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 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	432.89	230.56	239.64	229.91	-461.99
Depreciation & Amortization	100.57	83.74	77.25	56.07	31.6
Other Amortization	1.69	2.2	3.55	3.27	2.96
Loss (Gain) From Sale of Assets	0.22	-	-0.33	0.7	-0.13
Loss (Gain) From Sale of Investments	-4.91	86.53	-25.06	-57.97	-8.5
Loss (Gain) on Equity Investments	-9.23	-0.08	-0.07	-	-
Stock-Based Compensation	-	-	-	4.6	10.26
Other Operating Activities	35.21	-39.02	85.23	89.82	-155.42
Change in Accounts Receivable	-192.08	-178.74	77.77	-113.9	-14.69
Change in Inventory	-114.56	28.23	331.04	-411.39	47.74
Change in Accounts Payable	250.25	189.76	-120.18	320.17	74.58
Change in Other Net Operating Assets	88.38	127.74	9.51	164.01	-124.44
Operating Cash Flow	588.42	530.91	678.35	285.28	-598.03
Operating Cash Flow Growth	10.83%	-21.73%	137.78%	-	-
Capital Expenditures	-149.54	-105.44	-133.11	-116.32	-63.86
Sale of Property, Plant & Equipment	3.19	4.19	2.95	1.19	1.1
Cash Acquisitions	-	-	-	32.69	2.12
Sale (Purchase) of Intangibles	-46.4	-18.5	-1.9	-1.66	-11.38
Investment in Securities	-475.08	-39.49	-428.65	32.66	-798.61
Other Investing Activities	50.41	33.05	12.46	11.04	6.19
Investing Cash Flow	-617.42	-119.76	-548.24	-40.4	-864.44
Long-Term Debt Issued	140	60	120	40.45	20
Long-Term Debt Repaid	-99.67	-98.5	-162.69	-27.06	-134.73
Net Debt Issued (Repaid)	40.33	-38.5	-42.69	13.4	-114.73
Issuance of Common Stock	-	-	424.27	-	1,869
Repurchase of Common Stock	-183.92	-73.31	-	-	-
Common Dividends Paid	-388.1	-143.14	-	-	-
Other Financing Activities	-11.59	-9.85	-26.15	19.13	22.8
Financing Cash Flow	-543.28	-264.79	355.43	32.53	1,777
Foreign Exchange Rate Adjustments	-2.46	6.14	-7.21	-0.03	2.08
Net Cash Flow	-574.73	152.5	478.32	277.38	316.75
Free Cash Flow	438.88	425.47	545.24	168.97	-661.89
Free Cash Flow Growth	3.15%	-21.97%	222.69%	-	-
Free Cash Flow Margin	5.62%	6.58%	8.95%	2.35%	-16.72%
Free Cash Flow Per Share	0.17	0.15	0.20	0.06	-0.41
Cash Interest Paid	2.67	3.01	4.51	0.47	1.55
Cash Income Tax Paid	127.54	94.72	23.73	0.71	14.07
Levered Free Cash Flow	324.06	347.16	445.86	181.1	-406.98
Unlevered Free Cash Flow	327.67	349.93	449.25	182.7	-405.21
Change in Working Capital	31.99	166.98	298.14	-41.11	-16.81

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