Epiworld International 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	11.89	165.07	107.51	127.54
Depreciation & Amortization	177.22	144.99	96.64	31.08
Other Amortization	1.24	0.74	0.35	0.06
Loss (Gain) From Sale of Assets	0.01	-0.02	-3.49	-0.03
Loss (Gain) From Sale of Investments	2.74	1.25	-0.15	0.9
Stock-Based Compensation	165.98	154.25	256.21	28.58
Other Operating Activities	-68.38	34.43	80.63	-7.4
Change in Accounts Receivable	-227.51	-52.23	28.28	-66.75
Change in Inventory	-77.65	102.38	-264.23	-40.18
Change in Accounts Payable	91.77	38.97	-21.95	46.08
Change in Unearned Revenue	45.99	58.26	103.31	44.33
Change in Other Net Operating Assets	0.04	-7.45	32.07	5.79
Operating Cash Flow	123.34	640.64	415.18	169.99
Operating Cash Flow Growth	-80.75%	54.31%	144.24%	-
Capital Expenditures	-145.56	-204.7	-1,157	-533.7
Sale of Property, Plant & Equipment	-	1.69	5.99	0.4
Sale (Purchase) of Intangibles	-0.58	-1.9	-1.19	-
Investment in Securities	-611.68	20.62	-	24.55
Other Investing Activities	76.35	39.95	12.1	3.48
Investing Cash Flow	-681.46	-144.33	-1,140	-505.27
Long-Term Debt Issued	217.19	744.83	1,022	295.15
Long-Term Debt Repaid	-442.79	-759.86	-208.77	-83.77
Net Debt Issued (Repaid)	-225.6	-15.04	812.97	211.38
Issuance of Common Stock	-	1,030	205.6	252.3
Other Financing Activities	-32.94	-30.14	-18.19	-4.61
Financing Cash Flow	-258.54	984.83	1,000	459.07
Net Cash Flow	-816.66	1,481	275.1	123.79
Free Cash Flow	-22.22	435.94	-742.19	-363.72
Free Cash Flow Margin	-2.90%	44.74%	-64.96%	-82.53%
Free Cash Flow Per Share	-0.06	1.14	-2.19	-1.15
Cash Interest Paid	25.15	30.14	18.19	4.61
Cash Income Tax Paid	62.08	-	-	-
Levered Free Cash Flow	-167.71	218.22	-1,192	-
Unlevered Free Cash Flow	-152.17	237.09	-1,172	-
Change in Working Capital	-167.36	139.92	-122.53	-10.75

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