Luzhou Laojiao Co.,Ltd 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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Net Income	12,642	13,473	13,246	10,365	7,956	6,006
Depreciation & Amortization	773.26	773.26	676.98	642.86	563.95	308.24
Other Amortization	10.1	10.1	0.5	0.87	0.84	0.67
Loss (Gain) From Sale of Assets	-1.06	-1.06	-44.69	-19.81	1.15	-8.12
Asset Writedown & Restructuring Costs	13.33	13.33	-1.35	10.78	-	4.04
Loss (Gain) From Sale of Investments	-175.89	-175.89	-147.72	-92.69	-208.56	-201.5
Provision & Write-off of Bad Debts	-0.71	-0.71	0.96	0.24	0.01	-0.89
Other Operating Activities	-1,485	326.14	364.15	160.75	28.75	20.84
Change in Accounts Receivable	4,168	4,168	-1,507	279.23	-1,483	-742.43
Change in Inventory	-1,771	-1,771	-1,781	-2,563	-2,582	-1,054
Change in Accounts Payable	2,101	2,101	-556.16	-543.25	3,681	632.94
Operating Cash Flow	16,540	19,182	10,648	8,263	7,699	4,916
Operating Cash Flow Growth	17.63%	80.14%	28.87%	7.33%	56.60%	1.54%
Capital Expenditures	-1,714	-1,188	-1,502	-1,035	-1,979	-2,144
Sale of Property, Plant & Equipment	0.53	11.43	69.68	66.24	3.54	20.74
Investment in Securities	1,111	-280.93	106.85	-951.94	-740.54	-80
Other Investing Activities	68.87	75.36	56.97	47.02	38.35	28.71
Investing Cash Flow	-533.92	-1,383	-1,268	-1,874	-2,678	-2,174
Long-Term Debt Issued	-	2,000	6,850	4,700	-	1,494
Long-Term Debt Repaid	-	-4,033	-1,531	-2,515	-11.86	-
Net Debt Issued (Repaid)	-5,733	-2,033	5,319	2,185	-11.86	1,494
Issuance of Common Stock	-	-	8.29	666.86	-	-
Repurchase of Common Stock	-3.03	-3.03	-	-5.57	-	-
Common Dividends Paid	-8,984	-8,254	-6,530	-4,914	-3,169	-2,418
Other Financing Activities	-34.08	-38.68	-15.57	-11.02	-2.2	7.68
Financing Cash Flow	-14,754	-10,329	-1,218	-2,078	-3,183	-916.77
Foreign Exchange Rate Adjustments	3.19	4.23	2.2	16.07	-3.65	-8.94
Net Cash Flow	1,255	7,475	8,164	4,326	1,834	1,816
Free Cash Flow	14,826	17,993	9,147	7,227	5,719	2,772
Free Cash Flow Growth	15.59%	96.72%	26.55%	26.37%	106.31%	1072.70%
Free Cash Flow Margin	49.39%	57.68%	30.25%	28.77%	27.71%	16.65%
Free Cash Flow Per Share	10.09	12.26	6.23	4.92	3.90	1.89
Cash Income Tax Paid	12,548	12,321	11,869	9,146	6,425	5,237
Levered Free Cash Flow	11,805	14,030	6,129	5,210	3,828	1,971
Unlevered Free Cash Flow	11,844	14,220	6,434	5,353	3,951	2,090
Change in Working Capital	4,764	4,764	-3,447	-2,806	-643.05	-1,213

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