Dalian Friendship (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	Jan '23 Jan 1, 2023	Dec '21 Dec 31, 2021
Net Income	-113.56	-77.64	-37.17	-50.16	-215.91
Depreciation & Amortization	19.9	20.59	21.35	23.89	24.31
Other Amortization	1.66	2.27	3.16	3.24	2.58
Loss (Gain) From Sale of Assets	-	-0.69	-	-	-
Asset Writedown & Restructuring Costs	8.86	8.49	8.3	-4.37	229.45
Loss (Gain) From Sale of Investments	-	-	-	-	-1
Provision & Write-off of Bad Debts	-	3.31	0.45	-	-
Other Operating Activities	38.78	13	19.71	17.82	-51.58
Change in Accounts Receivable	38.36	-59.27	-1.26	0.4	-0.99
Change in Inventory	0.25	-32.75	0.46	-4.49	-5.54
Change in Accounts Payable	-164.74	25.82	-20.61	-27.21	4.61
Operating Cash Flow	-170.49	-96.88	-5.62	-40.88	-14.08
Capital Expenditures	-3.81	-0.53	-0.68	-2.57	-4.93
Sale of Property, Plant & Equipment	-	1.06	0.04	0	0
Investing Cash Flow	-3.81	0.52	-0.64	-2.57	56.27
Short-Term Debt Issued	-	185	38.4	8.4	-
Long-Term Debt Issued	79.9	-	-	-	-
Total Debt Issued	79.9	185	38.4	8.4	-
Short-Term Debt Repaid	-	-83.4	-8.4	-	-
Long-Term Debt Repaid	-40	-6.36	-5.73	-58.74	-40.26
Total Debt Repaid	-40	-89.76	-14.13	-58.74	-40.26
Net Debt Issued (Repaid)	39.9	95.24	24.27	-50.34	-40.26
Issuance of Common Stock	0.09	-	-	-	-
Common Dividends Paid	-2.86	-1.99	-1.64	-0.38	-14.87
Other Financing Activities	133.75	-0.3	-0.1	49.36	-
Financing Cash Flow	170.88	92.95	22.53	-1.36	-55.13
Foreign Exchange Rate Adjustments	-0.03	-0.05	-	-	-
Net Cash Flow	-3.44	-3.46	16.28	-44.81	-12.95
Free Cash Flow	-174.3	-97.41	-6.3	-43.45	-19.01
Free Cash Flow Margin	-41.40%	-26.17%	-3.85%	-29.07%	-10.78%
Free Cash Flow Per Share	-0.48	-0.28	-0.02	-0.12	-0.05
Cash Interest Paid	-	0.3	-	-	-
Cash Income Tax Paid	166.16	23.35	14.18	12.2	15.59
Levered Free Cash Flow	488.67	-91.75	-0.84	-40.73	-178.76
Unlevered Free Cash Flow	488.67	-73.05	15.97	-24.32	-161.95
Change in Working Capital	-126.12	-66.2	-21.41	-31.3	-1.93

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