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	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	-65.99	-116.96	-129.14	-89.55	-66.83
Depreciation & Amortization	32.39	32.91	40.08	45.51	53.57
Other Amortization	12.22	16.08	15.4	14	13.7
Loss (Gain) From Sale of Assets	0.11	-0.8	-4.83	0.01	0.06
Asset Writedown & Restructuring Costs	6.64	8.97	5.4	24.94	24.2
Loss (Gain) From Sale of Investments	7.46	1.95	-23.79	2.68	-11.08
Provision & Write-off of Bad Debts	-	6.52	-0.89	-	-
Other Operating Activities	7.52	32.98	32.24	4.72	5.16
Change in Accounts Receivable	-167.85	-195.46	18.78	-3.75	-7.68
Change in Inventory	-1.43	15.2	18.71	1.96	-20.49
Change in Accounts Payable	235.7	163.7	-17.05	-2.08	-18.74
Operating Cash Flow	80.85	-37.59	-31.81	-15.47	-27.42
Capital Expenditures	-14.65	-4.28	-5	-35.15	-22.98
Sale of Property, Plant & Equipment	38.65	21.43	0.53	0.1	0.12
Divestitures	-	-	-	-2.19	2.08
Investment in Securities	-55.45	-	-	1.56	38.04
Other Investing Activities	3.28	-	-	0.01	0.74
Investing Cash Flow	-28.18	17.15	-4.47	-35.68	18
Short-Term Debt Issued	-	109	100	57	15
Long-Term Debt Issued	149.9	-	-	-	-
Total Debt Issued	149.9	109	100	57	15
Short-Term Debt Repaid	-	-75.41	-65.33	-27	-19.03
Long-Term Debt Repaid	-176.36	-15.93	-21.81	-21.98	-35.42
Total Debt Repaid	-176.36	-91.34	-87.14	-48.98	-54.45
Net Debt Issued (Repaid)	-26.46	17.66	12.86	8.02	-39.45
Issuance of Common Stock	10.76	-	-	-	-
Repurchase of Common Stock	-	-	-	-4.22	-2.28
Common Dividends Paid	-8.87	-2.15	-1.94	-1.18	-10.76
Other Financing Activities	73.84	0.89	-	6.2	10
Financing Cash Flow	49.28	16.4	10.92	8.82	-42.5
Foreign Exchange Rate Adjustments	-0	-0	0.05	0.1	-0.05
Net Cash Flow	101.94	-4.03	-25.32	-42.23	-51.96
Free Cash Flow	66.19	-41.87	-36.81	-50.61	-50.4
Free Cash Flow Margin	11.91%	-20.68%	-18.57%	-21.37%	-18.26%
Free Cash Flow Per Share	0.26	-0.16	-0.14	-0.19	-0.19
Cash Income Tax Paid	14.06	15.37	21.72	18.78	21.93
Levered Free Cash Flow	-11.92	-4.79	13.49	-4.56	-22.15
Unlevered Free Cash Flow	-11.92	-0.65	17.99	-0.47	-18.37
Change in Working Capital	80.5	-19.23	33.72	-17.78	-46.21

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