JST Group Corporation 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	-1,655	12.15	-486.56	-505.34
Depreciation & Amortization	13.54	16.09	20.35	21.83
Other Amortization	0.21	0.22	0.2	0.18
Loss (Gain) From Sale of Assets	-0.02	-1.02	-0.66	-0.24
Asset Writedown & Restructuring Costs	-	-	-	9.93
Loss (Gain) From Sale of Investments	1,786	25.91	223.51	7.71
Loss (Gain) on Equity Investments	-4.68	4.44	17.28	34.53
Stock-Based Compensation	29.34	10.73	21.27	24.56
Provision & Write-off of Bad Debts	1.1	0.15	0.14	0.03
Other Operating Activities	-26.54	-98.91	6.1	107.9
Change in Accounts Receivable	-35.42	-116.82	-74.3	1.02
Change in Inventory	0.02	-0.06	-0.12	0.19
Change in Accounts Payable	11.65	93.25	178.33	178.21
Change in Unearned Revenue	302.48	350.42	318.35	200.85
Change in Other Net Operating Assets	-17.56	-17.38	-13.51	-2.64
Operating Cash Flow	404.76	279.17	210.38	78.71
Operating Cash Flow Growth	44.99%	32.70%	167.28%	-
Capital Expenditures	-1.41	-1.82	-	-
Sale of Property, Plant & Equipment	0.03	1.13	-	-
Sale (Purchase) of Intangibles	-0.29	-0.28	-	-
Investment in Securities	-57.51	22.14	259.77	-168.12
Other Investing Activities	100	-98.42	21.22	-10.3
Investing Cash Flow	40.82	-77.25	280.98	-174.42
Long-Term Debt Issued	-	-	138.66	-
Long-Term Debt Repaid	-9.77	-12.18	-150.88	-14.75
Net Debt Issued (Repaid)	-9.77	-12.18	-12.23	-14.75
Issuance of Common Stock	2,102	-	141.45	-
Other Financing Activities	-6.56	-0.99	-149.88	1.9
Financing Cash Flow	1,542	-13.18	-20.67	-12.85
Foreign Exchange Rate Adjustments	-20.29	-0.79	-0.03	0.62
Net Cash Flow	1,967	187.95	470.67	-107.93
Free Cash Flow	403.35	277.35	210.38	78.71
Free Cash Flow Growth	45.43%	31.83%	167.28%	-
Free Cash Flow Margin	35.30%	30.49%	30.18%	15.05%
Free Cash Flow Per Share	1.77	1.56	118.07	44.17
Cash Income Tax Paid	0.02	0.09	-	-
Levered Free Cash Flow	266.07	6.73	103.99	-
Unlevered Free Cash Flow	266.45	7.4	112.52	-
Change in Working Capital	261.18	309.41	408.75	377.62

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