Nongfu Spring 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	12,123	12,079	8,495	7,162
Depreciation & Amortization	2,865	2,622	2,479	2,371
Other Amortization	9.69	9.86	7.91	7.18
Loss (Gain) From Sale of Assets	9.74	5.46	14.46	9.8
Loss (Gain) From Sale of Investments	-57.93	2.16	-3	-7.41
Stock-Based Compensation	5.52	25.86	101.79	-
Provision & Write-off of Bad Debts	2.43	4.17	-3.43	11.4
Other Operating Activities	-1,000	-642.18	-459.56	164.06
Change in Accounts Receivable	-36.78	-72.6	1.12	-130.11
Change in Inventory	-1,921	-983.36	-315.51	-3.78
Change in Accounts Payable	-270.7	345.03	271.94	271.33
Change in Unearned Revenue	-19.36	907.73	326.24	103.63
Change in Other Net Operating Assets	-687.33	3,002	1,125	1,441
Operating Cash Flow	11,022	17,305	12,042	11,400
Operating Cash Flow Growth	-36.31%	43.71%	5.63%	35.25%
Capital Expenditures	-6,406	-4,714	-4,193	-2,462
Sale of Property, Plant & Equipment	40.04	26.53	79.95	11.89
Sale (Purchase) of Intangibles	-8.63	-27.78	-1.72	-15.2
Investment in Securities	1,878	-9,480	-5,207	-2,861
Other Investing Activities	-5.51	-88.72	-104.31	10.52
Investing Cash Flow	-4,502	-14,284	-9,426	-5,316
Short-Term Debt Issued	16,244	14,167	6,488	3,030
Total Debt Issued	16,244	14,167	6,488	3,030
Short-Term Debt Repaid	-15,739	-13,472	-6,563	-2,944
Long-Term Debt Repaid	-135.18	-80.98	-81.68	-67.6
Total Debt Repaid	-15,874	-13,553	-6,645	-3,012
Net Debt Issued (Repaid)	369.75	614.51	-156.67	18.44
Issuance of Common Stock	3.32	9.75	71.41	-
Repurchase of Common Stock	-	-	-225.4	-
Common Dividends Paid	-8,435	-7,646	-5,059	-1,912
Financing Cash Flow	-8,062	-7,022	-5,370	-1,893
Foreign Exchange Rate Adjustments	81.89	55.54	387.82	-59.15
Net Cash Flow	-1,459	-3,945	-2,367	4,132
Free Cash Flow	4,616	12,591	7,848	8,938
Free Cash Flow Growth	-63.34%	60.43%	-12.19%	44.32%
Free Cash Flow Margin	10.76%	29.51%	23.61%	30.10%
Free Cash Flow Per Share	0.41	1.12	0.70	0.80
Cash Interest Paid	91.59	99.7	76.05	52.84
Cash Income Tax Paid	4,041	3,396	2,308	2,035
Levered Free Cash Flow	2,153	10,007	6,984	7,183
Unlevered Free Cash Flow	2,210	10,069	7,032	7,216
Change in Working Capital	-2,935	3,199	1,409	1,682

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