Tsingtao Brewery Company 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	4,588	4,345	4,268	3,711	3,155
Depreciation & Amortization	1,154	1,103	1,072	1,028	1,069
Other Amortization	148.16	137.34	109.76	97.05	75.15
Loss (Gain) From Sale of Assets	-110.63	-4.27	-178.58	9.52	-481.51
Asset Writedown & Restructuring Costs	17.82	35.75	79.53	26.12	189.06
Loss (Gain) From Sale of Investments	-179.42	-317.32	-402.3	-334.26	-439.5
Stock-Based Compensation	0.2	24.34	84.71	177.13	245.43
Provision & Write-off of Bad Debts	0.47	0.24	-0.68	-0.25	2.09
Other Operating Activities	-644.1	-753.41	-679.24	-714.27	-576.8
Change in Accounts Receivable	-175.75	-154.66	-204.83	-106.27	25.27
Change in Inventory	340.42	-39.57	607.29	-662.01	-219.59
Change in Accounts Payable	-514.13	669.4	-2,210	1,691	3,376
Operating Cash Flow	4,593	5,155	2,778	4,879	6,043
Operating Cash Flow Growth	-10.91%	85.58%	-43.07%	-19.27%	22.00%
Capital Expenditures	-2,253	-2,141	-1,618	-1,780	-1,635
Sale of Property, Plant & Equipment	147.73	199.75	722.37	42.14	33.03
Investment in Securities	-1,967	-6,624	-3,295	-1,112	-9,185
Other Investing Activities	825.69	1,143	727.5	651.16	536.9
Investing Cash Flow	-3,247	-7,422	-3,463	-2,199	-10,250
Short-Term Debt Issued	-	-	-	228.83	251.37
Total Debt Issued	-	-	-	228.83	251.37
Short-Term Debt Repaid	-	-	-	-270.96	-701.57
Long-Term Debt Repaid	-50.58	-59.53	-276.13	-55.26	-56.29
Total Debt Repaid	-50.58	-59.53	-276.13	-326.22	-757.86
Net Debt Issued (Repaid)	-50.58	-59.53	-276.13	-97.39	-506.49
Issuance of Common Stock	-	-	-	-	6.23
Repurchase of Common Stock	-0	-	-0.51	-2.43	-
Common Dividends Paid	-2,989	-2,743	-2,478	-1,511	-1,043
Other Financing Activities	-64.87	-181.09	-113.45	-64.69	-69.98
Financing Cash Flow	-3,104	-2,983	-2,868	-1,676	-1,614
Foreign Exchange Rate Adjustments	-0.38	4.19	5.68	22.17	-9.09
Net Cash Flow	-1,759	-5,246	-3,548	1,026	-5,829
Free Cash Flow	2,339	3,014	1,160	3,099	4,408
Free Cash Flow Growth	-22.38%	159.83%	-62.57%	-29.71%	20.50%
Free Cash Flow Margin	7.20%	9.38%	3.42%	9.63%	14.61%
Free Cash Flow Per Share	1.72	2.21	0.85	2.28	3.25
Cash Income Tax Paid	6,160	5,638	6,222	5,630	5,334
Levered Free Cash Flow	1,415	2,326	1,373	2,182	3,753
Unlevered Free Cash Flow	1,423	2,340	1,383	2,188	3,772
Change in Working Capital	-381.93	583.53	-1,576	878.67	2,805

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.