Soho Holly 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	48.27	33.41	32.64	38.52	33.22
Depreciation & Amortization	14.5	17.34	17.59	22.06	28.24
Other Amortization	9.31	4.85	2.79	1.75	1.11
Loss (Gain) From Sale of Assets	-	-27.38	-0.08	1.96	-0.22
Asset Writedown & Restructuring Costs	5.63	-4.09	0.21	2.27	9.42
Loss (Gain) From Sale of Investments	-68.14	-37.59	-48.93	-70	-68.89
Provision & Write-off of Bad Debts	7.5	5.88	41.94	20.98	3.85
Other Operating Activities	62.04	40.48	30.5	50.65	14.81
Change in Accounts Receivable	-56.55	-196.75	-10.95	-320.01	-246.01
Change in Inventory	-61.97	-136.92	-43.66	13.61	-59.52
Change in Accounts Payable	265.02	-95.75	302.45	119.34	108.92
Operating Cash Flow	228.88	-397.07	295.05	-144.31	-185.13
Capital Expenditures	-23.33	-23	-23.02	-21.93	-59.32
Sale of Property, Plant & Equipment	18.34	20.1	1.01	4.15	0.45
Divestitures	-0.82	-	-	-17.66	-
Investment in Securities	-101.18	137.41	163.2	-83.68	42.52
Other Investing Activities	15.91	16.98	28.3	-3.81	43.31
Investing Cash Flow	-91.08	151.49	169.5	-122.94	26.96
Long-Term Debt Issued	1,531	1,341	1,182	1,021	524.84
Long-Term Debt Repaid	-1,438	-1,179	-1,206	-713.32	-600.74
Net Debt Issued (Repaid)	92.74	161.55	-23.64	307.37	-75.9
Issuance of Common Stock	27.91	-	-	-	4
Common Dividends Paid	-41.86	-38.23	-35.17	-47.15	-25.93
Other Financing Activities	-32.08	-12.66	-23.39	-2.92	14.26
Financing Cash Flow	46.7	110.66	-82.19	257.3	-83.57
Foreign Exchange Rate Adjustments	-0.43	3.24	5.92	2.76	10.97
Net Cash Flow	184.07	-131.68	388.27	-7.19	-230.76
Free Cash Flow	205.55	-420.07	272.03	-166.25	-244.45
Free Cash Flow Margin	2.66%	-5.87%	4.05%	-2.70%	-4.59%
Free Cash Flow Per Share	0.83	-1.70	1.10	-0.67	-0.99
Cash Income Tax Paid	-166.71	-132.46	-123.82	-208.12	-160.38
Levered Free Cash Flow	171.72	-484.03	276.23	-197.96	-266.91
Unlevered Free Cash Flow	184.12	-474.77	283.69	-189.93	-261.55
Change in Working Capital	149.76	-429.98	218.4	-212.51	-206.66

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