Gushengtang Holdings Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	306.78	252.2	180.85	-507.07
Depreciation & Amortization	146.59	115.86	103.69	89.79
Other Amortization	4.39	4.29	4.2	4.06
Loss (Gain) From Sale of Assets	0.33	0.27	0.29	-
Loss (Gain) From Sale of Investments	-3.5	-4.7	-1.4	4.76
Loss (Gain) on Equity Investments	0.77	-0.09	-0.56	-1.05
Stock-Based Compensation	93.19	51.77	17.26	171.41
Provision & Write-off of Bad Debts	0.98	0.11	0.68	0.35
Other Operating Activities	43.01	30.25	25.91	431.74
Change in Accounts Receivable	-81.64	-76.9	-7.6	-8.57
Change in Inventory	-24.01	-44.79	-23.1	-18.63
Change in Accounts Payable	11.05	84.22	-12.77	21.61
Change in Other Net Operating Assets	-45.57	-2.36	-6.45	-0.63
Operating Cash Flow	452.37	410.14	281	187.76
Operating Cash Flow Growth	10.30%	45.96%	49.66%	21.21%
Capital Expenditures	-89.42	-76.44	-36.97	-49.72
Sale of Property, Plant & Equipment	-	0.88	0.03	1
Cash Acquisitions	-117.46	-173.17	-109.46	-133.42
Sale (Purchase) of Intangibles	-1.19	-1.3	-0.54	-2.67
Investment in Securities	-59.31	-13.59	-31.43	101.59
Other Investing Activities	-	-	-	34.27
Investing Cash Flow	-267.37	-263.61	-178.36	-48.95
Long-Term Debt Issued	101.23	29.43	1	112.47
Long-Term Debt Repaid	-115.52	-160.86	-88.13	-567.14
Net Debt Issued (Repaid)	-14.29	-131.43	-87.13	-454.68
Issuance of Common Stock	-	506.19	-	911.02
Repurchase of Common Stock	-75.51	-39.37	-	-
Common Dividends Paid	-28.26	-89.76	-	-
Other Financing Activities	-257.13	-88.13	-50.95	-61.52
Financing Cash Flow	-375.19	157.5	-138.08	638.57
Foreign Exchange Rate Adjustments	5.33	2.94	-0.93	3.34
Net Cash Flow	-184.86	306.97	-36.37	780.71
Free Cash Flow	362.96	333.71	244.02	138.03
Free Cash Flow Growth	8.77%	36.75%	76.78%	1.26%
Free Cash Flow Margin	12.01%	14.36%	15.02%	10.06%
Free Cash Flow Per Share	1.45	1.37	1.02	1.19
Cash Interest Paid	17.61	25.58	17.62	28.4
Cash Income Tax Paid	37.98	13.96	5.21	5.2
Levered Free Cash Flow	251.42	203.21	156.87	192.34
Unlevered Free Cash Flow	262.43	219.2	167.88	210.09
Change in Working Capital	-140.16	-39.83	-49.91	-6.22

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