China Master Logistics 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	260.83	252.7	240.16	243.84	207.89
Depreciation & Amortization	157.12	148.96	145.66	137.51	120.85
Other Amortization	17.2	7.43	7.42	7.43	6.3
Loss (Gain) From Sale of Assets	-0.13	-2.35	-0.71	-0.22	-3.55
Asset Writedown & Restructuring Costs	0.84	0.2	0.64	-2.61	0.19
Loss (Gain) From Sale of Investments	-27.76	-19.21	-27.07	-29.25	-43.11
Provision & Write-off of Bad Debts	12.28	-10.73	10.38	2.58	2.73
Other Operating Activities	81.82	80.88	62.78	27.72	62.69
Change in Accounts Receivable	228.8	-263.71	-326.44	248.63	-823.76
Change in Inventory	-3.69	0.96	0.44	-3.4	-2.99
Change in Accounts Payable	-49.31	272.54	-0.6	-305.66	541.37
Change in Other Net Operating Assets	-10.93	9.67	-0.2	22.3	0.87
Operating Cash Flow	664.57	482.46	108.8	345.03	65.62
Operating Cash Flow Growth	37.75%	343.41%	-68.47%	425.82%	-64.41%
Capital Expenditures	-75.15	-182.58	-117.7	-178.96	-336.66
Sale of Property, Plant & Equipment	2.75	1.88	3.91	11.98	11.39
Investment in Securities	-0.1	15.05	59.38	61.2	112.72
Other Investing Activities	20.3	10.42	24.33	59.04	20.85
Investing Cash Flow	-52.21	-155.23	-30.08	-46.73	-191.71
Long-Term Debt Issued	359.17	794.34	455.33	911.41	499.94
Long-Term Debt Repaid	-596.58	-786.47	-520.58	-918.56	-286.28
Net Debt Issued (Repaid)	-237.41	7.86	-65.25	-7.16	213.66
Common Dividends Paid	-217.88	-189.14	-167.1	-143.35	-102.14
Other Financing Activities	-44.56	-22.55	-28.85	-39.93	8.27
Financing Cash Flow	-499.86	-203.83	-261.19	-190.44	119.8
Foreign Exchange Rate Adjustments	-8.38	2.6	0.33	39.89	-9.73
Net Cash Flow	104.13	126.01	-182.14	147.76	-16.02
Free Cash Flow	589.42	299.88	-8.89	166.08	-271.04
Free Cash Flow Growth	96.55%	-	-	-	-
Free Cash Flow Margin	6.66%	2.53%	-0.12%	1.40%	-2.18%
Free Cash Flow Per Share	1.70	0.87	-0.03	0.48	-0.78
Cash Income Tax Paid	176.64	163.97	101.91	96.12	86.43
Levered Free Cash Flow	527.85	289.66	-86.74	85.42	-322.67
Unlevered Free Cash Flow	537.19	302.58	-77.54	95.67	-314.94
Change in Working Capital	162.38	24.57	-330.45	-41.97	-288.39

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