Time Publishing and 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	409.76	399.54	555.09	344.32	359.28
Depreciation & Amortization	62.56	73.26	67.78	74.05	77.36
Other Amortization	2.09	0.67	2	4.2	3.87
Loss (Gain) From Sale of Assets	-17.53	-57.12	-8.35	-1.18	-0.1
Asset Writedown & Restructuring Costs	0.02	-	3.17	-0.01	-0.18
Loss (Gain) From Sale of Investments	-65.52	-133.22	-82.02	-20.58	-177.86
Provision & Write-off of Bad Debts	47.45	28.97	-28.62	67.07	117.81
Other Operating Activities	55.52	24.22	79.71	-24.8	8.26
Change in Accounts Receivable	340.42	203.29	-513.53	31.65	-111.35
Change in Inventory	39.07	489.98	-272.7	83.97	-137.06
Change in Accounts Payable	-137.36	-424.09	614.81	63.45	193.39
Operating Cash Flow	730.46	709.29	326.54	621.55	333.65
Operating Cash Flow Growth	2.98%	117.21%	-47.46%	86.29%	-30.78%
Capital Expenditures	-37.49	-53.48	-51.3	-27.98	-58.06
Sale of Property, Plant & Equipment	19.55	57.12	14.95	0.34	0.62
Divestitures	-	26.04	-	-	-
Investment in Securities	-178.41	-136.77	159.29	-467.37	-380.74
Other Investing Activities	65.64	77.48	98.42	84.84	269.99
Investing Cash Flow	-130.72	-29.62	221.36	-306.17	-168.18
Short-Term Debt Issued	290.95	811.41	1,193	311.65	644.24
Total Debt Issued	290.95	811.41	1,193	311.65	644.24
Short-Term Debt Repaid	-568.91	-1,022	-720.87	-360.17	-554.86
Long-Term Debt Repaid	-3.28	-2.08	-3	-3.36	-2.47
Total Debt Repaid	-572.19	-1,024	-723.87	-363.53	-557.34
Net Debt Issued (Repaid)	-281.24	-212.66	469.02	-51.87	86.91
Common Dividends Paid	-279.17	-336.92	-131.02	-84.88	-151.67
Other Financing Activities	84.49	13.22	6.5	-26.34	-14.4
Financing Cash Flow	-475.92	-536.36	344.5	-163.1	-79.16
Foreign Exchange Rate Adjustments	2.71	-1.86	2.96	3.26	2.86
Net Cash Flow	126.53	141.45	895.35	155.53	89.17
Free Cash Flow	692.96	655.81	275.24	593.57	275.59
Free Cash Flow Growth	5.67%	138.27%	-53.63%	115.38%	-35.96%
Free Cash Flow Margin	10.40%	7.87%	3.19%	7.76%	3.49%
Free Cash Flow Per Share	1.02	0.97	0.41	0.88	0.41
Cash Income Tax Paid	74.26	162.05	83.94	126.26	102.93
Levered Free Cash Flow	633.74	570.43	490.91	165.03	199.43
Unlevered Free Cash Flow	638.04	576.79	498.21	168.46	202.77
Change in Working Capital	236.11	372.98	-262.22	178.48	-54.79

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