Busy Ming Group Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	1,899	833.7	217.43	71.65
Depreciation & Amortization	197.76	140.99	42.74	22.03
Other Amortization	14.91	5.42	2	0.95
Loss (Gain) From Sale of Assets	11.3	-0.79	0.08	0.14
Asset Writedown & Restructuring Costs	-	-	-	3.29
Loss (Gain) From Sale of Investments	-0.11	-0.11	1.95	-0.37
Loss (Gain) on Equity Investments	-2.17	-4.29	7.73	-
Stock-Based Compensation	268.77	77.34	17.28	9.84
Provision & Write-off of Bad Debts	0.32	0.1	-0.16	0.12
Other Operating Activities	185.18	59.03	14.96	-30.47
Change in Accounts Receivable	56.08	-93.17	-14.09	-2.52
Change in Inventory	-1,326	-1,042	-120.35	-150.21
Change in Accounts Payable	982.58	892.9	213.87	79.8
Change in Unearned Revenue	-48.94	337.9	198.43	66.44
Change in Other Net Operating Assets	224.6	-1,437	7.67	11.38
Operating Cash Flow	2,463	-230.1	589.52	82.07
Operating Cash Flow Growth	-	-	618.33%	-
Capital Expenditures	-285.76	-141.01	-32.96	-14.18
Sale of Property, Plant & Equipment	17.69	8.55	1.74	0.82
Cash Acquisitions	-	-	244.11	-
Sale (Purchase) of Intangibles	-21.08	-25.14	-4.18	-5.6
Investment in Securities	-8.65	-40	57.69	-118.67
Other Investing Activities	-29.6	-29.6	-91.67	0.41
Investing Cash Flow	-291.93	-159.05	174.85	-144.25
Short-Term Debt Issued	-	491	-	-
Total Debt Issued	1,000	491	-	-
Long-Term Debt Repaid	-	-106.51	-37.06	-15.67
Net Debt Issued (Repaid)	-139.51	384.49	-37.06	-15.67
Issuance of Common Stock	10.76	284.35	800.14	220.72
Common Dividends Paid	-332.28	-32.28	-194.17	-
Other Financing Activities	-12.63	-32.22	-0.7	-4.36
Financing Cash Flow	-473.67	604.33	568.21	200.7
Net Cash Flow	1,698	215.18	1,333	138.51
Free Cash Flow	2,177	-371.11	556.57	67.89
Free Cash Flow Growth	-	-	719.78%	-
Free Cash Flow Margin	3.67%	-0.94%	5.41%	1.58%
Free Cash Flow Per Share	11.80	-2.88	11.39	1.85
Cash Interest Paid	12.63	6.64	2.9	2.16
Cash Income Tax Paid	580.73	266.72	93.13	60.2
Levered Free Cash Flow	-	-174	702.21	-
Unlevered Free Cash Flow	-	-169.62	704.03	-
Change in Working Capital	-111.92	-1,341	285.52	4.88

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