Keystone 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	-70.29	-15.46	52.22	81.63	98.66
Depreciation & Amortization	112.91	36.09	25.91	23.89	16.63
Other Amortization	0.23	0.69	0.36	0.42	1.73
Loss (Gain) From Sale of Assets	-0.01	0.01	0.15	-	0.02
Asset Writedown & Restructuring Costs	24.1	28.25	0	0	0.54
Loss (Gain) From Sale of Investments	0.12	-5.71	-5.53	-5.78	-1.69
Provision & Write-off of Bad Debts	-	7.12	-3.47	1.56	0.76
Other Operating Activities	27.76	21.45	18.47	2.96	5.38
Change in Accounts Receivable	68.63	-88.83	-23.28	-11.76	-9.1
Change in Inventory	11.06	9.9	-29.6	0.16	-22.82
Change in Accounts Payable	-13.11	110.25	-35.05	-2.76	-87.14
Change in Other Net Operating Assets	43.09	64.07	3.19	-8.95	22.83
Operating Cash Flow	186.62	153.68	-1.14	82.45	22.09
Operating Cash Flow Growth	21.43%	-	-	273.18%	-78.10%
Capital Expenditures	-408.74	-755.58	-446.83	-72.82	-85.7
Sale of Property, Plant & Equipment	0.05	0.22	0.11	-	0.21
Cash Acquisitions	-	-	-	-	-0.02
Investment in Securities	-15	45	68.14	-56.8	-50.73
Other Investing Activities	-3.62	-66.75	6.29	5.35	1.59
Investing Cash Flow	-427.31	-777.1	-372.29	-124.27	-134.65
Short-Term Debt Issued	-	-	-	-	138.1
Long-Term Debt Issued	705.16	1,399	526.5	110.14	-
Total Debt Issued	705.16	1,399	526.5	110.14	138.1
Short-Term Debt Repaid	-	-	-	-	-185.06
Long-Term Debt Repaid	-753.8	-529.63	-178.29	-69.4	-1.27
Total Debt Repaid	-753.8	-529.63	-178.29	-69.4	-186.33
Net Debt Issued (Repaid)	-48.64	869.29	348.21	40.74	-48.23
Issuance of Common Stock	-	-	11.56	-	469.23
Repurchase of Common Stock	-	-2.87	-	-	-
Common Dividends Paid	-34.08	-34.78	-17.72	-12.19	-5.31
Other Financing Activities	-6.33	0.01	-0.05	0	-14.36
Financing Cash Flow	-89.05	831.65	342	28.55	401.32
Foreign Exchange Rate Adjustments	-3.79	1.64	-1.73	6.2	-1.13
Net Cash Flow	-333.52	209.86	-33.17	-7.07	287.63
Free Cash Flow	-222.13	-601.9	-447.97	9.63	-63.61
Free Cash Flow Margin	-16.27%	-44.29%	-50.08%	0.87%	-4.55%
Free Cash Flow Per Share	-3.03	-8.18	-6.09	0.13	-1.04
Cash Income Tax Paid	41.74	27.21	29.89	28.81	40.06
Levered Free Cash Flow	-319.15	-683.13	-478.81	29.64	-65.99
Unlevered Free Cash Flow	-319.15	-672.7	-472.4	31.15	-62.63
Change in Working Capital	91.79	81.24	-89.26	-22.24	-99.93

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