Liuzhou Liangmianzhen 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	-14.26	9.85	81.1	22.81	-38.59	8.66
Depreciation & Amortization	30.13	30.13	30.91	26.85	31.51	31.11
Other Amortization	3.33	3.33	1.19	1.43	1.38	1.64
Loss (Gain) From Sale of Assets	0.01	0.01	-	-	-	-0.14
Asset Writedown & Restructuring Costs	0.06	0.06	0.55	0.53	2.62	0.96
Loss (Gain) From Sale of Investments	-13.8	-13.8	-111.1	-25.73	29.61	5.96
Provision & Write-off of Bad Debts	0.15	0.15	0.69	-0.38	4	2.1
Other Operating Activities	10.41	7.71	3.95	6.9	1.35	3.48
Change in Accounts Receivable	-11.39	-11.39	-4.8	-10.45	-13.51	-50.08
Change in Inventory	32.78	32.78	-10.98	-63.5	-4.48	-38.3
Change in Accounts Payable	3.07	3.07	-0.66	78.64	27.09	-12.2
Operating Cash Flow	39.61	61.01	14.28	38.37	27.58	-54.1
Operating Cash Flow Growth	-3.47%	327.26%	-62.78%	39.12%	-	-
Capital Expenditures	-48.57	-48.26	-29.77	-26.55	-22.11	-26.2
Sale of Property, Plant & Equipment	0	-	0.01	0.36	0.19	0.52
Investment in Securities	7.38	-	-	-	-6.85	32.13
Other Investing Activities	18.85	15.99	23.35	21.1	19.53	661.52
Investing Cash Flow	-22.33	-32.27	-6.4	-5.09	-9.24	667.97
Short-Term Debt Issued	-	102	95	83	43	75
Total Debt Issued	102	102	95	83	43	75
Short-Term Debt Repaid	-	-90	-87	-44	-75	-73
Total Debt Repaid	-120	-90	-87	-44	-75	-73
Net Debt Issued (Repaid)	-18	12	8	39	-32	2
Common Dividends Paid	-17.73	-17.78	-18.76	-1.93	-2.04	-2.78
Other Financing Activities	-2.83	-2.83	-2.54	-2.26	-0.15	0.32
Financing Cash Flow	-38.56	-8.61	-13.3	34.8	-34.19	-0.46
Foreign Exchange Rate Adjustments	-0.53	-0.5	0.48	0.02	0.05	-0.42
Net Cash Flow	-21.81	19.63	-4.94	68.1	-15.8	613
Free Cash Flow	-8.96	12.75	-15.49	11.82	5.47	-80.3
Free Cash Flow Growth	-	-	-	116.16%	-	-
Free Cash Flow Margin	-0.86%	1.20%	-1.47%	1.19%	0.82%	-11.19%
Free Cash Flow Per Share	-0.02	0.02	-0.03	0.02	0.01	-0.15
Cash Income Tax Paid	35.62	37.04	29.94	38.46	16.29	33.23
Levered Free Cash Flow	-34.07	-19.1	-50.68	-9.76	-13.66	534.15
Unlevered Free Cash Flow	-32.59	-17.62	-49.22	-8.68	-12.78	534.97
Change in Working Capital	23.58	23.58	6.99	5.96	-4.31	-107.86

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