Modern Avenue Group Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-83.63	-62.1	-89.05	-41.4	-39.48	7.32
Depreciation & Amortization	25.27	25.27	26.71	26.36	18.31	10.74
Other Amortization	15.28	15.28	17.9	10.48	22.88	38.48
Loss (Gain) From Sale of Assets	-4.84	-4.84	0	0	-2.93	-80.36
Asset Writedown & Restructuring Costs	-25.91	-25.91	86.8	59.96	0.38	139.06
Loss (Gain) From Sale of Investments	0.91	0.91	-4.67	0.24	-3.04	-18.93
Other Operating Activities	-213.98	3.02	1.97	1.31	84.09	24.36
Change in Accounts Receivable	23.8	23.8	29.39	9.27	228.75	31.61
Change in Inventory	68.15	68.15	69.63	-16.04	-11.48	63.64
Change in Accounts Payable	-27.07	-27.07	-107.42	-69.02	-141.82	-375.86
Change in Other Net Operating Assets	-	-	-	-	-50.55	-20.95
Operating Cash Flow	-222.01	16.52	31.26	3.78	162.67	-172.08
Operating Cash Flow Growth	-	-47.15%	725.92%	-97.67%	-	-
Capital Expenditures	-15.71	-15.05	-19.54	-19.34	-6.31	-62.98
Sale of Property, Plant & Equipment	37.87	0.12	0.02	0.02	0.07	744.28
Divestitures	-	-	-	-	-	-5.7
Investment in Securities	-45.92	23	22	-170	-240	-
Other Investing Activities	-0.26	4.9	3.66	0.64	1.25	0.75
Investing Cash Flow	-24.02	12.97	6.14	-188.68	-242.75	676.36
Long-Term Debt Repaid	-	-25.81	-25.27	-16.53	-12.07	-279.6
Net Debt Issued (Repaid)	0.68	-25.81	-25.27	-16.53	-12.07	-279.6
Common Dividends Paid	-	-	-	-	-	-5.59
Other Financing Activities	147.18	20	-	-	-0.94	-
Financing Cash Flow	147.86	-5.81	-25.27	-16.53	-13.01	-285.19
Foreign Exchange Rate Adjustments	2.24	1.17	1.35	5.12	-4.15	-3.12
Net Cash Flow	-95.93	24.84	13.49	-196.3	-97.24	215.97
Free Cash Flow	-237.72	1.47	11.72	-15.55	156.36	-235.06
Free Cash Flow Growth	-	-87.46%	-	-	-	-
Free Cash Flow Margin	-44.41%	0.68%	4.05%	-6.77%	40.59%	-45.91%
Free Cash Flow Per Share	-0.34	0.00	0.02	-0.02	0.22	-0.33
Cash Interest Paid	-	-	-	-	1.94	-
Cash Income Tax Paid	2.51	1.99	3.18	2.73	27.77	36.15
Levered Free Cash Flow	-207.7	0.33	57.46	7.36	-37.97	470.29
Unlevered Free Cash Flow	-206.56	2.1	60.34	9.81	-36.76	473.1
Change in Working Capital	64.89	64.89	-8.4	-53.16	82.47	-292.76

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