Tsinghua Tongfang 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	290.04	140.62	-764.91	-771.53	-1,879
Depreciation & Amortization	854.04	468.92	779.13	836.86	860.29
Other Amortization	17.1	326.27	21.15	28.9	53.58
Loss (Gain) From Sale of Assets	-39	-13.22	7.34	-28.23	1.63
Asset Writedown & Restructuring Costs	367.96	8.73	162.8	158.89	186.87
Loss (Gain) From Sale of Investments	-763.71	-818.85	-12.12	-288.02	431.36
Provision & Write-off of Bad Debts	-	349.81	276.54	218.22	628.63
Other Operating Activities	523.36	667.14	1,016	1,169	1,381
Change in Accounts Receivable	367.35	-932.45	-3,124	-1,353	-1,282
Change in Inventory	63.21	811.14	-818.29	-447.97	273.55
Change in Accounts Payable	-163.19	-359.99	3,027	602.42	-1,059
Change in Other Net Operating Assets	5.74	3.69	-	-	-
Operating Cash Flow	1,417	583.4	145.11	47.76	-611.13
Operating Cash Flow Growth	142.94%	302.03%	203.86%	-	-
Capital Expenditures	-502.89	-631.98	-706.3	-794.53	-908.51
Sale of Property, Plant & Equipment	6.86	18	43.81	48.21	46.96
Cash Acquisitions	-	-	-6.93	70.15	-
Divestitures	6.12	1,323	606.11	1,210	456.57
Investment in Securities	1,532	1,496	897.88	2,298	500.93
Other Investing Activities	117.66	220.19	114.36	184.71	589.94
Investing Cash Flow	1,160	2,425	948.93	3,016	685.9
Long-Term Debt Issued	10,900	11,125	23,977	16,234	14,663
Total Debt Issued	10,900	11,125	23,977	16,234	14,663
Long-Term Debt Repaid	-12,260	-14,840	-23,718	-21,946	-14,621
Total Debt Repaid	-12,260	-14,840	-23,718	-21,946	-14,621
Net Debt Issued (Repaid)	-1,360	-3,714	259.11	-5,712	41.97
Issuance of Common Stock	-	-	-	-	2,496
Common Dividends Paid	-457.21	-500.84	-857.51	-1,141	-1,271
Other Financing Activities	-144.87	561.14	-179.78	-772.5	32.33
Financing Cash Flow	-1,962	-3,654	-778.18	-7,625	1,299
Foreign Exchange Rate Adjustments	-36.73	-28.97	-13.92	149.4	-96.29
Net Cash Flow	579	-674.53	301.95	-4,412	1,278
Free Cash Flow	914.41	-48.59	-561.18	-746.77	-1,520
Free Cash Flow Margin	6.07%	-0.29%	-1.95%	-3.14%	-5.34%
Free Cash Flow Per Share	0.27	-0.01	-0.17	-0.22	-0.49
Cash Income Tax Paid	591.95	640	1,016	497.95	626.91
Levered Free Cash Flow	1,735	1,197	-193.29	-2,089	-4,998
Unlevered Free Cash Flow	1,735	1,542	264.62	-1,467	-4,261
Change in Working Capital	167.51	-546.02	-1,341	-1,276	-2,276

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