Guoquan Food (Shanghai) 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	230.56	239.64	229.91	-461.99
Depreciation & Amortization	83.74	77.25	56.07	31.6
Other Amortization	2.2	3.55	3.27	2.96
Loss (Gain) From Sale of Assets	-	-0.33	0.7	-0.13
Loss (Gain) From Sale of Investments	86.53	-25.06	-57.97	-8.5
Loss (Gain) on Equity Investments	-0.08	-0.07	-	-
Stock-Based Compensation	-	-	4.6	10.26
Other Operating Activities	-39.02	85.23	89.82	-155.42
Change in Accounts Receivable	-178.74	77.77	-113.9	-14.69
Change in Inventory	28.23	331.04	-411.39	47.74
Change in Accounts Payable	189.76	-120.18	320.17	74.58
Change in Other Net Operating Assets	127.74	9.51	164.01	-124.44
Operating Cash Flow	530.91	678.35	285.28	-598.03
Operating Cash Flow Growth	-21.73%	137.78%	-	-
Capital Expenditures	-105.44	-133.11	-116.32	-63.86
Sale of Property, Plant & Equipment	4.19	2.95	1.19	1.1
Cash Acquisitions	-	-	32.69	2.12
Sale (Purchase) of Intangibles	-18.5	-1.9	-1.66	-11.38
Investment in Securities	-39.49	-428.65	32.66	-798.61
Other Investing Activities	33.05	12.46	11.04	6.19
Investing Cash Flow	-119.76	-548.24	-40.4	-864.44
Long-Term Debt Issued	60	120	40.45	20
Long-Term Debt Repaid	-98.5	-162.69	-27.06	-134.73
Net Debt Issued (Repaid)	-38.5	-42.69	13.4	-114.73
Issuance of Common Stock	-	424.27	-	1,869
Repurchase of Common Stock	-73.31	-	-	-
Common Dividends Paid	-143.14	-	-	-
Other Financing Activities	-9.85	-26.15	19.13	22.8
Financing Cash Flow	-264.79	355.43	32.53	1,777
Foreign Exchange Rate Adjustments	6.14	-7.21	-0.03	2.08
Net Cash Flow	152.5	478.32	277.38	316.75
Free Cash Flow	425.47	545.24	168.97	-661.89
Free Cash Flow Growth	-21.97%	222.69%	-	-
Free Cash Flow Margin	6.58%	8.95%	2.35%	-16.72%
Free Cash Flow Per Share	0.15	0.20	0.06	-0.41
Cash Interest Paid	3.01	4.51	0.47	1.55
Cash Income Tax Paid	94.72	23.73	0.71	14.07
Levered Free Cash Flow	347.16	445.86	181.1	-406.98
Unlevered Free Cash Flow	349.93	449.25	182.7	-405.21
Change in Working Capital	166.98	298.14	-41.11	-16.81

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.