TSI Group 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
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	154.33	174.44	160.02	142.07
Depreciation & Amortization	44.44	44.44	35.89	30.14
Loss (Gain) From Sale of Assets	0.41	0.41	-0.16	0
Asset Writedown & Restructuring Costs	0.08	0.08	-0.5	5.45
Loss (Gain) From Sale of Investments	-0.32	-0.32	0.04	-0.9
Provision & Write-off of Bad Debts	0.35	0.35	1.56	-0.79
Other Operating Activities	3.77	6.21	0.4	4.27
Change in Accounts Receivable	-12.25	-12.25	-39.54	20.39
Change in Inventory	-33.66	-33.66	27.84	-32.73
Change in Accounts Payable	31.95	31.95	-34.8	-1.59
Change in Other Net Operating Assets	11.17	11.17	13.17	15.9
Operating Cash Flow	201.62	224.17	169.01	183.92
Operating Cash Flow Growth	19.30%	32.64%	-8.11%	-
Capital Expenditures	-118.95	-104.67	-52.38	-81.94
Sale of Property, Plant & Equipment	0.4	1.43	1.97	4.63
Cash Acquisitions	-1.07	-	-	-16.05
Investment in Securities	-459.87	-43.09	-108.79	-7.5
Other Investing Activities	2.41	2.46	0.64	1.02
Investing Cash Flow	-577.08	-143.87	-158.56	-99.84
Short-Term Debt Issued	-	35	47.86	183.09
Total Debt Issued	20.2	35	47.86	183.09
Short-Term Debt Repaid	-	-61.23	-99.21	-240.63
Total Debt Repaid	-34.22	-61.23	-99.21	-240.63
Net Debt Issued (Repaid)	-14.02	-26.23	-51.34	-57.54
Issuance of Common Stock	506.3	-	-	46.1
Common Dividends Paid	-0.63	-1.06	-1.71	-13.4
Other Financing Activities	-17.39	-10.31	-8.04	-11.53
Financing Cash Flow	474.26	-37.6	-61.09	-36.36
Foreign Exchange Rate Adjustments	6.08	1.27	6.86	11.15
Miscellaneous Cash Flow Adjustments	-0	-0	-	-
Net Cash Flow	104.88	43.97	-43.78	58.86
Free Cash Flow	82.68	119.51	116.62	101.97
Free Cash Flow Growth	-29.11%	2.47%	14.36%	-
Free Cash Flow Margin	7.81%	11.93%	13.08%	10.76%
Free Cash Flow Per Share	0.23	0.34	0.34	0.29
Cash Income Tax Paid	-	0.11	0.56	-20.51
Levered Free Cash Flow	-	32.03	46.62	-
Unlevered Free Cash Flow	-	33.42	47.91	-
Change in Working Capital	-1.45	-1.45	-28.24	3.68

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