Gem-Year Industrial 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	242.98	130.14	-19.29	114.86	215.11
Depreciation & Amortization	160.21	161.12	171.48	146.45	132.24
Other Amortization	0.43	2.52	0.48	0.44	-
Loss (Gain) From Sale of Assets	0	0	6.66	1.81	0.27
Asset Writedown & Restructuring Costs	61.83	5.01	2.47	4.17	3.7
Loss (Gain) From Sale of Investments	-13.21	-4.79	-12.39	-1.43	-29.28
Provision & Write-off of Bad Debts	-	13.3	3.07	65.09	5.93
Other Operating Activities	8.31	15.93	67.76	-9.19	51.95
Change in Accounts Receivable	-141.68	165.19	-343.09	-88.89	-42.68
Change in Inventory	97.52	-47.61	285.22	-5.29	-444.6
Change in Accounts Payable	-65.29	116.71	214	-447.91	166.11
Change in Other Net Operating Assets	1.21	3.47	1.86	5.49	9.33
Operating Cash Flow	373.83	626.1	357.44	-248.44	90.95
Operating Cash Flow Growth	-40.29%	75.16%	-	-	-80.92%
Capital Expenditures	-90.92	-37.69	-29.62	-248.3	-395.77
Sale of Property, Plant & Equipment	0.4	1.04	6.9	3.58	2.42
Investment in Securities	-95.89	40.1	-61.85	30.81	536.56
Other Investing Activities	3.88	3.44	7.48	6.16	54.81
Investing Cash Flow	-182.53	6.88	-77.08	-207.75	198.02
Short-Term Debt Issued	-	-	-	210.05	-
Long-Term Debt Issued	30	20	-	150	-
Total Debt Issued	30	20	-	360.05	-
Short-Term Debt Repaid	-	-	-	-90	-
Long-Term Debt Repaid	-30	-20	-120.05	-9.6	-9.6
Total Debt Repaid	-30	-20	-120.05	-99.6	-9.6
Net Debt Issued (Repaid)	-	-	-120.05	260.45	-9.6
Issuance of Common Stock	-	-	-	-	21.75
Repurchase of Common Stock	-	-16.17	-6.5	-0.57	-
Common Dividends Paid	-95.52	-95.77	-97.62	-2.53	-47.96
Other Financing Activities	-	-154.24	-8	-	-
Financing Cash Flow	-95.52	-266.17	-232.17	257.36	-35.81
Foreign Exchange Rate Adjustments	-5.89	5.61	-0.66	13.52	-4.46
Net Cash Flow	89.88	372.42	47.53	-185.31	248.7
Free Cash Flow	282.91	588.41	327.83	-496.74	-304.81
Free Cash Flow Growth	-51.92%	79.49%	-	-	-
Free Cash Flow Margin	12.11%	24.83%	14.17%	-18.28%	-10.61%
Free Cash Flow Per Share	0.29	0.63	0.34	-0.52	-0.31
Cash Interest Paid	-	154.24	8	-	-
Cash Income Tax Paid	125.37	91.63	61.07	-45.17	112.3
Levered Free Cash Flow	222.47	519.29	345.3	-434.44	-231.84
Unlevered Free Cash Flow	222.47	521.46	350.39	-430.6	-231.56
Change in Working Capital	-86.72	302.29	136.54	-570.65	-288.96

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