A-Zenith Home Furnishings 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	-95	-116.96	-129.14	-89.55	-66.83	16.71
Depreciation & Amortization	32.91	32.91	40.08	45.51	53.57	19.78
Other Amortization	16.08	16.08	15.4	14	13.7	23.06
Loss (Gain) From Sale of Assets	-0.8	-0.8	-4.83	0.01	0.06	-0.08
Asset Writedown & Restructuring Costs	8.97	8.97	5.4	24.94	24.2	10.23
Loss (Gain) From Sale of Investments	1.95	1.95	-23.79	2.68	-11.08	0.95
Provision & Write-off of Bad Debts	6.52	6.52	-0.89	-	-	-
Other Operating Activities	-41.46	32.98	32.24	4.72	5.16	-3.52
Change in Accounts Receivable	-195.46	-195.46	18.78	-3.75	-7.68	-2.94
Change in Inventory	15.2	15.2	18.71	1.96	-20.49	2.09
Change in Accounts Payable	163.7	163.7	-17.05	-2.08	-18.74	-36.78
Operating Cash Flow	-90.06	-37.59	-31.81	-15.47	-27.42	42
Capital Expenditures	-9.19	-4.28	-5	-35.15	-22.98	-13.07
Sale of Property, Plant & Equipment	0.91	21.43	0.53	0.1	0.12	0.19
Divestitures	-	-	-	-2.19	2.08	-0.02
Investment in Securities	-	-	-	1.56	38.04	-
Other Investing Activities	8.91	-	-	0.01	0.74	0.79
Investing Cash Flow	-36.88	17.15	-4.47	-35.68	18	-12.11
Short-Term Debt Issued	-	109	100	57	15	27.65
Total Debt Issued	151.9	109	100	57	15	27.65
Short-Term Debt Repaid	-	-75.41	-65.33	-27	-19.03	-8.62
Long-Term Debt Repaid	-	-15.93	-21.81	-21.98	-35.42	-
Total Debt Repaid	-91.34	-91.34	-87.14	-48.98	-54.45	-8.62
Net Debt Issued (Repaid)	60.56	17.66	12.86	8.02	-39.45	19.03
Issuance of Common Stock	1.29	-	-	-	-	-
Repurchase of Common Stock	-	-	-	-4.22	-2.28	-
Common Dividends Paid	-4.4	-2.15	-1.94	-1.18	-10.76	-0.72
Other Financing Activities	66.67	0.89	-	6.2	10	-0.12
Financing Cash Flow	124.11	16.4	10.92	8.82	-42.5	18.19
Foreign Exchange Rate Adjustments	-0	-0	0.05	0.1	-0.05	-0
Net Cash Flow	-2.83	-4.03	-25.32	-42.23	-51.96	48.08
Free Cash Flow	-99.25	-41.87	-36.81	-50.61	-50.4	28.93
Free Cash Flow Margin	-47.54%	-20.68%	-18.57%	-21.37%	-18.26%	9.28%
Free Cash Flow Per Share	-0.39	-0.16	-0.14	-0.19	-0.19	0.10
Cash Income Tax Paid	14.6	15.37	21.72	18.78	21.93	19.11
Levered Free Cash Flow	-174.41	-4.79	13.49	-4.56	-22.15	-12.08
Unlevered Free Cash Flow	-168.35	-0.65	17.99	-0.47	-18.37	-11.61
Change in Working Capital	-19.23	-19.23	33.72	-17.78	-46.21	-25.13

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