Beijing BDStar Navigation 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	-257.15	-349.74	161.19	145.26	202.57
Depreciation & Amortization	217.53	223.51	323.22	268.72	271.47
Other Amortization	15.13	12.55	17.79	8.89	7.9
Loss (Gain) From Sale of Assets	0.04	-0.19	-4.31	-2.59	-0.04
Asset Writedown & Restructuring Costs	160.91	70.96	116.2	11.31	15.96
Loss (Gain) From Sale of Investments	-34.62	-42.78	-436.43	-26.72	-18.08
Provision & Write-off of Bad Debts	14.55	36.96	60.11	42.65	20.43
Other Operating Activities	3.64	19.02	-70.59	-22.65	24.69
Change in Accounts Receivable	225.91	-11.12	-310.59	-629.36	-15.48
Change in Inventory	-237.92	66.43	-25.88	-250.9	-223.84
Change in Accounts Payable	272.9	-99.64	-20.27	183.36	-5.55
Change in Other Net Operating Assets	28.98	10.73	10.23	48.18	40.62
Operating Cash Flow	393.19	-77.95	-213.01	-238.7	304.9
Operating Cash Flow Growth	-	-	-	-	-28.41%
Capital Expenditures	-223.61	-178.17	-322.17	-363.96	-442.37
Sale of Property, Plant & Equipment	0.19	0.47	4.43	0.24	9.95
Cash Acquisitions	-138.81	-	-	-	-
Divestitures	-	0.35	200.68	53.45	256.68
Investment in Securities	-892.04	648.34	-606.64	-43.41	-19.28
Other Investing Activities	20.71	26.13	10.48	7.83	59.01
Investing Cash Flow	-1,234	497.12	-713.22	-345.85	-136.01
Short-Term Debt Issued	-	-	50	43.5	21.75
Long-Term Debt Issued	29.7	56.4	389.9	231	161.98
Total Debt Issued	29.7	56.4	439.9	274.5	183.73
Long-Term Debt Repaid	-74.48	-9.72	-345.53	-278.85	-416.88
Total Debt Repaid	-74.48	-9.72	-345.53	-278.85	-416.88
Net Debt Issued (Repaid)	-44.78	46.68	94.37	-4.35	-233.15
Issuance of Common Stock	67.14	5	931.08	20.43	351.97
Repurchase of Common Stock	-	-19.28	-10.89	-165.61	-18.74
Common Dividends Paid	-0.83	-82.25	-17.32	-44.03	-38.93
Other Financing Activities	-2.31	165.56	86	27.65	15.72
Financing Cash Flow	19.23	115.71	1,083	-165.91	76.86
Foreign Exchange Rate Adjustments	0.08	-1.8	17.4	17.43	-14.37
Net Cash Flow	-821.06	533.08	174.41	-733.03	231.39
Free Cash Flow	169.58	-256.12	-535.18	-602.66	-137.46
Free Cash Flow Margin	7.66%	-17.09%	-13.11%	-15.79%	-3.57%
Free Cash Flow Per Share	0.31	-0.48	-1.03	-1.16	-0.24
Cash Income Tax Paid	70.73	45.95	103.42	30.95	149.69
Levered Free Cash Flow	74.14	-197.92	-260.93	-531.84	-25.97
Unlevered Free Cash Flow	77.24	-196.06	-248.11	-511.89	-7.22
Change in Working Capital	273.17	-48.24	-380.18	-663.56	-220.02

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