Cowealth Medical China 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	-33.64	27.57	47.19	82.72	80.23
Depreciation & Amortization	8.64	8.86	10.65	11.19	14.14
Other Amortization	19.52	10.07	7.11	11.93	7.77
Loss (Gain) From Sale of Assets	-0.05	-0.44	-0.1	-0.2	0
Asset Writedown & Restructuring Costs	0.01	0.02	0.02	0.36	1.06
Loss (Gain) From Sale of Investments	-0.25	-	-0.07	-0.64	-
Provision & Write-off of Bad Debts	12.7	-10.24	-2.88	2.47	3
Other Operating Activities	3.82	8.67	6.99	4.8	-2.81
Change in Accounts Receivable	4.2	46.65	1.65	-234.74	-70.83
Change in Inventory	-10.67	-12.06	7.44	-27.21	-39.57
Change in Accounts Payable	20.14	49.35	-64.21	121.67	10.33
Change in Other Net Operating Assets	-	-	-	-	0.32
Operating Cash Flow	17.68	132.75	11.28	-30.37	7.01
Operating Cash Flow Growth	-86.68%	1076.77%	-	-	-90.55%
Capital Expenditures	-14.21	-31.82	-67.96	-25.94	-22.12
Sale of Property, Plant & Equipment	0.16	0.8	0.12	0.47	0.03
Investment in Securities	-129.83	-	11.18	-5.36	-
Other Investing Activities	2.72	2.13	5.01	4.92	4.67
Investing Cash Flow	-141.16	-28.9	-51.65	-25.91	-17.43
Long-Term Debt Issued	126.97	529.67	715.34	309.72	429.21
Long-Term Debt Repaid	-116.16	-548.02	-726.43	-367.14	-431.08
Net Debt Issued (Repaid)	10.81	-18.36	-11.09	-57.42	-1.86
Issuance of Common Stock	-	-	-	380.6	-
Common Dividends Paid	-52.66	-26.95	-65.25	-74.54	-79.65
Other Financing Activities	7.33	-0.17	-2.54	-22.92	-8.09
Financing Cash Flow	-34.52	-45.48	-78.87	225.73	-89.61
Foreign Exchange Rate Adjustments	-0.91	0.25	-0.39	1.17	-2.44
Net Cash Flow	-158.91	58.63	-119.63	170.62	-102.46
Free Cash Flow	3.47	100.93	-56.68	-56.31	-15.11
Free Cash Flow Growth	-96.56%	-	-	-	-
Free Cash Flow Margin	0.51%	10.75%	-5.19%	-4.40%	-1.27%
Free Cash Flow Per Share	0.01	0.26	-0.14	-0.15	-0.05
Cash Income Tax Paid	17	37.13	55.71	62.36	66.16
Levered Free Cash Flow	80.74	82.13	-73.65	-87.22	-113.8
Unlevered Free Cash Flow	82.18	84.21	-69.98	-84.57	-110.95
Change in Working Capital	6.94	88.24	-57.63	-143	-96.38

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