Xinjiang Tianrun Dairy 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	41.48	43.66	142.03	196.47	149.67
Depreciation & Amortization	297.08	277.8	197.39	139.54	117.31
Other Amortization	4.69	1.87	1.11	1.14	0.95
Loss (Gain) From Sale of Assets	0.17	-1.11	0.95	-0.18	-0.66
Asset Writedown & Restructuring Costs	257.61	149.64	94.25	24.64	19.77
Loss (Gain) From Sale of Investments	-7.81	1.61	-0.73	-0.79	-0.1
Provision & Write-off of Bad Debts	8.32	4.08	3.1	1.76	-0.47
Other Operating Activities	18.26	67.29	61.07	25.29	17.68
Change in Accounts Receivable	13.61	9.63	150.38	-28.13	36.96
Change in Inventory	20.67	93.32	-339.97	-107.94	-117.02
Change in Accounts Payable	110.68	26.79	35.76	49.3	134.46
Operating Cash Flow	748.74	652.35	344.34	300.95	358.78
Operating Cash Flow Growth	14.78%	89.45%	14.41%	-16.12%	64.49%
Capital Expenditures	-662.36	-890.04	-917.57	-727.41	-461.74
Sale of Property, Plant & Equipment	248.7	117.3	128.46	84.5	74.76
Cash Acquisitions	-	-	-264.54	-	-86.96
Divestitures	2.04	-	-	-	-
Investment in Securities	16.54	-	-15.19	-	-
Other Investing Activities	1.2	-	-	-	0.16
Investing Cash Flow	-393.88	-772.74	-1,069	-642.91	-473.77
Long-Term Debt Issued	208.66	1,638	1,134	269	238
Total Debt Issued	208.66	1,638	1,134	269	238
Long-Term Debt Repaid	-667.37	-1,083	-522.56	-151.53	-100
Total Debt Repaid	-667.37	-1,083	-522.56	-151.53	-100
Net Debt Issued (Repaid)	-458.71	555.79	611.81	117.47	138
Issuance of Common Stock	-	-	-	-	556.16
Repurchase of Common Stock	-	-	-	-61.42	-
Common Dividends Paid	-25.99	-84.45	-71.2	-52.84	-48.6
Other Financing Activities	-9.94	-12.63	-9.7	142.36	-
Financing Cash Flow	-494.65	458.7	530.91	145.58	645.56
Net Cash Flow	-139.79	338.31	-193.59	-196.38	530.57
Free Cash Flow	86.38	-237.69	-573.23	-426.45	-102.96
Free Cash Flow Margin	3.14%	-8.48%	-21.12%	-17.70%	-4.88%
Free Cash Flow Per Share	0.25	-0.75	-1.82	-1.35	-0.38
Cash Interest Paid	0.19	0.19	0.34	-	-
Cash Income Tax Paid	65.24	11.86	77.16	52.99	68.14
Levered Free Cash Flow	-174.32	-467.32	-470.96	-622.71	-252.93
Unlevered Free Cash Flow	-155.43	-438.13	-450.94	-614.24	-248.4
Change in Working Capital	128.95	107.5	-154.84	-86.91	54.64

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