Visual China 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	Jan '22 Jan 1, 2022
Net Income	83.03	119.15	145.59	98.28	152.85
Depreciation & Amortization	22.78	39.98	37.36	37.79	32.48
Other Amortization	20.55	1.74	1.69	2.25	2.43
Loss (Gain) From Sale of Assets	-1.1	0	-0.13	-0.18	-0
Asset Writedown & Restructuring Costs	0.1	0.01	0.1	0.02	0.01
Loss (Gain) From Sale of Investments	-47.17	-38.75	-80.22	-41.99	-71.68
Provision & Write-off of Bad Debts	4.17	6.09	8.08	10.27	9.47
Other Operating Activities	23.66	20.95	21.73	6.22	11.65
Change in Accounts Receivable	6.79	3.59	31.34	-48.6	-46.81
Change in Accounts Payable	-12.6	0.49	16.43	76.74	16.82
Operating Cash Flow	97.96	150.31	179.16	138.39	105.51
Operating Cash Flow Growth	-34.83%	-16.10%	29.46%	31.16%	-6.20%
Capital Expenditures	-28.35	-27.68	-28.31	-47.13	-47.27
Sale of Property, Plant & Equipment	0.14	0.01	0.01	0	0
Cash Acquisitions	-10	-10	8.04	-	-25.82
Divestitures	24.28	-	-	-	-
Investment in Securities	-143.67	31.06	-31.14	-34.05	-29.5
Other Investing Activities	40.97	22.74	41.65	90.04	27.32
Investing Cash Flow	-116.63	16.13	-9.76	8.86	-75.27
Short-Term Debt Issued	55	150.32	89.5	-	-
Long-Term Debt Issued	-	-	-	-	173.9
Total Debt Issued	55	150.32	89.5	-	173.9
Short-Term Debt Repaid	-101.15	-140.46	-21.26	-	-
Long-Term Debt Repaid	-11.5	-13.55	-20.05	-211.85	-369.93
Total Debt Repaid	-112.65	-154.01	-41.31	-211.85	-369.93
Net Debt Issued (Repaid)	-57.65	-3.7	48.19	-211.85	-196.03
Issuance of Common Stock	-	-	13.74	-	-
Repurchase of Common Stock	-2.19	-5.98	-35.78	-	-
Common Dividends Paid	-23.19	-28.84	-16.82	-24.54	-28.57
Other Financing Activities	39.9	52.83	-57.9	-	253.15
Financing Cash Flow	-43.13	14.31	-48.57	-236.39	28.55
Foreign Exchange Rate Adjustments	-3.97	2.19	-1.28	4.3	-3.11
Net Cash Flow	-65.78	182.95	119.55	-84.84	55.68
Free Cash Flow	69.61	122.63	150.85	91.26	58.24
Free Cash Flow Growth	-43.23%	-18.70%	65.30%	56.69%	-20.29%
Free Cash Flow Margin	8.94%	15.12%	19.32%	13.08%	8.86%
Free Cash Flow Per Share	0.10	0.17	0.21	0.13	0.08
Cash Income Tax Paid	44.72	52.63	49.08	44.98	40.26
Levered Free Cash Flow	78.15	91.69	172.16	59.64	-68.17
Unlevered Free Cash Flow	84.57	98.07	177.72	67.37	-56.42
Change in Working Capital	-8.06	1.14	44.96	25.72	-31.68

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.