Ginwa Enterprise (Group) 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	15.33	74.61	-42.89	33.46	-18.16
Depreciation & Amortization	19.37	19.13	37.9	29.81	27.62
Other Amortization	3.34	4.29	4.45	1.94	1.38
Loss (Gain) From Sale of Assets	-	-0.01	-	-	-
Asset Writedown & Restructuring Costs	9.79	0.65	0.19	0.17	0.1
Loss (Gain) From Sale of Investments	-16.66	-34.94	36.7	-17.06	-34.27
Provision & Write-off of Bad Debts	-	-0.94	-4.99	0.41	-1.73
Other Operating Activities	-4.78	14.25	1.08	9.4	2.18
Change in Accounts Receivable	-17.76	-34.34	15.03	-11.46	27.37
Change in Inventory	-0.67	-5.91	-1.1	9.62	4.83
Change in Accounts Payable	14.73	2.45	23.14	-8.98	32.13
Operating Cash Flow	24.77	10.86	60.55	52.58	30.59
Operating Cash Flow Growth	128.07%	-82.07%	15.16%	71.86%	-34.29%
Capital Expenditures	-124.78	-220.86	-69.12	-298.83	-12.04
Sale of Property, Plant & Equipment	0	0	0.08	0.01	0.02
Divestitures	139.02	19.58	-0.01	-	-
Investment in Securities	-0.21	24.14	16.3	399.83	-159.22
Other Investing Activities	-10.05	-15.16	190.51	128.86	18.33
Investing Cash Flow	3.97	-192.3	137.76	229.87	-152.9
Short-Term Debt Issued	-	971.53	205.41	50	-
Long-Term Debt Issued	890.1	25	-	-	-
Total Debt Issued	890.1	996.53	205.41	50	-
Short-Term Debt Repaid	-	-	-30	-50	-
Long-Term Debt Repaid	-924.62	-945.15	-182.8	-7.88	-50
Total Debt Repaid	-924.62	-945.15	-212.8	-57.88	-50
Net Debt Issued (Repaid)	-34.51	51.38	-7.39	-7.88	-50
Repurchase of Common Stock	-	-149.5	-	-	-
Common Dividends Paid	-13.47	-3.31	-3.73	-	-36.84
Other Financing Activities	-7.88	1.06	-0.1	-0.2	-
Financing Cash Flow	-55.87	-100.37	-11.22	-8.08	-86.84
Net Cash Flow	-27.13	-281.81	187.09	274.37	-209.15
Free Cash Flow	-100.01	-210	-8.57	-246.25	18.56
Free Cash Flow Growth	-	-	-	-	-48.75%
Free Cash Flow Margin	-18.38%	-35.87%	-1.52%	-42.50%	3.48%
Free Cash Flow Per Share	-0.28	-0.59	-0.02	-0.66	0.05
Cash Interest Paid	-	0.77	0.08	0.26	-
Cash Income Tax Paid	50.47	35.5	64.73	63.53	75.92
Levered Free Cash Flow	25.8	-183.98	-12.65	-314.22	22.09
Unlevered Free Cash Flow	25.8	-181.27	-9.87	-313.47	23.46
Change in Working Capital	-1.63	-66.18	28.12	-5.55	53.47

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