AVIC (Chengdu)UAS 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	88.57	-53.92	302.57	370.2	295.74
Depreciation & Amortization	54.96	43.48	75.77	86.23	72.77
Other Amortization	13.44	-	-	-	-
Loss (Gain) From Sale of Assets	-	-	-	-	-7.76
Asset Writedown & Restructuring Costs	0.05	12.03	-0.02	0.17	15.8
Loss (Gain) From Sale of Investments	-28.25	-	-14.19	-7.3	-
Provision & Write-off of Bad Debts	47.82	-16.76	-3.05	8.74	5.59
Other Operating Activities	-3.52	32.05	3.63	3.65	1.2
Change in Accounts Receivable	-1,939	404.88	-187.45	-293.37	-135.86
Change in Inventory	-160.9	-1,648	464.55	-389.51	-517.8
Change in Accounts Payable	552.82	1,382	-529.67	598.54	304.09
Change in Other Net Operating Assets	0.93	0.89	8.34	7.35	20.39
Operating Cash Flow	-1,388	139.95	117.63	377.86	50.95
Operating Cash Flow Growth	-	18.98%	-68.87%	641.60%	1.29%
Capital Expenditures	-119.83	-63.98	-106.65	-44.2	-254.94
Sale of Property, Plant & Equipment	0.02	0	-	-	123.27
Investment in Securities	-	-	1,800	-1,800	-
Other Investing Activities	31.23	-	21.49	-	-
Investing Cash Flow	-88.58	-63.98	1,715	-1,844	-131.67
Long-Term Debt Repaid	-30.59	-14.01	-2.21	-2.81	-34.42
Net Debt Issued (Repaid)	-30.59	-14.01	-2.21	-2.81	-34.42
Issuance of Common Stock	-	-	-	4,210	370.56
Repurchase of Common Stock	-52.33	-	-	-	-
Common Dividends Paid	-	-119.48	-237.6	-	-140.82
Other Financing Activities	-	-0.06	-	-12.58	-1.2
Financing Cash Flow	-82.92	-133.54	-239.81	4,195	194.13
Net Cash Flow	-1,559	-57.57	1,593	2,728	113.41
Free Cash Flow	-1,508	75.97	10.98	333.67	-203.99
Free Cash Flow Growth	-	591.99%	-96.71%	-	-
Free Cash Flow Margin	-50.00%	11.09%	0.41%	12.03%	-8.24%
Free Cash Flow Per Share	-2.21	0.11	0.02	0.55	-0.40
Cash Interest Paid	-	-	-	-	1.2
Cash Income Tax Paid	1.68	82.36	116.1	139.1	86.45
Levered Free Cash Flow	-1,495	203.76	-188.97	194.83	-327.33
Unlevered Free Cash Flow	-1,492	205.87	-186.64	197.11	-326.58
Change in Working Capital	-1,561	123.08	-247.08	-83.83	-332.39

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