S.F. Holding 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	11,117	10,170	8,234	6,174	4,269
Depreciation & Amortization	15,454	17,332	17,319	16,348	11,664
Other Amortization	918.34	-	-	-	907.59
Loss (Gain) From Sale of Assets	83.51	60.23	53.89	52.31	195.84
Asset Writedown & Restructuring Costs	78.6	380.55	232.71	159.69	-38.56
Loss (Gain) From Sale of Investments	43.36	-	-	-	-
Stock-Based Compensation	181.17	91.45	309.34	109.57	349.31
Provision & Write-off of Bad Debts	30.74	247.25	-46.51	667.59	578.95
Other Operating Activities	787.48	1,657	1,111	1,854	-1,202
Change in Accounts Receivable	-4,876	-247.21	-262.5	8,817	-6,196
Change in Inventory	-604.8	8.44	-491.31	-397.19	-370.58
Change in Accounts Payable	4,297	2,742	873.21	-1,093	4,835
Operating Cash Flow	27,555	32,186	26,570	32,703	15,358
Operating Cash Flow Growth	-14.39%	21.14%	-18.75%	112.94%	35.62%
Capital Expenditures	-9,506	-9,345	-12,472	-14,184	-19,196
Sale of Property, Plant & Equipment	192.67	309.78	335.83	176.33	147.4
Cash Acquisitions	-28.25	-696.65	-2,197	-2,217	-9,044
Divestitures	1,938	262.66	398.82	313.72	2,338
Investment in Securities	-1,371	588.5	-1,061	-150,932	-117,353
Other Investing Activities	-8,554	-3,174	1,490	154,752	125,976
Investing Cash Flow	-17,327	-12,055	-13,506	-12,091	-17,131
Long-Term Debt Issued	29,109	36,144	34,087	39,568	44,468
Total Debt Issued	29,109	36,144	34,087	39,568	44,468
Long-Term Debt Repaid	-46,634	-51,960	-40,180	-45,235	-33,515
Total Debt Repaid	-46,634	-51,960	-40,180	-45,235	-33,515
Net Debt Issued (Repaid)	-17,525	-15,816	-6,093	-5,666	10,954
Issuance of Common Stock	2,942	5,323	-	-	19,910
Repurchase of Common Stock	-1,644	-1,758	-959.96	-2,040	-
Common Dividends Paid	-5,673	-11,422	-3,034	-3,688	-2,380
Other Financing Activities	-1,036	-4,307	-2,908	-4,622	-7,264
Financing Cash Flow	-22,935	-27,979	-12,995	-16,017	21,220
Foreign Exchange Rate Adjustments	21.01	45.23	98.84	871.64	-99.02
Net Cash Flow	-12,686	-7,802	168.36	5,466	19,347
Free Cash Flow	18,050	22,842	14,098	18,519	-3,838
Free Cash Flow Growth	-20.98%	62.02%	-23.87%	-	-
Free Cash Flow Margin	5.86%	8.03%	5.46%	6.92%	-1.85%
Free Cash Flow Per Share	3.59	4.73	2.90	3.80	-0.83
Cash Income Tax Paid	7,909	5,850	5,405	2,390	5,300
Levered Free Cash Flow	13,035	16,473	8,300	17,779	-8,799
Unlevered Free Cash Flow	14,130	17,956	9,719	19,063	-7,823
Change in Working Capital	-1,142	2,251	-646.3	7,342	-1,367

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