Shenzhen Leaguer 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	176.85	245.46	329.09	416.72	630.79
Depreciation & Amortization	289.3	296.66	321.96	280.29	251.79
Other Amortization	31.24	27.45	14.63	27.16	24.44
Loss (Gain) From Sale of Assets	-4.64	-0.18	-0.15	4.22	-0.06
Asset Writedown & Restructuring Costs	32.82	39.44	12.46	2.71	29.98
Loss (Gain) From Sale of Investments	-380.72	-301.96	-367.97	-545.3	-457.75
Provision & Write-off of Bad Debts	4.27	17.2	3.27	12.96	-
Other Operating Activities	62	90.02	128.77	234.66	249.55
Change in Accounts Receivable	-1,082	-137.03	32.81	-866	-515.24
Change in Inventory	1,041	-545.32	-667.32	4.82	-1,611
Change in Accounts Payable	-110.74	216.94	-106.36	86.46	334.03
Operating Cash Flow	99.5	-94.51	-317.58	-324.66	-1,069
Capital Expenditures	-139.17	-155.4	-261.8	-164.63	-229.64
Sale of Property, Plant & Equipment	3.53	4.19	5.37	2.7	1.84
Cash Acquisitions	-	-	-	-	1.52
Divestitures	38.5	-	-5.16	-	-
Investment in Securities	7.59	-28.4	-202.05	-222.29	-199.76
Other Investing Activities	95.43	87.05	69.56	295.28	132.01
Investing Cash Flow	5.87	-92.56	-394.08	-88.94	-294.02
Short-Term Debt Issued	157.65	40	140	-	-
Long-Term Debt Issued	2,601	2,190	1,911	1,522	2,254
Total Debt Issued	2,759	2,230	2,051	1,522	2,254
Short-Term Debt Repaid	-	-	-25	-	-
Long-Term Debt Repaid	-2,663	-1,484	-1,532	-814.21	-944.83
Total Debt Repaid	-2,663	-1,484	-1,557	-814.21	-944.83
Net Debt Issued (Repaid)	95.64	746.08	493.98	707.58	1,310
Repurchase of Common Stock	-	-50	-50	-30	-
Common Dividends Paid	-231.64	-236.63	-245.16	-319.13	-182.43
Other Financing Activities	10.38	86.7	-1.23	-5.86	113.72
Financing Cash Flow	-125.62	546.15	197.59	352.59	1,241
Foreign Exchange Rate Adjustments	-2.33	2.04	-1.72	7.23	-1.51
Net Cash Flow	-22.57	361.12	-515.79	-53.78	-124.15
Free Cash Flow	-39.67	-249.91	-579.38	-489.29	-1,299
Free Cash Flow Margin	-1.68%	-10.77%	-23.03%	-18.69%	-43.18%
Free Cash Flow Per Share	-0.03	-0.21	-0.48	-0.40	-1.07
Cash Income Tax Paid	157.17	132.62	201.7	187.23	173.87
Levered Free Cash Flow	1,052	-224.92	-590.44	294.61	-1,426
Unlevered Free Cash Flow	1,145	-136.72	-487.46	376.1	-1,373
Change in Working Capital	-111.6	-508.61	-759.66	-758.07	-1,798

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