JINHUI LIQUOR 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	354.39	388.15	328.86	280.24	324.84
Depreciation & Amortization	123.43	123.55	121.12	113.95	109.1
Other Amortization	9.78	4.93	3.23	1.3	1.46
Loss (Gain) From Sale of Assets	-0.4	-0.19	-0.25	-0.04	-0.07
Asset Writedown & Restructuring Costs	0.18	0.76	0.83	0.06	0.86
Loss (Gain) From Sale of Investments	0.41	0.15	-0.4	-0.06	0.28
Provision & Write-off of Bad Debts	-0.22	0.61	0.22	0.78	0.89
Other Operating Activities	-12.9	-11.14	-13.62	-2.3	0.25
Change in Accounts Receivable	653.91	-80.1	-14.67	-18.5	-29.74
Change in Inventory	-311.45	-70.55	-107.51	-185.44	-189.65
Change in Accounts Payable	-329.18	189.29	141.36	149.69	60.54
Operating Cash Flow	480.14	557.98	450.17	319.24	279.26
Operating Cash Flow Growth	-13.95%	23.95%	41.01%	14.32%	-17.17%
Capital Expenditures	-394.78	-331.66	-66.29	-57.12	-58.16
Sale of Property, Plant & Equipment	1.24	0.19	0.21	0.21	0.2
Cash Acquisitions	-	-	-	1.23	-
Investment in Securities	-	-2	1	-1	42
Other Investing Activities	-	-	0.06	0.03	-18.91
Investing Cash Flow	-393.54	-333.46	-65.02	-56.66	-34.87
Short-Term Debt Issued	-	-	170	102.75	330
Long-Term Debt Issued	538.74	-	0.64	5.7	-
Total Debt Issued	538.74	-	170.64	108.45	330
Short-Term Debt Repaid	-	-	-170	-102.75	-340
Long-Term Debt Repaid	-241.96	-11.67	-12.58	-14.87	-5.29
Total Debt Repaid	-241.96	-11.67	-182.58	-117.62	-345.29
Net Debt Issued (Repaid)	296.78	-11.67	-11.93	-9.17	-15.29
Issuance of Common Stock	-	-	-	-	0.5
Repurchase of Common Stock	-0.05	-192.81	-	-	-
Common Dividends Paid	-251.39	-197.17	-152.36	-111.79	-122.9
Other Financing Activities	-0	-0.06	2	-	-
Financing Cash Flow	45.34	-401.71	-162.3	-120.96	-137.69
Net Cash Flow	131.94	-177.18	222.86	141.62	106.7
Free Cash Flow	85.36	226.33	383.89	262.12	221.1
Free Cash Flow Growth	-62.29%	-41.04%	46.45%	18.55%	13.84%
Free Cash Flow Margin	2.93%	7.49%	15.07%	13.03%	12.36%
Free Cash Flow Per Share	0.17	0.45	0.76	0.51	0.44
Cash Income Tax Paid	730.03	722.15	635.86	532.38	494.61
Levered Free Cash Flow	9.47	98.07	286.05	180.23	114.81
Unlevered Free Cash Flow	11.71	98.59	286.78	180.81	115.83
Change in Working Capital	5.48	51.17	10.18	-74.69	-158.35

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.