Jiugui Liquor 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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	-32.48	-33.95	12.49	547.81	1,049	893.49
Depreciation & Amortization	76.62	76.62	59.36	55.39	45.84	43.87
Other Amortization	4.02	4.02	-	-	-	-
Loss (Gain) From Sale of Assets	-	-	-0.01	-6.47	-0.03	-5.16
Asset Writedown & Restructuring Costs	3.93	3.93	0.14	-0	1.09	2.08
Loss (Gain) From Sale of Investments	0.19	0.19	0.04	0.59	-0.66	-3.31
Provision & Write-off of Bad Debts	0.33	0.33	-0.01	0	0.04	-0.13
Other Operating Activities	97.61	11.03	20.32	2.6	4.94	18.76
Change in Accounts Receivable	-31.27	-31.27	154.12	-94	279.81	-133.25
Change in Inventory	-156.44	-156.44	-213.09	-141.4	-146.24	-245.63
Change in Accounts Payable	-23.38	-23.38	-318.07	-321.81	-844.19	987.22
Operating Cash Flow	-83.47	-171.52	-360.88	51.24	400.69	1,565
Operating Cash Flow Growth	-	-	-	-87.21%	-74.39%	64.68%
Capital Expenditures	-193.35	-227.88	-422.82	-362.66	-243.31	-158.1
Sale of Property, Plant & Equipment	1.34	1.34	0.03	19.24	0	17.86
Other Investing Activities	0	0	-	-	-	-
Investing Cash Flow	-192.01	-226.54	-422.79	-343.42	-243.31	-140.23
Long-Term Debt Repaid	-	-0.36	-2.28	-2.86	-2.6	-1.93
Total Debt Repaid	-0.36	-0.36	-2.28	-2.86	-2.6	-1.93
Net Debt Issued (Repaid)	-0.36	-0.36	-2.28	-2.86	-2.6	-1.93
Common Dividends Paid	-194.78	-194.78	-324.6	-421.14	-420.77	-232.76
Other Financing Activities	0.2	-	-	-	-	-
Financing Cash Flow	-194.93	-195.14	-326.88	-424	-423.37	-234.69
Foreign Exchange Rate Adjustments	-	-	0	0	-0	0.01
Net Cash Flow	-470.41	-593.2	-1,111	-716.18	-265.99	1,190
Free Cash Flow	-276.82	-399.4	-783.7	-311.42	157.37	1,407
Free Cash Flow Growth	-	-	-	-	-88.81%	56.20%
Free Cash Flow Margin	-25.61%	-36.05%	-55.06%	-11.01%	3.89%	41.20%
Free Cash Flow Per Share	-0.85	-1.23	-2.41	-0.96	0.48	4.33
Cash Income Tax Paid	326.51	286.15	577.74	930.19	1,408	1,122
Levered Free Cash Flow	-230.37	-293.17	-747.33	-448.46	-36.86	1,233
Unlevered Free Cash Flow	-230.33	-293.13	-747.25	-448.34	-36.69	1,237
Change in Working Capital	-233.67	-233.67	-453.2	-548.69	-699.39	615.07

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