Zhixin Group Holding 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	-58.53	-75.2	10.08	1.25	20.4
Depreciation & Amortization	30.86	34.95	29.78	24.57	22.2
Other Amortization	0.03	0.05	0.08	0.06	0.03
Loss (Gain) From Sale of Assets	0.41	4.6	0.43	0.23	0.18
Asset Writedown & Restructuring Costs	-	26.77	2.26	-	-
Provision & Write-off of Bad Debts	3.66	16.93	1	1.56	3.46
Other Operating Activities	8.43	12.3	17.96	-0.67	8.08
Change in Accounts Receivable	20.51	168.41	35.91	-87.12	-169.91
Change in Inventory	8.73	13.48	-10.46	6.3	20.3
Change in Accounts Payable	56.21	-32.33	6.55	6.59	-1.89
Change in Unearned Revenue	-0.89	0.66	2.11	0.38	0.41
Change in Other Net Operating Assets	-	0.5	-0.5	8.71	-4
Operating Cash Flow	69.42	171.13	95.19	-38.14	-100.74
Operating Cash Flow Growth	-59.44%	79.78%	-	-	-
Capital Expenditures	-183.83	-71.27	-71.4	-168.32	-12.12
Sale of Property, Plant & Equipment	1.37	1.77	1.03	3.66	0.74
Cash Acquisitions	-	-3	-1.5	-40.5	-5.26
Sale (Purchase) of Intangibles	-0.02	-	-0.03	-0.11	-24.1
Investment in Securities	-10	-	-	-	-
Other Investing Activities	-8.18	-	-	-	-
Investing Cash Flow	-200.66	-72.49	-71.9	-205.28	-40.74
Short-Term Debt Issued	-	-	-	44.5	-
Long-Term Debt Issued	594.93	251.61	277.93	377.9	269.27
Total Debt Issued	594.93	251.61	277.93	422.4	269.27
Long-Term Debt Repaid	-422.53	-337.5	-271.28	-250.91	-264.28
Total Debt Repaid	-422.53	-337.5	-271.28	-250.91	-264.28
Net Debt Issued (Repaid)	172.4	-85.88	6.65	171.49	4.99
Issuance of Common Stock	-	-	-	-	238.14
Other Financing Activities	-17.37	-19.64	-21.55	-17.79	-24.94
Financing Cash Flow	155.03	-105.53	-14.9	153.7	218.19
Foreign Exchange Rate Adjustments	0.06	0.06	0	-	-
Net Cash Flow	23.85	-6.83	8.38	-89.72	76.71
Free Cash Flow	-114.42	99.86	23.78	-206.46	-112.86
Free Cash Flow Growth	-	319.87%	-	-	-
Free Cash Flow Margin	-20.70%	17.21%	4.64%	-32.56%	-14.75%
Free Cash Flow Per Share	-0.15	0.13	0.03	-0.28	-0.16
Cash Interest Paid	17.24	19.27	20.76	17.36	12.04
Cash Income Tax Paid	2.95	5.77	1.99	11.3	20.9
Levered Free Cash Flow	-88.18	91.04	-4.75	-220.19	-36.67
Unlevered Free Cash Flow	-79.47	102.19	5.18	-212.17	-28.81
Change in Working Capital	84.56	150.72	33.61	-65.14	-155.09

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