Changbai Mountain Tourism Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	133.05	129.35	144.25	138.06	-57.39	-51.62
Depreciation & Amortization	71.24	71.24	67.82	57.16	53.01	57.64
Other Amortization	10.96	10.96	3.26	4.25	2.1	2.2
Loss (Gain) From Sale of Assets	0.01	0.01	0.05	-0.4	-0.01	0.08
Asset Writedown & Restructuring Costs	0.98	0.98	2.23	0.31	0.74	1.7
Loss (Gain) From Sale of Investments	-	-	-	0.29	-	-0.89
Provision & Write-off of Bad Debts	0.47	0.47	-0.74	1.28	1	0.48
Other Operating Activities	6.83	0.49	6.93	3.83	4.43	4.99
Change in Accounts Receivable	-17.34	-17.34	-52.71	-25.55	-3.62	-3.68
Change in Inventory	-2.63	-2.63	-3.3	-2.39	0.2	0.38
Change in Accounts Payable	-19.03	-19.03	19.32	49.5	22.66	-3.91
Change in Other Net Operating Assets	-2.35	-2.35	5.72	-5.51	-2.42	-0.61
Operating Cash Flow	183.19	173.14	205.48	250.55	3.58	-5.84
Operating Cash Flow Growth	-15.27%	-15.73%	-17.99%	6889.18%	-	-
Capital Expenditures	-146.75	-150.29	-163.59	-86.92	-47.86	-17.62
Sale of Property, Plant & Equipment	0	0.07	0.27	0.57	0.01	0.49
Cash Acquisitions	-	-	-3.63	-	-	-
Investment in Securities	-	-	-	-	-	20.34
Other Investing Activities	-	-	-	-	-	0.63
Investing Cash Flow	-146.75	-150.22	-166.95	-86.35	-47.85	3.85
Long-Term Debt Issued	-	-	80	-	59.08	7.35
Long-Term Debt Repaid	-	-106.6	-19.8	-16.32	-60.74	-45.57
Net Debt Issued (Repaid)	-106.6	-106.6	60.2	-16.32	-1.66	-38.23
Issuance of Common Stock	231.37	231.37	-	-	-	-
Common Dividends Paid	-24.97	-25.6	-23.62	-3.69	-4.29	-4.82
Other Financing Activities	18.42	18.18	-	-	-	-
Financing Cash Flow	118.22	117.36	36.58	-20.01	-5.95	-43.05
Net Cash Flow	154.66	140.28	75.1	144.19	-50.21	-45.03
Free Cash Flow	36.43	22.85	41.88	163.62	-44.28	-23.45
Free Cash Flow Growth	-15.16%	-45.45%	-74.40%	-	-	-
Free Cash Flow Margin	4.47%	2.90%	5.63%	26.37%	-22.75%	-12.18%
Free Cash Flow Per Share	0.13	0.09	0.16	0.62	-0.17	-0.09
Cash Income Tax Paid	110.71	109.9	79.15	48.73	14.07	15.57
Levered Free Cash Flow	85.79	80.36	19.25	104.13	-22.88	-24.61
Unlevered Free Cash Flow	88.64	83.21	21.09	106.48	-20.19	-21.63
Change in Working Capital	-40.36	-40.36	-18.34	45.76	-0.3	-20.44

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