Shanghai DZH 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	-43.88	-201.27	102.42	-88.31	16.05
Depreciation & Amortization	55.22	54.74	62.35	56.35	49.82
Other Amortization	2.25	6.73	2.98	1.97	1.34
Loss (Gain) From Sale of Assets	0.42	-1.75	0.03	0.38	0
Asset Writedown & Restructuring Costs	-0.28	4.35	35.2	0.01	-
Loss (Gain) From Sale of Investments	-32.67	8.51	-0.99	-0.29	-4.72
Provision & Write-off of Bad Debts	-	1.19	1.44	0.79	0.73
Other Operating Activities	4.83	0.42	33.34	1.4	4.13
Change in Accounts Receivable	6.41	-55.82	22.71	10.04	-476.62
Change in Inventory	0.34	-0.34	3.35	-3.22	-0.04
Change in Accounts Payable	29.59	20.15	-36.46	-37.63	501.06
Change in Other Net Operating Assets	-10.96	3.27	-27.68	25.39	59.89
Operating Cash Flow	11.98	-160.74	197.68	-22.54	151.41
Capital Expenditures	-16.93	-18.44	-24.55	-16.4	-22.59
Sale of Property, Plant & Equipment	0.45	0.49	0.14	0.05	0.08
Cash Acquisitions	-	-	-	-51.98	-
Divestitures	31.55	-	-	-	-
Investment in Securities	59.55	-159.27	33.59	-22.89	260.12
Other Investing Activities	-	-9.18	3.09	2.67	3.96
Investing Cash Flow	74.61	-186.4	12.27	-88.54	241.57
Long-Term Debt Issued	-	96.99	77.94	1.8	-
Total Debt Issued	-	96.99	77.94	1.8	-
Long-Term Debt Repaid	-	-136.07	-117.18	-60.3	-39.13
Total Debt Repaid	-	-136.07	-117.18	-60.3	-39.13
Net Debt Issued (Repaid)	-	-39.08	-39.24	-58.5	-39.13
Issuance of Common Stock	-	1.01	-	30.33	166.96
Repurchase of Common Stock	-	-120.09	-66.38	-0.45	-
Common Dividends Paid	-	-1.03	-	-0.2	-
Other Financing Activities	-85.36	5.2	1.73	1	-
Financing Cash Flow	-85.36	-153.99	-103.89	-27.82	127.83
Foreign Exchange Rate Adjustments	-4.82	3.52	7.55	32.7	-11.36
Net Cash Flow	-3.58	-497.61	113.61	-106.2	509.46
Free Cash Flow	-4.95	-179.18	173.13	-38.94	128.82
Free Cash Flow Margin	-0.60%	-23.24%	22.27%	-4.99%	15.73%
Free Cash Flow Per Share	-0.00	-0.09	0.09	-0.02	0.06
Cash Income Tax Paid	37.61	30.04	30.42	31.42	29.41
Levered Free Cash Flow	5.01	-206.38	-180.01	-70.08	262.79
Unlevered Free Cash Flow	5.01	-204.27	-177.82	-67.3	265.17
Change in Working Capital	26.09	-33.66	-39.09	5.17	84.07

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