AVIC Heavy Machinery 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	747.36	639.73	1,338	1,200	890.64
Depreciation & Amortization	611.9	545.88	403.13	298.55	303.96
Other Amortization	3.09	51.26	30.98	2.58	1.58
Loss (Gain) From Sale of Assets	0.52	-0.25	-1.58	-0.08	0.88
Asset Writedown & Restructuring Costs	128.11	2.95	17.42	1.26	15.43
Loss (Gain) From Sale of Investments	-47.74	25.13	-11.05	10.96	-150.52
Provision & Write-off of Bad Debts	-	-321.69	86.94	233.95	177.03
Other Operating Activities	207.81	380.44	321.03	278.22	347.19
Change in Accounts Receivable	-1,723	-1,576	-3,530	-3,353	-568.97
Change in Inventory	-895.64	-897.18	-485.85	-130.89	-187.62
Change in Accounts Payable	-212.82	1,017	2,547	2,254	739.06
Change in Other Net Operating Assets	20.81	11.37	-18.35	5.62	-
Operating Cash Flow	-1,167	-78.69	700.47	774.38	1,518
Operating Cash Flow Growth	-	-	-9.54%	-48.97%	130.48%
Capital Expenditures	-834.33	-1,015	-1,193	-877.8	-619.69
Sale of Property, Plant & Equipment	1.01	0.89	52.35	0.87	1.38
Cash Acquisitions	-	-	-1,054	-	-
Divestitures	170.12	4.98	-	-	17.27
Investment in Securities	-200	-	-11.49	-50.96	29.17
Other Investing Activities	15.31	2.82	24.32	10.34	162.94
Investing Cash Flow	-847.89	-1,007	-2,182	-917.55	-281.41
Short-Term Debt Issued	-	-	30	-	-
Long-Term Debt Issued	2,625	2,389	3,833	590.54	1,055
Total Debt Issued	2,625	2,389	3,863	590.54	1,055
Long-Term Debt Repaid	-2,457	-2,472	-2,711	-734.84	-1,234
Total Debt Repaid	-2,457	-2,472	-2,711	-734.84	-1,234
Net Debt Issued (Repaid)	168.18	-82.29	1,152	-144.29	-178.64
Issuance of Common Stock	-	1,939	59.3	-	2,192
Common Dividends Paid	-221.2	-455.62	-275.13	-280.39	-151.93
Other Financing Activities	206.48	-450.83	42.32	159.76	-18.28
Financing Cash Flow	153.47	950.27	978.43	-264.93	1,843
Foreign Exchange Rate Adjustments	-7.19	3.19	2.99	12.12	-4.38
Net Cash Flow	-1,868	-132	-500.3	-395.98	3,075
Free Cash Flow	-2,001	-1,094	-492.52	-103.41	897.91
Free Cash Flow Growth	-	-	-	-	338.43%
Free Cash Flow Margin	-19.79%	-10.57%	-4.25%	-0.98%	10.21%
Free Cash Flow Per Share	-1.28	-0.73	-0.34	-0.07	0.65
Cash Income Tax Paid	594.68	583.27	705.72	347.04	269.79
Levered Free Cash Flow	-1,993	-1,849	-783.97	-72.04	1,109
Unlevered Free Cash Flow	-1,993	-1,785	-720.56	-15.05	1,183
Change in Working Capital	-2,818	-1,402	-1,485	-1,251	-68.59

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