Shenzhen Zhenye (Group) 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	-1,052	-1,568	-802.65	419.62	541.69	864.64
Depreciation & Amortization	62.98	62.98	67.2	60.2	54.9	38.82
Other Amortization	7.67	7.67	8.18	7.37	5	5.56
Loss (Gain) From Sale of Assets	-2.25	-2.25	-0.05	-	-0	-0.06
Asset Writedown & Restructuring Costs	1,569	1,569	842.49	54.26	26.08	0.07
Loss (Gain) From Sale of Investments	-36.13	-36.13	-31.69	-76.63	-192.71	-406.93
Provision & Write-off of Bad Debts	102.78	102.78	10.12	1.57	-14.46	-7.87
Other Operating Activities	-130.62	-7.26	146.21	266.25	237.52	215.87
Change in Accounts Receivable	-300.59	-300.59	-385.41	82.74	-388.63	19.47
Change in Inventory	4,589	4,589	-829.62	-649.57	-8,293	169.61
Change in Accounts Payable	-3,324	-3,324	908.64	2,128	4,312	-1,022
Change in Other Net Operating Assets	-	-	-	0.15	0.31	-
Operating Cash Flow	1,508	1,115	72.76	2,315	-3,875	-167.51
Operating Cash Flow Growth	611.73%	1432.32%	-96.86%	-	-	-
Capital Expenditures	-51.66	-45.31	-18.1	-16.97	-4.9	-5.26
Sale of Property, Plant & Equipment	0	0	0	0	0.01	0.11
Investment in Securities	11.25	-64.28	203.75	-198.34	1,674	-520.65
Other Investing Activities	0.07	0.07	-	-	-	-
Investing Cash Flow	-40.34	-109.52	185.66	-215.31	1,669	-525.8
Long-Term Debt Issued	-	885.65	3,251	3,023	5,112	208
Long-Term Debt Repaid	-	-2,562	-3,984	-2,678	-1,706	-171.19
Net Debt Issued (Repaid)	-1,018	-1,676	-732.76	344.64	3,406	36.81
Common Dividends Paid	-167.76	-215.24	-430.75	-584.15	-527.29	-450.47
Other Financing Activities	12.86	-8.55	-5.67	2.49	68.16	-0.46
Financing Cash Flow	-1,173	-1,900	-1,169	-237.01	2,947	-414.12
Foreign Exchange Rate Adjustments	-	-	-	-	-	-0.23
Net Cash Flow	295.01	-894.6	-910.76	1,863	741.36	-1,108
Free Cash Flow	1,456	1,070	54.66	2,298	-3,880	-172.77
Free Cash Flow Growth	647.90%	1856.77%	-97.62%	-	-	-
Free Cash Flow Margin	42.32%	17.64%	1.94%	62.13%	-125.61%	-5.89%
Free Cash Flow Per Share	1.08	0.79	0.04	1.70	-2.87	-0.13
Cash Income Tax Paid	660.13	444.31	611.3	943.24	730.96	692.95
Levered Free Cash Flow	-92.5	661.79	330.88	1,680	-4,390	-389.69
Unlevered Free Cash Flow	-32.63	771.67	482.93	1,827	-4,251	-277.68
Change in Working Capital	986.72	986.72	-167.05	1,583	-4,533	-877.6

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