Hillstone Networks 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	-193.54	-137.21	-239.81	-182.48	75.53
Depreciation & Amortization	47	65.6	71.36	64.19	50.64
Other Amortization	14.11	1.9	2.51	2.83	1.98
Loss (Gain) From Sale of Assets	-0.27	-0.28	-0.24	1.33	0.52
Asset Writedown & Restructuring Costs	3.58	3.14	1.8	-	-
Loss (Gain) From Sale of Investments	-2.07	-6.09	-1.71	-8.27	-5.77
Provision & Write-off of Bad Debts	47.27	25.42	49.77	28.96	29.83
Other Operating Activities	42.88	30.09	23.45	24.9	3.58
Change in Accounts Receivable	-34.37	-197.32	-5.78	-245.78	-298.18
Change in Inventory	-41.19	-26.68	38.57	-40.38	-65.06
Change in Accounts Payable	15.92	157.38	21.26	67.98	78.26
Change in Other Net Operating Assets	-	-	0.11	-7.15	25.16
Operating Cash Flow	-109.74	-90.21	-58.25	-332.31	-119.05
Capital Expenditures	-33.4	-62.3	-59.81	-68.78	-82.25
Sale of Property, Plant & Equipment	0.09	0.06	0.06	0.1	0.03
Investment in Securities	60	-30	-30	80	-70
Other Investing Activities	0.18	2.2	2.7	5.37	6.73
Investing Cash Flow	26.86	-90.05	-87.06	16.69	-145.48
Short-Term Debt Issued	687.95	341.9	144.4	135.67	-
Long-Term Debt Issued	-	-	-	262.58	-
Total Debt Issued	687.95	341.9	144.4	398.25	-
Short-Term Debt Repaid	-515.04	-242.4	-154.58	-	-
Long-Term Debt Repaid	-20.3	-19.04	-29.3	-23.45	-17.69
Total Debt Repaid	-535.34	-261.44	-183.88	-23.45	-17.69
Net Debt Issued (Repaid)	152.61	80.46	-39.48	374.8	-17.69
Repurchase of Common Stock	-	-16.3	-	-	-
Common Dividends Paid	-12.56	-7.12	-4.1	-22.8	-18.41
Other Financing Activities	2.49	-0	-0	6.74	-1.28
Financing Cash Flow	142.54	57.04	-43.58	358.74	-37.38
Foreign Exchange Rate Adjustments	-0.26	0.02	0.14	0.39	-0.37
Net Cash Flow	59.41	-123.2	-188.75	43.52	-302.28
Free Cash Flow	-143.14	-152.52	-118.07	-401.09	-201.3
Free Cash Flow Margin	-15.71%	-15.30%	-13.10%	-49.42%	-19.60%
Free Cash Flow Per Share	-0.79	-0.85	-0.66	-2.23	-1.11
Cash Income Tax Paid	44.64	49.01	47.21	27.74	25.84
Levered Free Cash Flow	-103.37	-121.84	-37.75	-337.62	-276.7
Unlevered Free Cash Flow	-87.33	-108.81	-26.46	-326.93	-275.59
Change in Working Capital	-68.7	-72.78	34.62	-263.79	-275.36

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