Liaoning Shidai Wanheng Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-147.47	-131.82	19.38	60.62	51.24	-13.38
Depreciation & Amortization	23.23	23.23	24.22	23.83	26.34	28.6
Other Amortization	1.07	1.07	1.08	0.2	0.15	0.16
Loss (Gain) From Sale of Assets	0.06	0.06	-0.24	0.01	-0.19	-0.01
Asset Writedown & Restructuring Costs	50.16	50.16	0.01	0.03	32.28	21.96
Loss (Gain) From Sale of Investments	5.74	5.74	4.26	-1.77	13.86	39.89
Provision & Write-off of Bad Debts	-6.4	-6.4	0.01	3.08	10.81	4.13
Other Operating Activities	57.05	76.32	4.04	6.1	26.55	45.24
Change in Accounts Receivable	68.81	68.81	34.52	-7.8	70.42	-27.15
Change in Inventory	21.78	21.78	-16.29	137.92	-17.5	-90.04
Change in Accounts Payable	-42.59	-42.59	-22.73	-292.62	1.03	263.99
Operating Cash Flow	30.26	65.18	47.92	-70.1	213.97	272.97
Operating Cash Flow Growth	-7.11%	36.03%	-	-	-21.62%	-
Capital Expenditures	-1	-1.37	-3.72	-16.73	-21.15	-20.07
Sale of Property, Plant & Equipment	0	0	0.41	0.16	0.25	-
Investment in Securities	-106.4	23.6	-243.6	-10	-20	59.83
Other Investing Activities	45.55	5.97	1.27	4.11	0.91	0.84
Investing Cash Flow	-61.86	28.2	-245.64	-22.46	-39.99	40.6
Short-Term Debt Issued	-	1.02	0.65	-	-	-
Long-Term Debt Issued	-	-	-	-	-	100
Total Debt Issued	-0.65	1.02	0.65	-	-	100
Short-Term Debt Repaid	-	-	-	-	-	-132.44
Long-Term Debt Repaid	-	-0.26	-0.63	-0.7	-0.48	-25.16
Total Debt Repaid	-0.26	-0.26	-0.63	-0.7	-0.48	-157.6
Net Debt Issued (Repaid)	-0.91	0.76	0.02	-0.7	-0.48	-57.6
Common Dividends Paid	-	-	-	-	-	-3.97
Other Financing Activities	0.07	-	-	237.66	-46.14	-216.85
Financing Cash Flow	-0.84	0.76	0.02	236.96	-46.62	-278.42
Foreign Exchange Rate Adjustments	-0.85	0.19	1.73	0.82	4.88	-1.85
Net Cash Flow	-33.28	94.34	-195.97	145.21	132.24	33.29
Free Cash Flow	29.26	63.81	44.2	-86.83	192.82	252.9
Free Cash Flow Growth	-2.35%	44.37%	-	-	-23.76%	-
Free Cash Flow Margin	7.46%	16.65%	11.03%	-13.28%	20.60%	32.39%
Free Cash Flow Per Share	0.11	0.22	0.16	-0.30	0.64	0.94
Cash Income Tax Paid	12.91	12.53	8.79	6.87	-64.78	-28.14
Levered Free Cash Flow	22.5	38.95	36.65	-135.15	92.3	303.12
Unlevered Free Cash Flow	22.51	38.96	36.68	-135.11	92.3	305.49
Change in Working Capital	46.83	46.83	-4.84	-162.21	52.92	146.37

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