Beijing Bashi Media 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	-21.95	20.71	16.98	85.98	132.74
Depreciation & Amortization	324.05	315.09	305.15	249.26	263.61
Other Amortization	20.16	28.55	26.34	23.07	18.32
Loss (Gain) From Sale of Assets	-1.47	1.05	-7.01	-3.42	-3.98
Asset Writedown & Restructuring Costs	25.32	3.37	13.81	0.08	-0.21
Loss (Gain) From Sale of Investments	38.22	16.14	2.19	-2.24	3.07
Provision & Write-off of Bad Debts	-	24.36	22.93	-1.27	6.41
Other Operating Activities	34.92	87.52	102.47	118.7	141.9
Change in Accounts Receivable	128.17	32.06	-161.72	104.63	-9.5
Change in Inventory	20.2	-45.32	-12.68	-23.32	130.02
Change in Accounts Payable	52.74	-14.14	137.04	-0.41	-195.39
Operating Cash Flow	602.71	457.47	440.63	553.45	492.27
Operating Cash Flow Growth	31.75%	3.82%	-20.38%	12.43%	22.09%
Capital Expenditures	-139.25	-281.25	-282.24	-220.08	-158.61
Sale of Property, Plant & Equipment	20.73	13.91	36.72	18.2	24.98
Cash Acquisitions	-	-	-	35.26	-
Divestitures	-	0.24	-	-	-
Investment in Securities	-	-	-	-	-23.49
Other Investing Activities	3.62	0.49	-1.98	0.75	1.51
Investing Cash Flow	-114.9	-266.62	-247.5	-165.87	-155.61
Short-Term Debt Issued	-	-	-	672.14	480.18
Long-Term Debt Issued	1,083	1,825	1,952	-	24.39
Total Debt Issued	1,083	1,825	1,952	672.14	504.58
Short-Term Debt Repaid	-	-1.35	-131.16	-495.98	-497.3
Long-Term Debt Repaid	-1,259	-1,957	-1,976	-274.02	-243.59
Total Debt Repaid	-1,259	-1,958	-2,108	-770	-740.88
Net Debt Issued (Repaid)	-176.17	-133.09	-155.29	-97.86	-236.31
Common Dividends Paid	-49.42	-42.54	-107.94	-100.79	-98.39
Other Financing Activities	-202.77	-31.82	-24.9	-25.12	-1.68
Financing Cash Flow	-428.36	-207.45	-288.12	-223.77	-336.37
Net Cash Flow	59.45	-16.59	-94.99	163.81	0.29
Free Cash Flow	463.46	176.22	158.39	333.38	333.66
Free Cash Flow Growth	163.00%	11.26%	-52.49%	-0.08%	28.51%
Free Cash Flow Margin	11.86%	3.90%	3.28%	9.38%	7.74%
Free Cash Flow Per Share	0.58	0.26	0.19	0.43	0.43
Cash Income Tax Paid	101.61	107.39	123.84	75.7	176.1
Levered Free Cash Flow	387.96	-65.68	327.4	177.14	-3.96
Unlevered Free Cash Flow	387.96	-35.78	353.65	197.55	17.37
Change in Working Capital	183.46	-39.33	-42.21	83.28	-69.6

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