Kweichow Moutai Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	90,027	86,228	74,734	62,717	52,460	46,697
Depreciation & Amortization	2,010	2,010	1,921	1,677	1,571	1,306
Other Amortization	75.1	75.1	16.89	11.49	10.69	10.56
Loss (Gain) From Sale of Assets	6.9	6.9	-1.15	-0.21	11.92	0.1
Asset Writedown & Restructuring Costs	-	-	-	20.78	-	-
Loss (Gain) From Sale of Investments	-70.46	-70.46	-36.31	-63.72	-55.93	-5.19
Provision & Write-off of Bad Debts	-	-	-0.87	-0.42	13.07	74.42
Other Operating Activities	-6,891	3,132	2,812	2,686	3,274	2,823
Change in Accounts Receivable	1,761	1,761	-3,465	-15,052	504.31	-504.01
Change in Inventory	-7,908	-7,908	-7,611	-5,430	-4,525	-3,584
Change in Accounts Payable	8,066	8,066	-591.51	-8,645	11,881	4,945
Operating Cash Flow	86,239	92,464	66,593	36,699	64,029	51,669
Operating Cash Flow Growth	41.35%	38.85%	81.46%	-42.68%	23.92%	14.29%
Capital Expenditures	-4,087	-4,679	-2,620	-5,307	-3,409	-2,090
Sale of Property, Plant & Equipment	0.73	0.72	24.95	0.36	2.46	0.5
Investment in Securities	-2,636	2,805	-7,268	-210	-2,144	294.91
Other Investing Activities	119.15	87.93	138.3	-20.64	-12.2	-10.86
Investing Cash Flow	-6,603	-1,785	-9,724	-5,537	-5,562	-1,805
Long-Term Debt Repaid	-	-110.48	-122.32	-54.33	-88.12	-
Total Debt Repaid	-110.48	-110.48	-122.32	-54.33	-88.12	-
Net Debt Issued (Repaid)	-110.48	-110.48	-122.32	-54.33	-88.12	-
Common Dividends Paid	-64,672	-68,787	-32,549	-54,751	-24,236	-21,387
Other Financing Activities	-10,540	-2,170	-2,217	-2,619	-2,240	-2,741
Financing Cash Flow	-75,322	-71,068	-58,889	-57,425	-26,564	-24,128
Foreign Exchange Rate Adjustments	1.73	-1.08	1.72	0.91	-2.03	0.38
Net Cash Flow	4,316	19,610	-2,019	-26,262	31,900	25,737
Free Cash Flow	82,152	87,785	63,973	31,392	60,620	49,579
Free Cash Flow Growth	42.96%	37.22%	103.79%	-48.22%	22.27%	17.87%
Free Cash Flow Margin	46.00%	51.37%	43.31%	25.30%	57.09%	52.23%
Free Cash Flow Per Share	65.48	69.88	50.92	24.99	48.26	39.46
Cash Interest Paid	136.78	97.06	142.9	79.23	163.46	107.24
Cash Income Tax Paid	79,446	77,056	66,682	62,010	44,610	41,623
Levered Free Cash Flow	51,553	63,746	50,384	31,091	52,227	40,008
Unlevered Free Cash Flow	51,667	63,821	50,463	31,164	52,344	40,078
Change in Working Capital	1,069	1,069	-12,802	-30,349	6,744	762.6

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