Zhewen Interactive Group 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	101.93	157.77	192.2	81.41	294.38
Depreciation & Amortization	90.98	23.54	25.51	30.47	37.06
Other Amortization	4.51	8.63	8.17	6.06	6.69
Loss (Gain) From Sale of Assets	0.21	-0.66	0.23	-0.12	-0.14
Asset Writedown & Restructuring Costs	-38.63	12.54	-	-	2.45
Loss (Gain) From Sale of Investments	-20.25	-192.48	-78.47	1.78	-53.98
Provision & Write-off of Bad Debts	-	213.07	103.65	114.12	13.49
Other Operating Activities	222.43	49.59	43.11	39.39	54.99
Change in Accounts Receivable	-221.89	281.66	-100.75	-19.41	-1,228
Change in Inventory	0.8	-15.25	-0.76	0.14	-7.22
Change in Accounts Payable	288.31	-516.63	178.83	-652.95	280.53
Operating Cash Flow	381.02	-22.31	366.34	-426.45	-601.77
Capital Expenditures	-482.21	-7.49	-15.64	-14.01	-11.41
Sale of Property, Plant & Equipment	0.32	0.72	0.12	0.34	11.55
Cash Acquisitions	-89.91	0.46	-1.03	1.57	-3.3
Divestitures	5.35	-	5.84	58.91	177.17
Investment in Securities	-24.15	-463.35	-477.66	-249.09	27.89
Other Investing Activities	10.76	18.33	-	-	3.97
Investing Cash Flow	-579.84	-451.33	-488.06	-206.68	200.88
Short-Term Debt Issued	-	2,388	1,608	1,988	2,000
Long-Term Debt Issued	3,479	-	-	-	-
Total Debt Issued	3,479	2,388	1,608	1,988	2,000
Short-Term Debt Repaid	-	-2,071	-1,665	-1,815	-1,510
Long-Term Debt Repaid	-2,807	-23.17	-21.51	-25.48	-32.71
Total Debt Repaid	-2,807	-2,094	-1,687	-1,840	-1,543
Net Debt Issued (Repaid)	672.42	293.84	-79.44	147.87	457.62
Issuance of Common Stock	-	-	828.79	-	19.69
Repurchase of Common Stock	-	-	-11.72	-	-2.08
Common Dividends Paid	-50.62	-113.25	-35.07	-42.94	-39.02
Other Financing Activities	-170.37	-50.08	-37.7	2.34	42.05
Financing Cash Flow	451.43	130.5	664.86	107.27	478.26
Foreign Exchange Rate Adjustments	-3.27	0.07	0.05	0.25	0.27
Net Cash Flow	249.34	-343.07	543.19	-525.61	77.64
Free Cash Flow	-101.19	-29.81	350.7	-440.46	-613.19
Free Cash Flow Margin	-1.21%	-0.39%	3.24%	-2.99%	-4.29%
Free Cash Flow Per Share	-0.07	-0.02	0.26	-0.33	-0.46
Cash Income Tax Paid	62.48	86.13	131.43	75.64	57.95
Levered Free Cash Flow	55.77	-186.46	300.9	-430.62	-915.52
Unlevered Free Cash Flow	55.77	-156.67	332.02	-397.4	-885.81
Change in Working Capital	19.84	-294.32	71.94	-699.56	-956.73

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