Ningbo Heli Technology 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	28.58	-11.24	43.67	58.93	64.9
Depreciation & Amortization	66.34	61.01	61.17	65.62	64.97
Other Amortization	11.16	9.67	5.43	4.27	3.63
Loss (Gain) From Sale of Assets	-0.49	0.23	-0.04	-0.15	0.64
Asset Writedown & Restructuring Costs	40.03	3.68	0.92	0	0
Loss (Gain) From Sale of Investments	-2.05	-7.04	2.95	1.08	-2.99
Provision & Write-off of Bad Debts	-	5.11	4.16	0.04	0.11
Other Operating Activities	-0.54	42.05	28.58	21.48	17.79
Change in Accounts Receivable	-67	-54.06	-18.86	22.7	37.12
Change in Inventory	23.04	-74.2	-5.52	-9.71	-47.84
Change in Accounts Payable	-30.64	27.58	-39.15	-24.49	-30.95
Operating Cash Flow	68.32	-1.83	82.17	138.17	107.59
Operating Cash Flow Growth	-	-	-40.53%	28.42%	-19.10%
Capital Expenditures	-111.39	-98.63	-67.12	-13.66	-28.64
Sale of Property, Plant & Equipment	1.56	2.99	2.01	0.28	1.31
Investment in Securities	24.41	-7.02	10.55	-9.84	16.71
Other Investing Activities	0.05	0.48	-2.17	1.96	1.8
Investing Cash Flow	-85.37	-102.18	-56.73	-21.26	-8.83
Short-Term Debt Issued	-	20	30	20	95
Long-Term Debt Issued	16	-	-	-	-
Total Debt Issued	16	20	30	20	95
Short-Term Debt Repaid	-	-40.42	-30	-45	-77.99
Long-Term Debt Repaid	-4.72	-0.51	-1.64	-1.5	-1.5
Total Debt Repaid	-4.72	-40.93	-31.64	-46.5	-79.49
Net Debt Issued (Repaid)	11.28	-20.93	-1.64	-26.5	15.51
Issuance of Common Stock	-	586.09	-	-	-
Repurchase of Common Stock	-	-	-	-	-87.95
Common Dividends Paid	-30.83	-41.16	-21.29	-21.38	-33.47
Other Financing Activities	7.86	62.7	-	-	-
Financing Cash Flow	-11.69	586.7	-22.93	-47.88	-105.91
Foreign Exchange Rate Adjustments	2.14	0.47	1.51	1.29	-0.14
Net Cash Flow	-26.61	483.15	4.03	70.32	-7.28
Free Cash Flow	-43.07	-100.46	15.05	124.51	78.95
Free Cash Flow Growth	-	-	-87.91%	57.70%	-20.09%
Free Cash Flow Margin	-5.71%	-17.15%	2.24%	18.17%	11.21%
Free Cash Flow Per Share	-0.21	-0.52	0.10	0.79	0.50
Cash Income Tax Paid	18.55	28.54	26.43	35.05	34.48
Levered Free Cash Flow	-41.68	-35.2	-25.91	88.58	42.37
Unlevered Free Cash Flow	-41.68	-35.07	-25.39	89.69	43.81
Change in Working Capital	-74.69	-105.29	-64.67	-13.11	-41.25

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