CALB Group 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	591.2	294.38	691.63	140.03
Depreciation & Amortization	2,448	1,725	947.83	517.48
Other Amortization	25.51	24.87	12.47	7.02
Loss (Gain) From Sale of Assets	-0.82	16.07	-0.62	-347.22
Asset Writedown & Restructuring Costs	-	-	-	0.02
Loss (Gain) From Sale of Investments	-37.6	29.94	38.78	165
Loss (Gain) on Equity Investments	0.09	0.16	0.82	24.71
Stock-Based Compensation	26.15	40.63	40.63	29.28
Provision & Write-off of Bad Debts	91.06	60.76	-9.32	26.6
Other Operating Activities	474.03	1,064	-352.88	-120.08
Change in Accounts Receivable	-2,034	-1,415	-2,611	-2,088
Change in Inventory	1,713	3,832	-10,333	-1,964
Change in Accounts Payable	-220.37	-1,688	15,330	4,500
Change in Unearned Revenue	-283.41	-859.98	-272.28	-77.11
Change in Other Net Operating Assets	320.75	-224.96	-1,373	776.63
Operating Cash Flow	3,113	2,900	2,109	1,590
Operating Cash Flow Growth	7.34%	37.51%	32.64%	-18.13%
Capital Expenditures	-16,335	-19,766	-30,283	-10,121
Sale of Property, Plant & Equipment	20.06	41.89	39.74	110.26
Divestitures	-	-	979.2	-24.36
Sale (Purchase) of Intangibles	-271.62	-117.07	-421.98	-527.6
Investment in Securities	-1,921	-0.82	6,236	-3,572
Other Investing Activities	223.91	-88.52	-545.96	-876.7
Investing Cash Flow	-18,284	-19,930	-23,996	-15,011
Long-Term Debt Issued	16,626	10,497	14,817	2,372
Long-Term Debt Repaid	-4.56	-19.04	-18.03	-241.77
Total Debt Repaid	-4.56	-19.04	-18.03	-241.77
Net Debt Issued (Repaid)	16,621	10,478	14,799	2,130
Issuance of Common Stock	-	-	8,947	11,990
Other Financing Activities	-227.56	3,420	6,014	717.65
Financing Cash Flow	16,394	13,898	29,761	14,837
Foreign Exchange Rate Adjustments	1.38	33.85	-51.25	-0.01
Net Cash Flow	1,225	-3,098	7,822	1,416
Free Cash Flow	-13,222	-16,865	-28,174	-8,530
Free Cash Flow Margin	-47.64%	-62.45%	-138.28%	-125.13%
Free Cash Flow Per Share	-7.46	-9.52	-17.96	-6.87
Cash Interest Paid	1,092	971.18	360.12	87.86
Cash Income Tax Paid	207.75	87.65	211.33	-0.3
Levered Free Cash Flow	-16,390	-17,369	-25,923	-10,631
Unlevered Free Cash Flow	-16,131	-17,162	-25,882	-10,616
Change in Working Capital	-504.52	-355.64	739.71	1,147

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