Zhejiang Wanliyang 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	267.46	239.99	301.1	300.11	-774.72
Depreciation & Amortization	510.91	491.86	441.43	434.79	515.94
Other Amortization	22.42	26.88	9.49	7.41	7.63
Loss (Gain) From Sale of Assets	0.06	-2.69	-29	-7.97	9.36
Asset Writedown & Restructuring Costs	138.13	16.18	26.6	-	979.13
Loss (Gain) From Sale of Investments	-344.58	-12.21	50.21	-14.21	41.53
Provision & Write-off of Bad Debts	-	17.79	17.58	36.47	73.53
Other Operating Activities	72.29	95.14	59.87	66.88	66.73
Change in Accounts Receivable	66.22	145.82	-117.54	-545.73	-67.48
Change in Inventory	-117.52	-125.68	-88.51	44.59	-78.42
Change in Accounts Payable	221.2	-394.6	-174.79	243.68	-590.14
Change in Other Net Operating Assets	11.19	-	-	-	-
Operating Cash Flow	849.1	463.81	443.32	538.13	141.33
Operating Cash Flow Growth	83.07%	4.62%	-17.62%	280.75%	-84.00%
Capital Expenditures	-698.2	-542.26	-424.67	-247.9	-91.45
Sale of Property, Plant & Equipment	8.5	3.72	3.55	39.45	21.19
Cash Acquisitions	-	-	2.03	-91.85	-
Divestitures	5.08	4	2.77	-	49.58
Sale (Purchase) of Intangibles	-	-	-0.52	-	-
Sale (Purchase) of Real Estate	-	-	-	-29.41	-
Investment in Securities	632.58	5.57	-45	-19.71	11.5
Other Investing Activities	-27.8	12.08	-3.72	64.13	105.71
Investing Cash Flow	-79.83	-487.52	-524.91	-258.29	75.35
Long-Term Debt Issued	1,566	2,206	1,604	1,979	2,119
Total Debt Issued	1,566	2,206	1,604	1,979	2,119
Long-Term Debt Repaid	-2,140	-1,799	-1,413	-2,294	-1,909
Total Debt Repaid	-2,140	-1,799	-1,413	-2,294	-1,909
Net Debt Issued (Repaid)	-574.06	406.8	190.52	-314.53	210.25
Issuance of Common Stock	-	-	-	-	85.17
Common Dividends Paid	-178.68	-465.99	-54.4	-95.76	-657.18
Other Financing Activities	2.73	40.49	46.75	7.68	6.83
Financing Cash Flow	-750.01	-18.7	182.88	-402.61	-354.94
Net Cash Flow	19.25	-42.41	101.29	-122.77	-138.25
Free Cash Flow	150.89	-78.45	18.65	290.24	49.89
Free Cash Flow Growth	-	-	-93.58%	481.78%	-91.23%
Free Cash Flow Margin	2.77%	-1.31%	0.32%	5.68%	0.91%
Free Cash Flow Per Share	0.11	-0.06	0.01	0.22	0.04
Cash Income Tax Paid	302.78	374.69	381.45	197.28	226.99
Levered Free Cash Flow	273.29	-165.99	529.29	76.32	186.85
Unlevered Free Cash Flow	273.29	-121.37	563.4	114.78	229.35
Change in Working Capital	182.42	-409.12	-433.95	-285.34	-777.78

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