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 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	82,715	82,320	86,228	74,734	62,717	52,460
Depreciation & Amortization	2,147	2,147	2,065	1,921	1,677	1,571
Other Amortization	111.92	111.92	20.19	16.89	11.49	10.69
Loss (Gain) From Sale of Assets	2.38	2.38	6.9	-1.15	-0.21	11.92
Asset Writedown & Restructuring Costs	-	-	-	-	20.78	-
Loss (Gain) From Sale of Investments	-70.5	-70.5	-70.46	-36.31	-63.72	-55.93
Provision & Write-off of Bad Debts	-0	-0	-	-0.87	-0.42	13.07
Other Operating Activities	20,723	3,017	3,132	2,812	2,686	3,274
Change in Accounts Receivable	-10,984	-10,984	1,761	-3,465	-15,052	504.31
Change in Inventory	-7,084	-7,084	-7,908	-7,611	-5,430	-4,525
Change in Accounts Payable	-6,806	-6,806	8,066	-591.51	-8,645	11,881
Operating Cash Flow	79,623	61,522	92,464	66,593	36,699	64,029
Operating Cash Flow Growth	-13.53%	-33.46%	38.85%	81.46%	-42.68%	23.92%
Capital Expenditures	-2,831	-3,128	-4,679	-2,620	-5,307	-3,409
Sale of Property, Plant & Equipment	0.16	0.16	0.72	24.95	0.36	2.46
Investment in Securities	-2,687	-28,642	2,805	-7,268	-210	-2,144
Other Investing Activities	139.39	127.4	87.93	138.3	-20.64	-12.2
Investing Cash Flow	-5,379	-31,642	-1,785	-9,724	-5,537	-5,562
Long-Term Debt Repaid	-	-61.77	-110.48	-122.32	-54.33	-88.12
Total Debt Repaid	-61.77	-61.77	-110.48	-122.32	-54.33	-88.12
Net Debt Issued (Repaid)	-61.77	-61.77	-110.48	-122.32	-54.33	-88.12
Repurchase of Common Stock	-6,121	-6,121	-	-	-	-
Common Dividends Paid	-64,672	-64,672	-68,787	-32,549	-54,751	-24,236
Other Financing Activities	-1,971	-2,573	-2,170	-2,217	-2,619	-2,240
Financing Cash Flow	-72,825	-73,427	-71,068	-58,889	-57,425	-26,564
Foreign Exchange Rate Adjustments	0.76	2.3	-1.08	1.72	0.91	-2.03
Net Cash Flow	1,420	-43,544	19,610	-2,019	-26,262	31,900
Free Cash Flow	76,792	58,395	87,785	63,973	31,392	60,620
Free Cash Flow Growth	-12.04%	-33.48%	37.22%	103.79%	-48.22%	22.27%
Free Cash Flow Margin	44.61%	34.59%	51.37%	43.31%	25.30%	57.09%
Free Cash Flow Per Share	61.30	46.58	69.88	50.92	24.99	48.26
Cash Interest Paid	133.66	141.08	97.06	142.9	79.23	163.46
Cash Income Tax Paid	79,293	77,431	77,056	66,682	62,010	44,610
Levered Free Cash Flow	55,268	78,477	41,714	63,512	49,985	34,957
Unlevered Free Cash Flow	55,400	78,605	41,789	63,590	50,059	35,074
Change in Working Capital	-25,985	-25,985	1,069	-12,802	-30,349	6,744

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