JF SmartInvest 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	921.83	272.37	190.72	460.55	232.18
Depreciation & Amortization	95.18	88.91	70.77	48.97	30.68
Other Amortization	3.2	1.94	2.19	0.76	12.58
Loss (Gain) From Sale of Assets	-0.37	-0.02	-0.02	-0.01	-9.06
Loss (Gain) From Sale of Investments	-213.56	64.32	-15.35	-25.95	-22.42
Loss (Gain) on Equity Investments	1.91	-	-	-	-
Stock-Based Compensation	100.7	78.09	128.91	-	-
Provision & Write-off of Bad Debts	-0.71	-1.45	2.16	-	-
Other Operating Activities	-13.09	-6.75	-9.17	-43.48	46.25
Change in Inventory	-35.36	-	-	-	-
Change in Unearned Revenue	40.93	799.58	112.17	-87.84	320.44
Change in Other Net Operating Assets	-76.42	330.83	-38.39	-115.08	-14.49
Operating Cash Flow	824.25	1,628	443.98	237.92	596.15
Operating Cash Flow Growth	-49.36%	266.64%	86.61%	-60.09%	91.36%
Capital Expenditures	-56.7	-7.66	-11.79	-9.78	-14.47
Sale of Property, Plant & Equipment	0.72	0.06	0.04	0.03	15.29
Cash Acquisitions	-104.05	-51.77	-63.55	-	-
Investment in Securities	-1,084	234.96	-570.04	114.28	-380.46
Other Investing Activities	-23.29	18.03	13	-	-
Investing Cash Flow	-1,267	193.61	-632.34	104.53	-379.64
Long-Term Debt Repaid	-83.72	-77.68	-60.89	-29.42	-24.77
Net Debt Issued (Repaid)	-83.72	-77.68	-60.89	-29.42	-24.77
Issuance of Common Stock	705.04	-	904.19	-	-
Repurchase of Common Stock	-	-181.47	-	-	-
Common Dividends Paid	-337.92	-88.67	-214.86	-	-
Other Financing Activities	-1.46	-2	-47.76	-3.31	-164.63
Financing Cash Flow	281.96	-349.81	580.67	-32.73	-189.4
Foreign Exchange Rate Adjustments	-0.68	-8.82	0.57	0.03	-
Net Cash Flow	-161.51	1,463	392.88	309.75	27.1
Free Cash Flow	767.55	1,620	432.19	228.14	581.67
Free Cash Flow Growth	-52.63%	274.87%	89.44%	-60.78%	112.73%
Free Cash Flow Margin	22.38%	70.26%	21.99%	12.33%	40.06%
Free Cash Flow Per Share	1.75	3.80	1.00	0.60	1.54
Cash Interest Paid	1.46	2	1.66	2.33	1.77
Cash Income Tax Paid	200.75	32.45	12.95	59.31	24.11
Levered Free Cash Flow	767.55	1,275	332.03	25.53	532.69
Unlevered Free Cash Flow	768.46	1,276	333.06	26.98	533.8
Change in Working Capital	-70.85	1,130	73.78	-202.92	305.94

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