Yang Guang Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-225.46	-218.21	-129.11	-227.27	-383.87	64.27
Depreciation & Amortization	59.5	59.5	56.18	56.92	15.64	15.68
Other Amortization	12.75	12.75	18.85	13.84	1	1.55
Loss (Gain) From Sale of Assets	-0.04	-0.04	-	-	0.01	-0.11
Asset Writedown & Restructuring Costs	108.52	108.52	108.8	258.24	411.9	30.37
Loss (Gain) From Sale of Investments	33.33	33.33	17.16	27.01	91.81	-10.94
Provision & Write-off of Bad Debts	0.77	0.77	2.22	0.14	15.19	6.63
Other Operating Activities	89.54	88.88	78.99	96.48	68.12	98.75
Change in Accounts Receivable	16.47	16.47	-310.44	213.34	-147.65	204.52
Change in Inventory	-	-	5.59	0.1	-	67.74
Change in Accounts Payable	77.53	77.53	353.63	-267.84	191.75	-293.33
Operating Cash Flow	158.26	164.84	193.3	141.58	159.46	214.27
Operating Cash Flow Growth	-11.51%	-14.72%	36.52%	-11.21%	-25.58%	-42.43%
Capital Expenditures	-3.63	-4.71	-13.4	-1.7	-1.39	-3.93
Sale of Property, Plant & Equipment	0.13	0.26	0	0.01	0.01	0.15
Divestitures	-	-	-	76.92	15.43	-
Investment in Securities	-	-	1	25.97	-	-
Other Investing Activities	-1	-1	-39.9	-1	-1	-
Investing Cash Flow	-4.5	-5.44	-52.3	100.18	13.05	-3.79
Long-Term Debt Issued	-	60	104	-	9.9	380
Long-Term Debt Repaid	-	-164.67	-223.82	-150.03	-322.58	-501.59
Net Debt Issued (Repaid)	-109.17	-104.67	-119.82	-150.03	-312.68	-121.59
Common Dividends Paid	-53.83	-59.51	-48.08	-31.82	-46.31	-65.28
Other Financing Activities	-6.63	-1.8	6.38	-41.66	120.64	-156.33
Financing Cash Flow	-169.64	-165.98	-161.52	-223.5	-238.36	-343.2
Foreign Exchange Rate Adjustments	-0.13	-0.08	0.05	0.06	0.31	-0.08
Net Cash Flow	-16	-6.66	-20.47	18.33	-65.54	-132.8
Free Cash Flow	154.63	160.14	179.89	139.88	158.07	210.34
Free Cash Flow Growth	-9.25%	-10.98%	28.61%	-11.51%	-24.85%	-43.41%
Free Cash Flow Margin	46.76%	46.89%	48.93%	31.50%	41.47%	37.06%
Free Cash Flow Per Share	0.21	0.21	0.23	0.19	0.21	0.28
Cash Income Tax Paid	41.53	47.84	40.4	132.61	123.91	210.72
Levered Free Cash Flow	-22.48	-23.1	-0.09	89.64	25.16	29.47
Unlevered Free Cash Flow	30.94	31.07	52.1	148	66.64	79.6
Change in Working Capital	79.35	79.35	40.2	-83.78	-60.33	8.05

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