Dajin Heavy Industry 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	1,103	473.87	425.16	450.28	577.4
Depreciation & Amortization	172.36	146.55	103.29	81.45	57.96
Other Amortization	1	0.02	-	-	-
Loss (Gain) From Sale of Assets	1.78	-6.69	0.02	-0.64	-0.12
Asset Writedown & Restructuring Costs	35.03	35.03	8	17.81	0.05
Loss (Gain) From Sale of Investments	-17.5	-11.47	-17.61	-63.1	-0.56
Provision & Write-off of Bad Debts	-39.7	77.43	-	-	3.74
Other Operating Activities	-24.08	24.02	48.5	12.82	13.2
Change in Accounts Receivable	-15.68	-25.12	413.64	-1,283	-64.13
Change in Inventory	-96.02	-538.95	197.59	312.35	-1,027
Change in Accounts Payable	176.68	961.44	-357.02	563.89	453.81
Change in Other Net Operating Assets	-	-	-	-	2.18
Operating Cash Flow	1,227	1,083	808.7	112.2	21.22
Operating Cash Flow Growth	13.26%	33.98%	620.76%	428.65%	21.79%
Capital Expenditures	-2,199	-844.89	-413.36	-686	-219.8
Sale of Property, Plant & Equipment	13.13	5.69	0.06	0	0.43
Divestitures	40.74	11.3	67.72	-7.31	-
Investment in Securities	-524.81	1,030	-1,090	0.01	-
Other Investing Activities	5.65	15.77	19.89	2.42	0.47
Investing Cash Flow	-2,664	217.87	-1,416	-690.87	-218.91
Long-Term Debt Issued	1,853	354.4	9.76	1,014	419.88
Total Debt Issued	1,853	354.4	9.76	1,014	419.88
Long-Term Debt Repaid	-296.89	-557.72	-980.8	-510.95	-20.87
Total Debt Repaid	-296.89	-557.72	-980.8	-510.95	-20.87
Net Debt Issued (Repaid)	1,556	-203.32	-971.04	502.79	399.01
Issuance of Common Stock	-	-	-	3,060	-
Repurchase of Common Stock	-	-	-	-0.01	-0.1
Common Dividends Paid	-137.64	-120.39	-39.53	-65.33	-11.46
Other Financing Activities	-15.95	-	-	-	-
Financing Cash Flow	1,403	-323.7	-1,011	3,498	387.46
Foreign Exchange Rate Adjustments	53.69	-42.79	-56.61	1.99	-2.49
Net Cash Flow	19.32	934.82	-1,674	2,921	187.28
Free Cash Flow	-971.73	238.56	395.34	-573.8	-198.58
Free Cash Flow Growth	-	-39.66%	-	-	-
Free Cash Flow Margin	-15.74%	6.31%	9.14%	-11.24%	-4.48%
Free Cash Flow Per Share	-1.52	0.37	0.62	-1.02	-0.36
Cash Income Tax Paid	166.18	-11.8	54.51	32.88	144.91
Levered Free Cash Flow	-1,232	135.71	-14.59	-995.21	-318.1
Unlevered Free Cash Flow	-1,212	139.23	-5.94	-979.66	-308.9
Change in Working Capital	-5.12	344.7	241.34	-386.42	-630.44

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