Avary Holding(Shenzhen) 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	3,738	3,620	3,287	5,012	3,317
Depreciation & Amortization	3,278	3,083	2,963	2,995	2,528
Other Amortization	68.84	0.53	0.53	1.18	4.94
Loss (Gain) From Sale of Assets	-14.35	-6.5	-11.97	4.23	4.84
Asset Writedown & Restructuring Costs	8.63	0.27	9.71	213.49	-48.66
Loss (Gain) From Sale of Investments	-92.58	29.65	-8.2	-12.79	1.32
Other Operating Activities	366.51	53.29	64.85	-243.47	165.59
Change in Accounts Receivable	-623.02	200.61	118.75	2,374	-752.49
Change in Inventory	-428.09	-380.95	303.66	242.7	-1,040
Change in Accounts Payable	822.96	423.21	1,100	384.35	-206.66
Change in Other Net Operating Assets	107.38	58.74	49.34	79.1	121.32
Operating Cash Flow	7,286	7,082	7,969	10,957	4,296
Operating Cash Flow Growth	2.87%	-11.12%	-27.27%	155.06%	-17.13%
Capital Expenditures	-6,626	-2,844	-3,512	-4,342	-6,968
Sale of Property, Plant & Equipment	56.4	79.07	34.69	13.85	18.07
Cash Acquisitions	-229.23	-0.08	-	-	-
Divestitures	-	-	-	-	-11.81
Investment in Securities	-277.54	-139.03	-991.24	-156.71	8.73
Other Investing Activities	-67.9	17.67	14.78	0.46	0.62
Investing Cash Flow	-7,145	-2,886	-4,454	-4,484	-6,952
Long-Term Debt Issued	23,191	19,004	10,959	8,300	12,673
Total Debt Issued	23,191	19,004	10,959	8,300	12,673
Long-Term Debt Repaid	-22,382	-19,719	-9,961	-8,878	-11,420
Total Debt Repaid	-22,382	-19,719	-9,961	-8,878	-11,420
Net Debt Issued (Repaid)	808.63	-715.12	997.11	-578.45	1,253
Issuance of Common Stock	-	167.62	-	-	165.14
Repurchase of Common Stock	-9.17	-30.33	-205.27	-9.95	-4.69
Common Dividends Paid	-2,443	-1,277	-1,759	-1,226	-1,192
Other Financing Activities	196.56	27.65	23.84	-	-
Financing Cash Flow	-1,447	-1,827	-942.85	-1,814	221.1
Foreign Exchange Rate Adjustments	-222.92	136.32	129.93	358.4	-64.4
Net Cash Flow	-1,528	2,505	2,702	5,017	-2,500
Free Cash Flow	659.47	4,238	4,457	6,615	-2,672
Free Cash Flow Growth	-84.44%	-4.89%	-32.63%	-	-
Free Cash Flow Margin	1.69%	12.06%	13.90%	18.27%	-8.02%
Free Cash Flow Per Share	0.28	1.83	1.93	2.85	-1.15
Cash Income Tax Paid	-1,127	-417.72	-547.36	-1,064	-1,506
Levered Free Cash Flow	-1,037	2,183	2,570	4,106	-5,083
Unlevered Free Cash Flow	-958.38	2,254	2,645	4,138	-5,064
Change in Working Capital	-67.02	302.15	1,663	2,988	-1,677

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