Cowealth Medical China Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-11.37	27.57	47.19	82.72	80.23	72.55
Depreciation & Amortization	8.86	8.86	10.65	11.19	14.14	15.69
Other Amortization	10.07	10.07	7.11	11.93	7.77	2.15
Loss (Gain) From Sale of Assets	-0.44	-0.44	-0.1	-0.2	0	0.07
Asset Writedown & Restructuring Costs	0.02	0.02	0.02	0.36	1.06	0.41
Loss (Gain) From Sale of Investments	-	-	-0.07	-0.64	-	-1.46
Provision & Write-off of Bad Debts	-10.24	-10.24	-2.88	2.47	3	14.74
Other Operating Activities	155.22	8.67	6.99	4.8	-2.81	2.72
Change in Accounts Receivable	46.65	46.65	1.65	-234.74	-70.83	-29.22
Change in Inventory	-12.06	-12.06	7.44	-27.21	-39.57	-35.2
Change in Accounts Payable	49.35	49.35	-64.21	121.67	10.33	31.17
Change in Other Net Operating Assets	-	-	-	-	0.32	0.99
Operating Cash Flow	240.36	132.75	11.28	-30.37	7.01	74.15
Operating Cash Flow Growth	286.33%	1076.77%	-	-	-90.55%	-
Capital Expenditures	-18.28	-31.82	-67.96	-25.94	-22.12	-8.11
Sale of Property, Plant & Equipment	0.75	0.8	0.12	0.47	0.03	0
Cash Acquisitions	-	-	-	-	-	-81.41
Investment in Securities	-5.56	-	11.18	-5.36	-	222.99
Other Investing Activities	-80.68	2.13	5.01	4.92	4.67	7.27
Investing Cash Flow	-103.76	-28.9	-51.65	-25.91	-17.43	140.74
Long-Term Debt Issued	-	529.67	715.34	309.72	429.21	254.53
Long-Term Debt Repaid	-	-548.02	-726.43	-367.14	-431.08	-223.36
Net Debt Issued (Repaid)	-84.36	-18.36	-11.09	-57.42	-1.86	31.17
Issuance of Common Stock	-	-	-	380.6	-	-
Common Dividends Paid	-54.35	-26.95	-65.25	-74.54	-79.65	-46.2
Other Financing Activities	-1.56	-0.17	-2.54	-22.92	-8.09	-4.22
Financing Cash Flow	-140.27	-45.48	-78.87	225.73	-89.61	-19.25
Foreign Exchange Rate Adjustments	0.97	0.25	-0.39	1.17	-2.44	-1.91
Net Cash Flow	-2.7	58.63	-119.63	170.62	-102.46	193.74
Free Cash Flow	222.08	100.93	-56.68	-56.31	-15.11	66.05
Free Cash Flow Margin	28.58%	10.75%	-5.19%	-4.40%	-1.27%	6.07%
Free Cash Flow Per Share	0.53	0.26	-0.14	-0.15	-0.05	0.22
Cash Income Tax Paid	22.4	37.13	55.71	62.36	66.16	56.83
Levered Free Cash Flow	169.4	82.13	-73.65	-87.22	-113.8	62.81
Unlevered Free Cash Flow	171.28	84.21	-69.98	-84.57	-110.95	64.92
Change in Working Capital	88.24	88.24	-57.63	-143	-96.38	-32.72

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.