Hwatsing Technology Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,023	723.75	501.6	198.28
Depreciation & Amortization	86.35	73.02	52.91	28.3
Other Amortization	3.25	-	0.02	0.84
Asset Writedown & Restructuring Costs	0.01	0	0.01	0
Loss (Gain) From Sale of Investments	-50.97	-36.28	-58.91	-8.19
Provision & Write-off of Bad Debts	18.1	11.45	5.12	-0.42
Other Operating Activities	33.08	29.53	10.41	5.04
Change in Accounts Receivable	-239.96	-28.91	-357.91	20.71
Change in Inventory	-802.54	-54.12	-891.47	-956.82
Change in Accounts Payable	996.99	-103.37	764.38	1,103
Change in Other Net Operating Assets	100.49	48.61	1.22	1.57
Operating Cash Flow	1,155	652.93	25.1	389.81
Operating Cash Flow Growth	76.83%	2501.04%	-93.56%	145.21%
Capital Expenditures	-321.81	-339.53	-174.86	-174.32
Sale of Property, Plant & Equipment	0.01	0	0	0
Cash Acquisitions	-350.19	-	-	-
Investment in Securities	27.34	-302.23	-1,870	-110
Other Investing Activities	52.67	62.43	28.01	8.41
Investing Cash Flow	-591.98	-579.33	-2,017	-275.91
Long-Term Debt Issued	-	503.91	-	237.05
Long-Term Debt Repaid	-210.24	-19.66	-106.15	-73.67
Net Debt Issued (Repaid)	-210.24	484.26	-106.15	163.38
Issuance of Common Stock	-	-	3,507	-
Repurchase of Common Stock	-78.93	-	-	-
Common Dividends Paid	-99.79	-63.05	-5.63	-5.5
Other Financing Activities	-	-	-21.32	-1.53
Financing Cash Flow	-388.97	421.21	3,374	156.35
Foreign Exchange Rate Adjustments	0.1	0.04	0.15	-0.03
Net Cash Flow	173.76	494.86	1,382	270.21
Free Cash Flow	832.8	313.4	-149.75	215.48
Free Cash Flow Growth	165.73%	-	-	16444.41%
Free Cash Flow Margin	24.45%	12.50%	-9.08%	26.77%
Free Cash Flow Per Share	2.35	0.89	-0.47	0.81
Cash Income Tax Paid	198.77	115.78	91.74	14.82
Levered Free Cash Flow	930.66	5.49	-323.69	-32.44
Unlevered Free Cash Flow	938.36	11.77	-320.24	-30
Change in Working Capital	41.38	-148.53	-486.05	165.96

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