KWG Living Group 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	-572.28	30.3	3.41	674.84
Depreciation & Amortization	141.78	163.16	148.37	42.46
Other Amortization	4.39	2.93	2.01	1.35
Loss (Gain) From Sale of Assets	-2.06	-1.22	-0.52	-0.13
Asset Writedown & Restructuring Costs	714.51	257.42	143.42	-
Loss (Gain) on Equity Investments	-7.16	-6.5	-3.2	-1.11
Stock-Based Compensation	1.52	1.62	7.74	4.6
Provision & Write-off of Bad Debts	279.79	205.95	435.58	10.69
Other Operating Activities	-62.87	65.12	22.81	95.43
Change in Accounts Receivable	-617.69	-594.73	-814.44	-466.01
Change in Accounts Payable	74.27	-40.61	-185.95	83.61
Change in Unearned Revenue	10.31	32.86	-12.97	2.75
Change in Other Net Operating Assets	4.9	-492.07	487.75	-174.16
Operating Cash Flow	-30.6	-375.77	234.01	274.32
Operating Cash Flow Growth	-	-	-14.70%	0.28%
Capital Expenditures	-13.69	-12.79	-22.34	-4.56
Sale of Property, Plant & Equipment	8.4	9.51	2.16	0.48
Cash Acquisitions	-	-62.3	149.26	-1,897
Sale (Purchase) of Intangibles	-13.76	-3.08	-2.34	-0.98
Investment in Securities	-	-0.24	-	-18.95
Other Investing Activities	2.06	3.56	-93.07	-875.43
Investing Cash Flow	-16.99	-65.35	654.62	-2,796
Short-Term Debt Issued	-	-	-	985.37
Long-Term Debt Issued	40.5	646.51	36	-
Total Debt Issued	40.5	646.51	36	985.37
Short-Term Debt Repaid	-	-	-	-0.05
Long-Term Debt Repaid	-156.39	-569.93	-162.5	-7.2
Total Debt Repaid	-156.39	-569.93	-162.5	-7.25
Net Debt Issued (Repaid)	-115.89	76.58	-126.5	978.13
Repurchase of Common Stock	-	-	-	-2.98
Common Dividends Paid	-77.14	-	-122.03	-121.07
Other Financing Activities	-56.65	-40.08	-26.98	-12.1
Financing Cash Flow	-249.69	36.49	-275.5	841.99
Foreign Exchange Rate Adjustments	0	0.02	0.78	-45.85
Net Cash Flow	-297.28	-404.61	613.9	-1,726
Free Cash Flow	-44.29	-388.56	211.66	269.76
Free Cash Flow Growth	-	-	-21.54%	-0.31%
Free Cash Flow Margin	-1.24%	-10.10%	5.26%	8.29%
Free Cash Flow Per Share	-0.02	-0.19	0.10	0.13
Cash Interest Paid	33.04	35.46	22.91	0.26
Cash Income Tax Paid	66.76	145.3	119.04	127.31
Levered Free Cash Flow	-178.46	-672.34	500.23	174.32
Unlevered Free Cash Flow	-157.82	-650.17	514.55	174.49
Change in Working Capital	-528.21	-1,095	-525.61	-553.81

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