Dowway 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	-16.99	-5.75	-16.92	-36.45	-7.65
Depreciation & Amortization	-	1.21	1.68	3.79	3.74
Asset Writedown & Restructuring Costs	-	0.45	0.02	-	-
Stock-Based Compensation	-	-	-	0.21	1.19
Provision & Write-off of Bad Debts	-	2.13	1.81	22.38	3.07
Other Operating Activities	12.32	-5.67	1.2	0.55	0.52
Change in Accounts Receivable	-	-30.84	36.75	-32.94	-31.68
Change in Accounts Payable	-	15.37	-12.94	19.99	7.63
Change in Unearned Revenue	-	-2.74	0.21	-8.14	10.48
Change in Other Net Operating Assets	-	4.98	-9.7	22.23	7.45
Operating Cash Flow	-4.68	-20.85	2.11	-8.39	-5.26
Capital Expenditures	-	-0.02	-0.01	-0.01	-0.26
Other Investing Activities	-3.99	0.03	0.01	0.02	0.02
Investing Cash Flow	-3.99	0	0	0	-0.25
Short-Term Debt Issued	-	17.31	21.58	10	9
Long-Term Debt Issued	-	14	-	-	-
Total Debt Issued	-	31.31	21.58	10	9
Short-Term Debt Repaid	-	-17.98	-13.6	-9	-9
Long-Term Debt Repaid	-	-3.94	-1.57	-2.79	-2.66
Total Debt Repaid	-	-21.92	-15.17	-11.79	-11.66
Net Debt Issued (Repaid)	-	9.4	6.41	-1.79	-2.66
Issuance of Common Stock	-	6.44	-	8.92	-
Other Financing Activities	19.54	-1.21	-0.55	-0.67	-0.74
Financing Cash Flow	19.54	14.63	5.86	6.45	-3.4
Foreign Exchange Rate Adjustments	-	-	0.21	-0.43	0.21
Net Cash Flow	10.88	-6.23	8.19	-2.36	-8.7
Free Cash Flow	-4.68	-20.88	2.1	-8.4	-5.52
Free Cash Flow Margin	-4.95%	-14.89%	1.79%	-4.74%	-3.25%
Free Cash Flow Per Share	-0.03	-0.17	0.02	-0.07	-0.06
Cash Interest Paid	-	1.21	0.55	0.67	0.74
Cash Income Tax Paid	-	-	0.02	0.03	0.04
Levered Free Cash Flow	18.07	-25.81	6.51	1.47	-2.69
Unlevered Free Cash Flow	18.99	-25.06	6.85	1.89	-2.23
Change in Working Capital	-	-13.23	14.32	1.14	-6.13

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