Shanghai Belling 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	236.23	395.53	-60.22	399.03	729.3
Depreciation & Amortization	38.65	46.18	43.92	28.34	22.72
Other Amortization	11.66	2.71	1.42	1.29	0.76
Loss (Gain) From Sale of Assets	-2.02	-0.34	-0.03	-0.01	0
Asset Writedown & Restructuring Costs	23.48	10.22	1.11	-1.6	-4.29
Loss (Gain) From Sale of Investments	-67.38	-125.91	270.84	-62.06	-348.33
Provision & Write-off of Bad Debts	3.04	0.67	0.53	0.01	-0.03
Other Operating Activities	25.61	0.4	-12.1	-34.31	-23.93
Change in Accounts Receivable	81.73	-296.33	-121.49	-214.71	28.13
Change in Inventory	-187.24	-120.38	-75.57	-261.58	-108.03
Change in Accounts Payable	81.86	198.77	113.01	-90.38	85.19
Change in Other Net Operating Assets	-	5.35	8.25	32.46	15.48
Operating Cash Flow	251.67	93.57	115.94	-203.91	385.34
Operating Cash Flow Growth	168.98%	-19.30%	-	-	410.74%
Capital Expenditures	-43.84	-27.22	-27.29	-35.88	-10.01
Sale of Property, Plant & Equipment	0.18	0.08	0.93	0.12	0.01
Cash Acquisitions	-	-	-	-128.63	-
Investment in Securities	-352.73	-136.27	29	279.5	-32.52
Other Investing Activities	498.11	220.21	63.09	175.8	17.76
Investing Cash Flow	101.72	56.79	65.73	290.91	-24.76
Short-Term Debt Issued	-	-	5	-	2.5
Total Debt Issued	-	-	5	-	2.5
Short-Term Debt Repaid	-	-	-5	-	-5
Total Debt Repaid	-	-	-5	-	-5
Net Debt Issued (Repaid)	-	-	-	-	-2.5
Issuance of Common Stock	-	-	-	-	67.31
Repurchase of Common Stock	-	-20.17	-2.54	-4.08	-1.59
Common Dividends Paid	-120.52	-70.89	-142.46	-142.44	-92.75
Other Financing Activities	-13.25	-14.58	-14.85	-108.31	-29.63
Financing Cash Flow	-133.77	-105.64	-159.85	-254.82	-59.16
Foreign Exchange Rate Adjustments	-5.46	1.25	0.23	6.07	-2.95
Net Cash Flow	214.17	45.97	22.05	-161.75	298.48
Free Cash Flow	207.83	66.34	88.65	-239.79	375.33
Free Cash Flow Growth	213.28%	-25.16%	-	-	561.90%
Free Cash Flow Margin	6.55%	2.35%	4.15%	-11.73%	18.54%
Free Cash Flow Per Share	0.29	0.09	0.13	-0.34	0.53
Cash Income Tax Paid	55.74	40.61	42.79	99.73	92.24
Levered Free Cash Flow	52.11	-164.74	-27.99	-146.45	287.29
Unlevered Free Cash Flow	53.29	-163.39	-26.51	-145.54	288.32
Change in Working Capital	-17.59	-235.9	-129.53	-534.62	9.14

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