Deluxe Family 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	-76.84	-34.42	57.97	76.49	96.31
Depreciation & Amortization	9.73	11.36	12.6	14.87	16.88
Other Amortization	3.23	3.04	3.04	4.7	8.42
Loss (Gain) From Sale of Assets	-0.04	0.13	-1.73	-0.56	-7.68
Asset Writedown & Restructuring Costs	27.55	-0	26.43	2.75	5.93
Loss (Gain) From Sale of Investments	6.01	-0.03	-21.91	-124.43	-156.75
Provision & Write-off of Bad Debts	-	-0.05	2	-0.01	-0.07
Other Operating Activities	-0.01	12.59	39.28	21.08	30.1
Change in Accounts Receivable	-111.26	7.49	-157.48	48.89	39.2
Change in Inventory	-95.24	-113.33	-2.91	-76.33	195.09
Change in Accounts Payable	331.29	-128.89	-305.21	-131.68	-501.77
Change in Other Net Operating Assets	-2.41	18.35	-	-	-
Operating Cash Flow	92.1	-223.69	-347.3	-165.28	-271.52
Capital Expenditures	-0.06	-0.44	-0.07	-85.26	-2.31
Sale of Property, Plant & Equipment	0.06	0.09	2.69	0.63	1.08
Investment in Securities	-220.25	14.68	0.13	1,602	6.23
Other Investing Activities	90.04	-89.94	96.06	56.22	0.01
Investing Cash Flow	-130.21	-75.61	98.81	1,573	5.02
Short-Term Debt Issued	-	163.27	-	32	-
Long-Term Debt Issued	55	430	-	-	28
Total Debt Issued	55	593.27	-	32	28
Short-Term Debt Repaid	-	-255.39	-	-69.3	-
Long-Term Debt Repaid	-21.86	-160.55	-295	-0.55	-110.73
Total Debt Repaid	-21.86	-415.94	-295	-69.85	-110.73
Net Debt Issued (Repaid)	33.14	177.33	-295	-37.85	-82.73
Common Dividends Paid	-7.65	-7.74	-2.71	-31.47	-46.72
Other Financing Activities	-20.15	28.42	17.95	-	-
Financing Cash Flow	5.33	198	-279.77	-69.32	-129.45
Net Cash Flow	-32.78	-101.3	-528.26	1,339	-395.95
Free Cash Flow	92.04	-224.14	-347.37	-250.54	-273.83
Free Cash Flow Margin	24.22%	-63.53%	-215.12%	-118.48%	-52.17%
Free Cash Flow Per Share	0.06	-0.14	-0.22	-0.16	-0.17
Cash Income Tax Paid	37.35	352.69	215.78	51.06	133.42
Levered Free Cash Flow	358.14	-544.65	-355.24	-240.66	-371.07
Unlevered Free Cash Flow	358.14	-540.72	-354.02	-226	-348.12
Change in Working Capital	122.47	-216.31	-464.98	-160.16	-264.66

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