Ningbo Tuopu 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	2,779	3,001	2,151	1,700	1,017
Depreciation & Amortization	1,954	1,605	1,184	807.1	563.83
Other Amortization	144.54	98.85	79.08	53.82	39.62
Loss (Gain) From Sale of Assets	-5.14	-0.39	-6.64	0.02	-0.2
Asset Writedown & Restructuring Costs	40.03	21.33	20.89	8.14	26.28
Loss (Gain) From Sale of Investments	-68.58	-85.38	-3.89	-38.58	-35.72
Provision & Write-off of Bad Debts	32.51	78.27	194.25	64.59	72.92
Other Operating Activities	197	266.57	208.1	56.44	93.19
Change in Accounts Receivable	-3,229	-2,524	-1,306	-1,371	-685.96
Change in Inventory	-788.21	-813.47	-54.38	-982.84	-818.69
Change in Accounts Payable	3,451	1,627	957.58	2,031	930.58
Operating Cash Flow	4,482	3,236	3,366	2,284	1,187
Operating Cash Flow Growth	38.50%	-3.85%	47.36%	92.45%	5.62%
Capital Expenditures	-3,497	-3,146	-3,177	-5,426	-3,521
Sale of Property, Plant & Equipment	112.41	50.61	19.71	22.54	51.66
Cash Acquisitions	-290.35	6.33	-	16.91	-
Investment in Securities	660.06	-659.6	-293.97	330.88	-302.44
Other Investing Activities	-	20.77	40.92	-50.58	35
Investing Cash Flow	-3,015	-3,728	-3,410	-5,106	-3,736
Long-Term Debt Issued	3,344	2,843	3,565	6,972	2,181
Total Debt Issued	3,344	2,843	3,565	6,972	2,181
Long-Term Debt Repaid	-3,247	-3,365	-2,988	-2,278	-1,129
Total Debt Repaid	-3,247	-3,365	-2,988	-2,278	-1,129
Net Debt Issued (Repaid)	96.61	-522.7	576.96	4,693	1,052
Issuance of Common Stock	-	3,498	-	-	1,978
Common Dividends Paid	-1,016	-788.54	-648.39	-396.58	-207
Financing Cash Flow	-919.48	2,187	-71.43	4,297	2,824
Foreign Exchange Rate Adjustments	211.42	-67.18	19.78	-0.41	-13.15
Net Cash Flow	758.98	1,628	-96.27	1,475	260.81
Free Cash Flow	984.91	90.21	188.71	-3,142	-2,334
Free Cash Flow Growth	991.84%	-52.20%	-	-	-
Free Cash Flow Margin	3.33%	0.34%	0.96%	-19.64%	-20.36%
Free Cash Flow Per Share	0.57	0.05	0.12	-1.96	-1.47
Cash Income Tax Paid	914.06	336.48	301.53	-93.99	57.39
Levered Free Cash Flow	233.4	-1,714	-617.06	-3,560	-2,524
Unlevered Free Cash Flow	333.3	-1,566	-474.5	-3,476	-2,510
Change in Working Capital	-591.84	-1,749	-459.48	-367.41	-590.36

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