Jiangsu Zhongshe Group 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	Dec '21 Dec 31, 2021
Net Income	-22.34	10.16	42.78	51.75	60.47
Depreciation & Amortization	16.52	11.74	14.68	15.95	11.42
Other Amortization	0.38	1.92	0.87	1.05	0.82
Loss (Gain) From Sale of Assets	-0.18	-0.05	-0.1	-0.01	0
Asset Writedown & Restructuring Costs	12.04	-0.01	0.08	0	0.05
Loss (Gain) From Sale of Investments	-0.4	10.24	-1.78	-2.7	-1.23
Provision & Write-off of Bad Debts	-	18.86	40.81	38.33	24.07
Other Operating Activities	11.85	4.26	11.26	15.78	12.82
Change in Accounts Receivable	90.16	-38.46	-87.45	-93.48	-122.25
Change in Inventory	1.98	-	-	-	-
Change in Accounts Payable	-61.39	-48.48	57.01	-22.84	37.73
Change in Other Net Operating Assets	-	-	0.42	2.81	6.53
Operating Cash Flow	42.5	-32.06	69.62	-1.86	26.23
Operating Cash Flow Growth	-	-	-	-	-73.97%
Capital Expenditures	-9.88	-9.02	-8.46	-17.19	-23.74
Sale of Property, Plant & Equipment	0.07	0.11	0.17	0.03	0
Cash Acquisitions	-	-	-	-	-1.62
Divestitures	-	36.77	-	0.71	-
Investment in Securities	-3.5	-5.31	-0.8	-1.63	26
Other Investing Activities	0.51	0.26	0.35	0.82	0.95
Investing Cash Flow	-12.79	22.81	-8.74	-17.25	1.6
Short-Term Debt Issued	-	-	-	100.98	74.5
Long-Term Debt Issued	167.04	84.21	108.9	-	-
Total Debt Issued	167.04	84.21	108.9	100.98	74.5
Short-Term Debt Repaid	-	-	-	-74.5	-60
Long-Term Debt Repaid	-134.39	-78.11	-129.06	-4.08	-4.2
Total Debt Repaid	-134.39	-78.11	-129.06	-78.58	-64.2
Net Debt Issued (Repaid)	32.64	6.1	-20.16	22.41	10.3
Issuance of Common Stock	-	-	-	-	6.89
Repurchase of Common Stock	-	-	-0.34	-0.41	-9.85
Common Dividends Paid	-27.11	-12.6	-15.14	-16.96	-12.92
Other Financing Activities	-90.18	-4.86	-0.58	-2.19	-4.61
Financing Cash Flow	-84.65	-11.35	-36.23	2.84	-10.19
Net Cash Flow	-54.94	-20.6	24.66	-16.27	17.64
Free Cash Flow	32.63	-41.07	61.17	-19.05	2.49
Free Cash Flow Growth	-	-	-	-	-97.28%
Free Cash Flow Margin	8.83%	-6.76%	8.26%	-2.55%	0.41%
Free Cash Flow Per Share	0.21	-0.28	0.39	-0.12	0.02
Cash Income Tax Paid	35.61	32.47	37.32	-	34.42
Levered Free Cash Flow	151.97	43.95	45.28	-48.51	-12.01
Unlevered Free Cash Flow	151.97	45.76	47.27	-46.63	-10.51
Change in Working Capital	24.63	-89.18	-38.97	-122.01	-82.2

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