BIWIN Storage 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	853.04	161.23	-624.36	71.22	116.57
Depreciation & Amortization	151.34	106.97	62.54	46.12	27.1
Other Amortization	40.74	17.17	11.39	6.07	2.12
Loss (Gain) From Sale of Assets	-0.42	-0.68	-0.02	-1.04	-1
Asset Writedown & Restructuring Costs	15.09	0.37	0.09	-	0.21
Loss (Gain) From Sale of Investments	-72.75	-95.77	-10.68	6.84	-3.43
Provision & Write-off of Bad Debts	11.5	3.63	1.84	5.58	-1.42
Other Operating Activities	188.38	164.92	258.24	43.22	72.73
Change in Accounts Receivable	-999.52	-358.21	-495.91	-387.09	17.31
Change in Inventory	-4,326	-46.27	-1,737	-386.93	-892.26
Change in Accounts Payable	1,896	211.84	548.06	-97.4	174.57
Change in Other Net Operating Assets	254.3	338.05	130.87	7.05	6.69
Operating Cash Flow	-1,965	531.8	-1,966	-692.59	-488.2
Capital Expenditures	-1,521	-968.45	-416.34	-266.8	-303.48
Sale of Property, Plant & Equipment	0.6	0.87	0.08	2.4	2.25
Investment in Securities	-181.97	-46.03	-41.52	-10	-
Other Investing Activities	71.29	-0.09	3.9	-7.11	3.43
Investing Cash Flow	-1,631	-1,014	-453.88	-281.52	-297.8
Long-Term Debt Issued	7,814	5,255	4,149	2,241	933.45
Total Debt Issued	7,814	5,255	4,149	2,241	933.45
Long-Term Debt Repaid	-5,125	-4,347	-2,008	-1,216	-715.92
Total Debt Repaid	-5,125	-4,347	-2,008	-1,216	-715.92
Net Debt Issued (Repaid)	2,690	908.41	2,141	1,026	217.53
Issuance of Common Stock	2,039	21.63	-	552.06	600
Repurchase of Common Stock	-149.99	-20	-	-	-
Common Dividends Paid	-184.48	-145.59	-112.17	-31.34	-13.85
Other Financing Activities	-61.01	-19.6	-170.46	-53.45	-1.7
Financing Cash Flow	4,333	744.85	1,859	1,493	801.98
Foreign Exchange Rate Adjustments	-45.54	16.04	3.85	-32.72	-7.22
Net Cash Flow	691.46	279	-557.94	485.97	8.76
Free Cash Flow	-3,486	-436.65	-2,383	-959.39	-791.69
Free Cash Flow Margin	-30.84%	-6.52%	-66.36%	-32.13%	-30.34%
Free Cash Flow Per Share	-7.40	-1.00	-5.53	-2.42	-2.17
Cash Income Tax Paid	-446.87	-201.02	-162.76	-131.67	-193.12
Levered Free Cash Flow	-4,034	-530.81	-2,056	-1,013	-935.71
Unlevered Free Cash Flow	-3,930	-439.53	-1,985	-994.37	-927.72
Change in Working Capital	-3,152	173.96	-1,665	-870.6	-701.08

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