Zhejiang Truelove Vogue Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	30.7	233.88	75.8	105.94	155.02	107.55
Depreciation & Amortization	79.66	79.66	51.5	32.67	30.27	28.68
Other Amortization	2.93	2.93	1.92	1.21	1	0.97
Loss (Gain) From Sale of Assets	-186.74	-186.74	-5.53	1.04	1.22	3.4
Asset Writedown & Restructuring Costs	2.64	2.64	-	0.25	0.01	3.54
Loss (Gain) From Sale of Investments	-5.33	-5.33	-1.19	6.74	-14.52	-5.62
Provision & Write-off of Bad Debts	-	-	2.74	1.19	5.05	-
Other Operating Activities	158.59	16.45	-9.28	5.37	0.25	6.78
Change in Accounts Receivable	-20.73	-20.73	-71.33	23.53	-81.76	-43.1
Change in Inventory	20.16	20.16	-4.54	-15.16	-32.1	-32.21
Change in Accounts Payable	7.73	7.73	91.61	24.76	94.72	55.46
Operating Cash Flow	121.14	182.17	134.5	168.98	149.27	126.03
Operating Cash Flow Growth	-24.48%	35.45%	-20.41%	13.21%	18.44%	-29.60%
Capital Expenditures	-135.8	-128.65	-212.66	-260.44	-663.42	-273.63
Sale of Property, Plant & Equipment	2.68	226.64	28.28	0.5	1.58	0.66
Investment in Securities	100	-80	-	10	232	-242
Other Investing Activities	2.06	-5.52	-38.97	0.52	66.78	5.62
Investing Cash Flow	-31.06	12.47	-223.35	-249.41	-363.07	-509.35
Long-Term Debt Issued	-	480.69	174.26	312.66	96.48	109
Total Debt Issued	837.37	480.69	174.26	312.66	96.48	109
Long-Term Debt Repaid	-	-454.04	-160.54	-71.36	-10.27	-3.35
Total Debt Repaid	-453.14	-454.04	-160.54	-71.36	-10.27	-3.35
Net Debt Issued (Repaid)	384.23	26.65	13.73	241.3	86.21	105.65
Issuance of Common Stock	-	-	-	-	-	410.89
Common Dividends Paid	-129.43	-129.58	-75.46	-60.77	-21.74	-0
Other Financing Activities	-0.52	-0.63	-	-	-	-29.38
Financing Cash Flow	254.29	-103.55	-61.73	180.53	64.46	487.16
Foreign Exchange Rate Adjustments	-0.76	3.25	12.23	1.49	3.28	-1.3
Net Cash Flow	343.61	94.34	-138.35	101.59	-146.05	102.54
Free Cash Flow	-14.66	53.52	-78.16	-91.45	-514.15	-147.6
Free Cash Flow Margin	-1.46%	5.44%	-8.90%	-9.60%	-52.54%	-15.82%
Free Cash Flow Per Share	-0.10	0.37	-0.55	-0.64	-3.56	-1.10
Cash Income Tax Paid	-	-29.67	-50.8	-70.78	-91.06	-75.53
Levered Free Cash Flow	-	-	-228.45	-232.16	-547.83	-180.72
Unlevered Free Cash Flow	-	-	-227.81	-231.24	-547.61	-180.45
Change in Working Capital	38.69	38.69	18.53	14.56	-29.02	-19.27

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