Anhui Hwasu 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	-153.66	-428.76	30.17	422.28	785.44
Depreciation & Amortization	668.25	647.88	659.04	640.47	635.31
Other Amortization	8.77	5.53	4.99	5.72	6.55
Loss (Gain) From Sale of Assets	0	0.08	0.01	-	-0.01
Asset Writedown & Restructuring Costs	48.71	46.38	-	-2.59	17.1
Loss (Gain) From Sale of Investments	1.59	1.33	1.37	-7.84	-
Provision & Write-off of Bad Debts	-	0.98	1.09	0.16	-0.34
Other Operating Activities	3.35	45.8	29.02	77.81	79.15
Change in Accounts Receivable	-25.05	-469.56	-397.23	-354.58	114.17
Change in Inventory	18.34	-53.22	107.65	17.6	-164.27
Change in Accounts Payable	-319.23	531.42	227.94	239.71	-263.54
Change in Other Net Operating Assets	-0.59	-19.93	-15.64	23.89	-3.15
Operating Cash Flow	240.67	261.64	583.54	1,000	1,233
Operating Cash Flow Growth	-8.01%	-55.16%	-41.67%	-18.84%	5.01%
Capital Expenditures	-369.75	-1,320	-679.88	-533.74	-132.52
Sale of Property, Plant & Equipment	0.95	1.1	0.1	2.59	0.04
Investment in Securities	-3	-3	-2	-10	-
Other Investing Activities	4.14	4.21	2.55	13.16	2.81
Investing Cash Flow	-367.66	-1,317	-679.23	-528	-129.67
Short-Term Debt Issued	-	-	70	-	244
Long-Term Debt Issued	81	1,033	338.5	-	-
Total Debt Issued	81	1,033	408.5	-	244
Short-Term Debt Repaid	-	-	-	-	-1,659
Long-Term Debt Repaid	-386.69	-134.89	-80	-738.54	-
Total Debt Repaid	-386.69	-134.89	-80	-738.54	-1,659
Net Debt Issued (Repaid)	-305.69	897.86	328.5	-738.54	-1,415
Issuance of Common Stock	198.94	-	-	-	1,413
Common Dividends Paid	-24.83	-33.09	-132.65	-286.61	-73.69
Dividends Paid	-24.83	-33.09	-132.65	-286.61	-73.69
Other Financing Activities	-66.2	-	-	-	-
Financing Cash Flow	-197.77	864.77	195.85	-1,025	-76.23
Net Cash Flow	-324.76	-190.8	100.17	-552.72	1,027
Free Cash Flow	-129.07	-1,058	-96.33	466.68	1,100
Free Cash Flow Growth	-	-	-	-57.58%	14.05%
Free Cash Flow Margin	-2.77%	-20.68%	-1.73%	6.93%	16.32%
Free Cash Flow Per Share	-0.03	-0.30	-0.03	0.13	0.35
Cash Income Tax Paid	274.87	304.8	360.62	506.73	566.5
Levered Free Cash Flow	-413.38	-252.6	289.48	714.26	864.9
Unlevered Free Cash Flow	-413.38	-252.21	291.37	721.23	916.14
Change in Working Capital	-336.34	-57.57	-142.16	-135.59	-290.52

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