Zero2IPO Holdings 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	70.44	12.14	16.13	20.35	11.47
Depreciation & Amortization	21.91	21.06	20.61	17.37	12.44
Other Amortization	0.13	0.11	0.02	0.02	0.02
Loss (Gain) From Sale of Assets	-1.9	0.14	0.03	-0.63	-
Asset Writedown & Restructuring Costs	1.72	-	-	-	-
Loss (Gain) From Sale of Investments	-43.15	-10.1	-5.63	-2.58	-5.85
Loss (Gain) on Equity Investments	0.55	-1.29	-1.45	-0.17	-0.5
Stock-Based Compensation	-	-	-	-	27.36
Provision & Write-off of Bad Debts	1.61	2.88	6.59	7.75	4.21
Other Operating Activities	7.35	-10.74	-12.19	0.9	-3.4
Change in Accounts Receivable	4.9	10.67	29.32	-31.14	-18.66
Change in Accounts Payable	-1.67	-0.99	-2.68	5.02	-2.56
Change in Unearned Revenue	-24.29	-6.46	-30.48	2.87	28.68
Change in Other Net Operating Assets	17.67	-11.16	0.63	-11.03	-17.04
Operating Cash Flow	55.27	6.28	20.89	8.73	36.18
Operating Cash Flow Growth	779.80%	-69.93%	139.36%	-75.88%	-53.82%
Capital Expenditures	-4.67	-1.36	-4.15	-0.86	-2.48
Sale of Property, Plant & Equipment	0	0.01	-	-	-
Cash Acquisitions	-	-	-	-5.36	-3.66
Investment in Securities	-83.45	-110.97	-38.53	9.93	-33.05
Other Investing Activities	104.68	96.69	-4.62	-299.68	-
Investing Cash Flow	16.57	-15.63	-47.31	-295.97	-39.19
Long-Term Debt Repaid	-21.97	-22.19	-16.12	-14.7	-12.81
Net Debt Issued (Repaid)	-21.97	-22.19	-16.12	-14.7	-12.81
Issuance of Common Stock	-	-	-	-	55.21
Repurchase of Common Stock	-2.23	-6.47	-1.88	-16.02	-6.02
Other Financing Activities	-	-0.41	-	0.45	-
Financing Cash Flow	-24.2	-29.06	-18	-30.26	36.37
Foreign Exchange Rate Adjustments	-1.38	4.98	5.82	31.93	-8.56
Net Cash Flow	46.26	-33.43	-38.6	-285.58	24.8
Free Cash Flow	50.6	4.92	16.74	7.87	33.7
Free Cash Flow Growth	927.91%	-70.58%	112.75%	-76.66%	-56.80%
Free Cash Flow Margin	21.81%	2.56%	7.02%	3.56%	16.21%
Free Cash Flow Per Share	0.17	0.02	0.05	0.03	0.11
Cash Income Tax Paid	2.93	3.35	8.74	3.6	10.73
Levered Free Cash Flow	35.1	18.21	19.92	36.87	34.93
Unlevered Free Cash Flow	36.45	19.19	21.13	37.5	35.62
Change in Working Capital	-3.4	-7.94	-3.21	-34.28	-9.58

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