Wave Cyber (Shanghai) 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	35.8	38.59	45.94	31.38	50.48	46.76
Depreciation & Amortization	37.48	37.48	33.92	26.95	24.26	21.14
Other Amortization	4.27	4.27	1.57	1.03	0.81	0.82
Loss (Gain) From Sale of Assets	-0.54	-0.54	-0.15	0.08	1.21	0.14
Asset Writedown & Restructuring Costs	0.04	0.04	-	0.67	4.5	0.03
Loss (Gain) From Sale of Investments	0.22	0.22	0.41	0.2	0.18	-0.48
Provision & Write-off of Bad Debts	0.89	0.89	0.2	0.27	0.02	0.63
Other Operating Activities	32.67	-3.79	-3.13	-3.75	2.94	3.34
Change in Accounts Receivable	-31.69	-31.69	-59.33	-28.59	-29	-3.87
Change in Inventory	-30.28	-30.28	5.84	-13.36	-21.31	-1.19
Change in Accounts Payable	15.7	15.7	-3.57	22.76	6.92	24.45
Operating Cash Flow	60.33	26.66	22.65	37.08	40.75	91.09
Operating Cash Flow Growth	43.69%	17.71%	-38.93%	-9.00%	-55.27%	38.90%
Capital Expenditures	-17.88	-17.2	-49.86	-62.33	-133.17	-84.32
Sale of Property, Plant & Equipment	0.62	0.62	0.41	0.54	0.03	2
Investment in Securities	-9.08	-29.08	-0.73	4.14	20.5	-12.9
Other Investing Activities	21.6	13.93	1.93	0.21	0.31	53.54
Investing Cash Flow	-4.73	-31.72	-48.26	-57.44	-112.33	-41.68
Short-Term Debt Issued	-	-	-	19.62	86.72	-
Long-Term Debt Issued	-	-	-	-	-	75.53
Total Debt Issued	-	-	-	19.62	86.72	75.53
Short-Term Debt Repaid	-	-	-	-15	-106.67	-
Long-Term Debt Repaid	-	-0.59	-20.03	-	-	-75.09
Total Debt Repaid	-0.59	-0.59	-20.03	-15	-106.67	-75.09
Net Debt Issued (Repaid)	-0.59	-0.59	-20.03	4.63	-19.96	0.44
Issuance of Common Stock	-	-	-	-	221.09	-
Repurchase of Common Stock	-10.29	-10.29	-	-	-	-
Common Dividends Paid	-2.48	-19.9	-0.17	-0.17	-1.27	-45.67
Other Financing Activities	6.66	-3.25	7	-2.07	-14.68	-
Financing Cash Flow	-6.69	-34.04	-13.2	2.39	185.18	-45.24
Foreign Exchange Rate Adjustments	2.07	2.69	2.31	3.4	-1.34	-3.67
Net Cash Flow	50.97	-36.42	-36.5	-14.57	112.27	0.51
Free Cash Flow	42.45	9.46	-27.22	-25.25	-92.42	6.77
Free Cash Flow Growth	1188.08%	-	-	-	-	-
Free Cash Flow Margin	11.37%	2.52%	-7.08%	-8.20%	-24.37%	2.16%
Free Cash Flow Per Share	0.25	0.05	-0.15	-0.14	-0.62	0.05
Cash Income Tax Paid	-	6.56	-9.8	-7.6	9.31	11.32
Levered Free Cash Flow	71.9	58.85	-0.36	6.04	-125.09	37.63
Unlevered Free Cash Flow	71.92	58.87	-0.25	6.27	-124.11	38.67
Change in Working Capital	-50.51	-50.51	-56.12	-19.75	-43.64	18.71

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