Liqun Commercial 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	-340.23	27.24	29.78	-172.83	80.21
Depreciation & Amortization	668.66	693.06	717.56	684.53	672.89
Other Amortization	88.86	87.39	95.4	99.71	93.19
Loss (Gain) From Sale of Assets	-21.48	-54.65	-13.57	-21.32	-324.81
Asset Writedown & Restructuring Costs	60.78	22.13	12.7	7.02	88.07
Loss (Gain) From Sale of Investments	-0.05	-1.66	-3.43	-2.27	-0.1
Provision & Write-off of Bad Debts	-	23.95	17.48	1.32	0.01
Other Operating Activities	323.24	324.01	331.29	357.53	286.81
Change in Accounts Receivable	523.09	-108.63	252.44	180.22	-702.62
Change in Inventory	264.07	-29.92	277.26	-639.7	-229.57
Change in Accounts Payable	-510.51	-151.78	-374.72	70.64	657.49
Change in Other Net Operating Assets	-	0.5	7.74	34.19	-
Operating Cash Flow	1,058	833.54	1,337	574.44	629.11
Operating Cash Flow Growth	26.91%	-37.67%	132.79%	-8.69%	9.68%
Capital Expenditures	-218.95	-231.69	-381.78	-726.68	-954.96
Sale of Property, Plant & Equipment	2.22	7.8	6.13	5.08	346.76
Divestitures	-	-	-23.42	2.52	-
Investment in Securities	3.15	-	-	-	-
Other Investing Activities	0.05	1.66	0.67	93.45	-604.91
Investing Cash Flow	-213.53	-222.22	-398.4	-625.63	-1,213
Long-Term Debt Issued	4,881	4,260	3,989	4,046	3,331
Long-Term Debt Repaid	-4,803	-4,077	-4,684	-3,688	-2,933
Net Debt Issued (Repaid)	77.7	183.14	-695.74	358.24	397.63
Issuance of Common Stock	-	-	-	-	103.27
Repurchase of Common Stock	-	-409.46	-	-42.1	-1.96
Common Dividends Paid	-167.03	-201.19	-267.64	-299.84	-129.92
Other Financing Activities	-563.02	2.11	4.92	0.42	34.54
Financing Cash Flow	-652.36	-425.4	-958.46	16.71	403.56
Foreign Exchange Rate Adjustments	-0.48	0.34	-0.84	-0.63	-0.96
Net Cash Flow	191.45	186.26	-20.46	-35.1	-181.41
Free Cash Flow	838.87	601.85	955.46	-152.24	-325.85
Free Cash Flow Growth	39.38%	-37.01%	-	-	-
Free Cash Flow Margin	12.39%	8.09%	12.40%	-1.94%	-4.03%
Free Cash Flow Per Share	0.99	0.44	0.64	-0.18	-0.33
Cash Income Tax Paid	308.05	287.18	273.1	140.11	403.52
Levered Free Cash Flow	707.68	175.58	38.98	-307.57	-244.21
Unlevered Free Cash Flow	707.68	380.1	242.52	-100.46	-79.61
Change in Working Capital	278.04	-287.92	150.04	-379.26	-267.16

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