of Real Estate	-	-0.77	-7.78	-	-
Investment in Securities	-17.44	15.37	-77.9	-60.17	-0.85
Other Investing Activities	19.82	20.56	27.6	22.85	13.91
Investing Cash Flow	5.38	63.63	-165.36	-58.6	-14.28
Long-Term Debt Repaid	-36.72	-23.56	-29.91	-28.92	-19.26
Net Debt Issued (Repaid)	-36.72	-23.56	-29.91	-28.92	-19.26
Common Dividends Paid	-58.64	-64.62	-60.88	-82.92	-57.52
Other Financing Activities	-14.16	-0.14	-9.52	-	-10.87
Financing Cash Flow	-109.52	-88.32	-100.32	-111.83	-87.64
Foreign Exchange Rate Adjustments	-1.76	1.74	-1.25	0.04	-17.94
Net Cash Flow	50.45	142.38	-127.75	46.33	-1.9
Free Cash Flow	150.61	160.81	133.17	196.25	99.98
Free Cash Flow Growth	-6.34%	20.76%	-32.14%	96.30%	-42.16%
Free Cash Flow Margin	7.53%	9.18%	8.79%	14.14%	7.57%
Free Cash Flow Per Share	0.40	0.43	0.36	0.53	0.27
Cash Income Tax Paid	61.74	66.12	75.95	46.25	42.54
Levered Free Cash Flow	183.92	193.7	91.6	116.85	67.36
Unlevered Free Cash Flow	186	196.13	93.71	119.1	68.83
Change in Working Capital	-5.38	29.51	-5.54	-15.47	-62.85

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