Suzhou Mingzhi Technology Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	57.58	66.34	14.66	37.03	123.36	117.69
Depreciation & Amortization	43.35	43.35	36.03	28.69	25.78	24.28
Other Amortization	3.23	3.23	0.99	0.6	0.49	0.45
Loss (Gain) From Sale of Assets	0.03	0.03	1.49	0.98	0.74	0.25
Asset Writedown & Restructuring Costs	0.01	0.01	0.69	-	-	0.55
Loss (Gain) From Sale of Investments	-12.43	-12.43	-14.56	-16.32	-10.91	-
Provision & Write-off of Bad Debts	10.9	10.9	10.7	5.02	2.69	0.46
Other Operating Activities	152.23	12.63	-0.89	5.06	6.97	7.04
Change in Accounts Receivable	-12.33	-12.33	55.72	17.12	-38.01	-35.99
Change in Inventory	33.02	33.02	31.62	-56.49	-6.06	17.41
Change in Accounts Payable	-50.95	-50.95	40.53	-32.66	39.45	7.89
Change in Other Net Operating Assets	7.79	7.79	-2.54	12.46	-0.52	4.48
Operating Cash Flow	235.37	104.53	170.14	-2	142.94	144.31
Operating Cash Flow Growth	109.52%	-38.56%	-	-	-0.95%	119.55%
Capital Expenditures	-4.77	-19.28	-147.81	-124.51	-46.42	-61.71
Sale of Property, Plant & Equipment	0.03	0.11	1.47	0.9	0.29	0.18
Investment in Securities	-174.99	-87.32	124.18	42.32	-573.63	-
Other Investing Activities	15.43	19.78	1.53	9.77	5.48	-0.16
Investing Cash Flow	-164.3	-86.7	-20.63	-71.52	-614.28	-61.69
Short-Term Debt Issued	-	122.72	143.36	219.63	-	-
Long-Term Debt Issued	-	-	-	-	-	90.02
Total Debt Issued	29.16	122.72	143.36	219.63	-	90.02
Short-Term Debt Repaid	-	-157.89	-223.95	-126.07	-32.6	-
Long-Term Debt Repaid	-	-1.8	-0.95	-1.11	-	-136.81
Total Debt Repaid	-78.96	-159.69	-224.9	-127.17	-32.6	-136.81
Net Debt Issued (Repaid)	-49.8	-36.97	-81.54	92.45	-32.6	-46.79
Issuance of Common Stock	11.02	11.02	-	12.82	489.37	-
Repurchase of Common Stock	-	-	-19.01	-11.39	-	-
Common Dividends Paid	-56.6	-56.8	-9	-51.66	-1.52	-3.27
Other Financing Activities	-1.39	2.96	2.83	28.89	5.54	1.65
Financing Cash Flow	-96.78	-79.79	-106.73	71.11	460.78	-48.41
Foreign Exchange Rate Adjustments	5.03	0.23	7.85	3.09	0.95	0.73
Net Cash Flow	-20.68	-61.73	50.64	0.68	-9.61	34.94
Free Cash Flow	230.6	85.25	22.32	-126.51	96.53	82.6
Free Cash Flow Growth	215.77%	281.88%	-	-	16.85%	-
Free Cash Flow Margin	40.73%	13.50%	4.18%	-20.65%	13.52%	13.49%
Free Cash Flow Per Share	1.88	0.69	0.18	-1.02	0.88	0.90
Cash Income Tax Paid	-	-16	-23.83	-0.73	12.08	30
Levered Free Cash Flow	195.44	37.01	-11.07	-169.04	42.8	-8.19
Unlevered Free Cash Flow	196.02	38.04	-9.27	-167.42	43.63	-6.68
Change in Working Capital	-19.53	-19.53	121.02	-63.06	-6.18	-6.41

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.