Baiwang Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-51.99	-501.21	-357.98	-153.5	-446.94	-388.8
Depreciation & Amortization	16.69	18.81	17.78	16.74	16.46	16.53
Other Amortization	1.12	0.75	0.7	0.2	0.24	0.27
Loss (Gain) From Sale of Assets	0.39	0.39	0.03	0.03	0.01	0.01
Loss (Gain) From Sale of Investments	-10.02	298.37	55.76	53.49	263.91	285.91
Loss (Gain) on Equity Investments	0.88	5.32	4.03	-1.07	-4.96	-6.98
Stock-Based Compensation	19.19	53.98	191.06	10.47	161.42	49.77
Provision & Write-off of Bad Debts	7.41	8.24	5.82	1.22	1.75	0.79
Other Operating Activities	-1.22	-3	-3.81	-4.85	-7.26	-1.46
Change in Accounts Receivable	-92.79	9.73	-11.29	-13.77	-25.87	-60.56
Change in Inventory	1.2	1.29	7.31	-1.99	4.52	-1.12
Change in Accounts Payable	-44.27	-44.73	41.17	3.75	33.34	41.03
Change in Unearned Revenue	-8.18	-8.02	-42.73	34.85	25.81	6.48
Change in Other Net Operating Assets	17.58	7.95	-7.18	-9.83	-36.43	-21.94
Operating Cash Flow	-144	-152.14	-99.33	-64.28	-13.99	-80.07
Capital Expenditures	-3.49	-3.16	-5.04	-4.14	-2.12	-2.96
Cash Acquisitions	-	-	-	-	0.12	-
Sale (Purchase) of Intangibles	-8.34	-4.56	-1.06	-0.34	-2.72	-5.44
Investment in Securities	44.96	35.82	165.81	-203.55	-191.05	-211.76
Other Investing Activities	4	8.2	57.1	18.22	6	11.11
Investing Cash Flow	2.13	1.3	216.81	-189.8	-189.78	-209.05
Long-Term Debt Repaid	-	-15.43	-14.52	-12.01	-7.17	-11.02
Net Debt Issued (Repaid)	-9.34	-15.43	-14.52	-12.01	-7.17	-11.02
Issuance of Common Stock	287.49	287.49	-	-	443.51	105.2
Other Financing Activities	-13.26	-15.26	-5.14	-1.71	-0.67	-
Financing Cash Flow	264.89	256.8	-19.66	-13.72	435.67	94.18
Foreign Exchange Rate Adjustments	1.21	2.91	-	-	-	-
Net Cash Flow	124.23	108.87	97.83	-267.8	231.9	-194.93
Free Cash Flow	-147.49	-155.31	-104.37	-68.42	-16.11	-83.03
Free Cash Flow Margin	-20.34%	-23.56%	-14.64%	-13.01%	-3.55%	-28.52%
Free Cash Flow Per Share	-0.65	-0.85	-0.74	-0.49	-0.12	-0.59
Cash Income Tax Paid	0.37	0.43	0.24	0.02	-	-
Levered Free Cash Flow	-137.63	-69.06	13.22	-35.41	14.15	-
Unlevered Free Cash Flow	-137.39	-68.84	13.85	-34.44	14.3	-
Change in Working Capital	-126.46	-33.78	-12.73	13	1.38	-36.11

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.