Deewin Tianxia 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	68.29	153.23	149.26	226.41	362.72
Depreciation & Amortization	46.02	44.69	40.99	48.43	47.61
Other Amortization	15.17	12.54	8.27	5.63	4.34
Loss (Gain) From Sale of Assets	0.12	-0	0.17	0.03	-0.04
Loss (Gain) on Equity Investments	-4.9	-5.1	-5.14	-4.66	-5.12
Provision & Write-off of Bad Debts	114.7	13.51	49.14	14.18	-3.17
Other Operating Activities	4.32	13.6	40.04	-21.77	-17.35
Change in Accounts Receivable	-198.51	-25.95	-251.83	-128.25	29.82
Change in Inventory	-71.7	-55.44	68.01	67.56	-105.68
Change in Accounts Payable	905.47	1,317	277.02	-545.03	-4,509
Change in Unearned Revenue	-10.27	-25.03	-71.15	-10.49	15
Change in Other Net Operating Assets	-693.62	-1,556	-79.3	124.56	3,413
Operating Cash Flow	133.2	-76.62	267.39	-142.72	-470.75
Capital Expenditures	-50.36	-41.95	-62.79	-37.35	-24.87
Sale of Property, Plant & Equipment	0.18	0.15	0.13	0.17	0.36
Other Investing Activities	-194.9	5.14	4.66	5.12	5.16
Investing Cash Flow	-245.08	-36.66	-58.01	-32.06	-19.35
Long-Term Debt Issued	2,283	2,093	2,755	2,587	1,737
Long-Term Debt Repaid	-2,338	-1,944	-2,900	-2,146	-1,140
Net Debt Issued (Repaid)	-55.04	148.34	-144.59	441.15	597.01
Issuance of Common Stock	-	-	-	920.42	-
Repurchase of Common Stock	-	-	-105.78	-	-
Common Dividends Paid	-77.55	-88.92	-96.96	-201.13	-66.2
Other Financing Activities	-37.97	-28.79	-33.83	-50.04	-24.28
Financing Cash Flow	-170.55	30.63	-381.16	1,110	506.53
Foreign Exchange Rate Adjustments	-0.12	-0.79	-0.29	-	-
Net Cash Flow	-282.55	-83.43	-172.07	935.63	16.42
Free Cash Flow	82.84	-118.57	204.6	-180.08	-495.62
Free Cash Flow Margin	3.00%	-4.51%	6.56%	-6.60%	-15.85%
Free Cash Flow Per Share	0.04	-0.05	0.09	-0.09	-0.30
Cash Interest Paid	37.97	33.08	33.83	31.22	6.35
Cash Income Tax Paid	50.7	61.84	61.76	110.27	107.57
Levered Free Cash Flow	-646.02	-158.29	-80.6	1,193	-790.87
Unlevered Free Cash Flow	-625.98	-139.68	-55.32	1,213	-786.9
Change in Working Capital	-119.54	-350.43	-79.27	-461.5	-1,004

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