Shandong Dawn Polymer 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	205.59	140.94	140	152.43	226.13
Depreciation & Amortization	166.45	143.82	103.1	86.32	76.23
Other Amortization	5.18	3.5	3.27	1.87	0.92
Loss (Gain) From Sale of Assets	1.4	0.06	0.29	0.29	1.34
Asset Writedown & Restructuring Costs	21.31	0.85	-9.11	-7.63	0.1
Loss (Gain) From Sale of Investments	-6.18	-7.8	-12.07	-11.36	-21.74
Provision & Write-off of Bad Debts	-	6.16	2.85	3.45	-8.91
Other Operating Activities	56.23	52.16	59.94	37.34	57.22
Change in Accounts Receivable	-641.01	-940.47	-345.21	-907.78	-317.33
Change in Inventory	-100.79	-220.99	-11.44	-92.28	-58.16
Change in Accounts Payable	223.95	524.33	27.05	699.42	-108
Change in Other Net Operating Assets	1.7	-	-	0.57	2.82
Operating Cash Flow	-75.78	-301.47	-42.76	-39.05	-163.98
Capital Expenditures	-135.82	-234.85	-245.37	-385.72	-229.62
Sale of Property, Plant & Equipment	2.36	0.05	0.14	1.37	2.05
Cash Acquisitions	-26.85	-	-95.08	-	-
Investment in Securities	-39.2	50	429	-450	330
Other Investing Activities	-2.41	1.71	5.24	4	3.5
Investing Cash Flow	-201.92	-183.09	93.93	-830.36	105.93
Long-Term Debt Issued	1,629	1,122	478.8	786	283
Total Debt Issued	1,629	1,122	478.8	786	283
Long-Term Debt Repaid	-1,116	-505.59	-330.42	-624.9	-170.65
Total Debt Repaid	-1,116	-505.59	-330.42	-624.9	-170.65
Net Debt Issued (Repaid)	512.96	615.94	148.38	161.1	112.35
Issuance of Common Stock	49.68	-	4.61	774.69	24.48
Repurchase of Common Stock	-	-69.02	-29.98	-	-
Common Dividends Paid	-85.58	-44.21	-41.01	-37.7	-88.98
Other Financing Activities	48.36	-97.64	-73.54	-9.53	-45.2
Financing Cash Flow	525.42	405.07	8.45	888.56	2.65
Foreign Exchange Rate Adjustments	4.12	-4.74	-0.77	1.27	-1.02
Net Cash Flow	251.83	-84.22	58.85	20.43	-56.42
Free Cash Flow	-211.6	-536.32	-288.13	-424.77	-393.6
Free Cash Flow Margin	-3.49%	-10.12%	-6.34%	-9.39%	-9.24%
Free Cash Flow Per Share	-0.46	-1.22	-0.64	-1.00	-0.96
Cash Income Tax Paid	22.42	-9.13	-10.76	27.77	58.2
Levered Free Cash Flow	-200.53	-399.68	-229.09	-442.51	-405.71
Unlevered Free Cash Flow	-200.53	-368.02	-207.55	-431.07	-383.74
Change in Working Capital	-525.75	-641.15	-331.03	-301.75	-495.27

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