Shenzhen Zhenye (Group) 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	-35.18	-1,568	-802.65	419.62	541.69
Depreciation & Amortization	63.74	62.98	67.2	60.2	54.9
Other Amortization	9.19	7.67	8.18	7.37	5
Loss (Gain) From Sale of Assets	-61.83	-2.25	-0.05	-	-0
Asset Writedown & Restructuring Costs	137.35	1,569	842.49	54.26	26.08
Loss (Gain) From Sale of Investments	-0.19	-36.13	-31.69	-76.63	-192.71
Provision & Write-off of Bad Debts	-	102.78	10.12	1.57	-14.46
Other Operating Activities	169.8	-7.26	146.21	266.25	237.52
Change in Accounts Receivable	209.75	-300.59	-385.41	82.74	-388.63
Change in Inventory	-68	4,589	-829.62	-649.57	-8,293
Change in Accounts Payable	-351.69	-3,324	908.64	2,128	4,312
Change in Other Net Operating Assets	-	-	-	0.15	0.31
Operating Cash Flow	189.06	1,115	72.76	2,315	-3,875
Operating Cash Flow Growth	-83.04%	1432.32%	-96.86%	-	-
Capital Expenditures	-24.38	-45.31	-18.1	-16.97	-4.9
Sale of Property, Plant & Equipment	-	0	0	0	0.01
Investment in Securities	213.87	-64.28	203.75	-198.34	1,674
Other Investing Activities	0.12	0.07	-	-	-
Investing Cash Flow	189.61	-109.52	185.66	-215.31	1,669
Long-Term Debt Issued	1,206	885.65	3,251	3,023	5,112
Long-Term Debt Repaid	-1,651	-2,562	-3,984	-2,678	-1,706
Net Debt Issued (Repaid)	-444.45	-1,676	-732.76	344.64	3,406
Common Dividends Paid	-152.51	-215.24	-430.75	-584.15	-527.29
Other Financing Activities	-98.06	-8.55	-5.67	2.49	68.16
Financing Cash Flow	-695.02	-1,900	-1,169	-237.01	2,947
Net Cash Flow	-316.35	-894.6	-910.76	1,863	741.36
Free Cash Flow	164.68	1,070	54.66	2,298	-3,880
Free Cash Flow Growth	-84.60%	1856.77%	-97.62%	-	-
Free Cash Flow Margin	6.29%	17.64%	1.94%	62.13%	-125.61%
Free Cash Flow Per Share	0.12	0.79	0.04	1.70	-2.87
Cash Income Tax Paid	879.29	444.31	611.3	943.24	730.96
Levered Free Cash Flow	-330.83	661.79	330.88	1,680	-4,390
Unlevered Free Cash Flow	-330.83	771.67	482.93	1,827	-4,251
Change in Working Capital	-93.81	986.72	-167.05	1,583	-4,533

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