Changjiu Holdings 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	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	141.57	161.41	102.32	95.88	83.73
Depreciation & Amortization	8.43	7.69	7.84	5.72	4.14
Other Amortization	1.89	1.41	1.17	0.79	0.86
Loss (Gain) From Sale of Investments	-0.3	-0.02	-	-	-
Stock-Based Compensation	1.01	8.44	27.65	-	-
Provision & Write-off of Bad Debts	1.31	0.37	1.3	2.21	-0.09
Other Operating Activities	6.49	3.31	-11.25	20.06	20.74
Change in Accounts Receivable	-66.75	-39.07	-59.87	-43.66	-19.81
Change in Inventory	-271.71	-	-	-	-
Change in Accounts Payable	19.01	0.07	1.09	3.04	-0.27
Change in Unearned Revenue	27.9	-13.85	-15.52	-10.5	16.77
Change in Other Net Operating Assets	-67.48	-23.44	20.61	8.5	8.66
Operating Cash Flow	-198.63	106.31	75.35	82.03	114.73
Operating Cash Flow Growth	-	41.08%	-8.14%	-28.50%	-7.64%
Capital Expenditures	-2.41	-0.85	-1.06	-1.02	-1.11
Sale of Property, Plant & Equipment	216.32	-	-	-	-
Sale (Purchase) of Intangibles	-2.61	-3.3	-3.46	-	-
Investment in Securities	-189	-27	-	-	-
Other Investing Activities	6.5	2.76	8.25	114.81	-47.02
Investing Cash Flow	28.8	-28.4	3.74	118.58	-52.94
Short-Term Debt Issued	877.29	27.61	45	75	50
Total Debt Issued	877.29	27.61	45	75	50
Short-Term Debt Repaid	-618.78	-47.61	-100	-50	-50
Long-Term Debt Repaid	-7.94	-7.6	-7.7	-4.11	-2.5
Total Debt Repaid	-626.72	-55.21	-107.7	-54.11	-52.5
Net Debt Issued (Repaid)	250.57	-27.6	-62.7	20.89	-2.5
Issuance of Common Stock	-	266.58	4.33	-	-
Common Dividends Paid	-127.72	-79.4	-	-	-55.15
Other Financing Activities	-3.3	-2.38	-5.73	-103.7	-2.71
Financing Cash Flow	119.55	157.2	-64.1	-82.81	-60.35
Foreign Exchange Rate Adjustments	-1.11	2.93	-0.1	-	-
Net Cash Flow	-51.39	238.04	14.89	117.81	1.44
Free Cash Flow	-201.04	105.46	74.3	81.01	113.62
Free Cash Flow Growth	-	41.94%	-8.28%	-28.70%	-7.83%
Free Cash Flow Margin	-12.38%	15.56%	11.58%	14.79%	23.79%
Free Cash Flow Per Share	-0.98	0.52	0.49	0.54	0.76
Cash Interest Paid	5.99	0.19	1.95	3.17	2.71
Cash Income Tax Paid	31.42	28.97	29.03	15.33	1.64
Levered Free Cash Flow	-239.81	63.34	65.11	182.35	75.07
Unlevered Free Cash Flow	-235.24	63.66	66.74	184.52	76.94
Change in Working Capital	-359.02	-76.29	-53.69	-42.63	5.35

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