Shenzhen SEG Co.,Ltd 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	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Net Income	92.32	37.56	90.47	15.78	46.38	25.92
Depreciation & Amortization	127.62	127.62	163.24	172.13	184.72	80.68
Other Amortization	8.36	8.36	11.17	10.96	13.99	12.29
Gain (Loss) on Sale of Assets	-0.4	-0.4	-	0.02	-	0.22
Gain (Loss) on Sale of Investments	-12.64	-12.64	-95.87	-28.26	-20.98	-25.49
Asset Writedown	5.31	5.31	-0.92	3.65	0.25	0.42
Change in Accounts Receivable	41.47	41.47	48.16	-144.32	-53.64	-6.21
Change in Accounts Payable	-116.97	-116.97	17.79	154.84	439.96	-212.04
Other Operating Activities	93.56	150.79	136.24	95.5	136.6	156.35
Operating Cash Flow	237	239.47	362.45	222.48	754.03	243.54
Operating Cash Flow Growth	-27.54%	-33.93%	62.91%	-70.49%	209.61%	-43.43%
Acquisition of Real Estate Assets	-236.27	-131.39	-122.68	-64.87	-38.6	-8.08
Sale of Real Estate Assets	4.61	4.61	0.22	-	-	1.78
Net Sale / Acq. of Real Estate Assets	-231.66	-126.78	-122.45	-64.87	-38.6	-6.3
Cash Acquisition	-	-	-	-	-57.58	52.85
Investment in Marketable & Equity Securities	-36.37	88.95	93.09	186.32	241.28	173.18
Other Investing Activities	-1.62	2.73	4.68	10	27.69	54.39
Investing Cash Flow	-269.64	-35.09	-23.17	129.43	233.95	274.12
Short-Term Debt Issued	-	-	-	-	350	-
Long-Term Debt Issued	-	82.23	280.76	242.47	126.2	160
Total Debt Issued	170.5	82.23	280.76	242.47	476.2	160
Short-Term Debt Repaid	-	-	-	-350	-	-
Long-Term Debt Repaid	-	-329.24	-340.52	-216.17	-1,076	-487.17
Total Debt Repaid	-114.9	-329.24	-340.52	-566.17	-1,076	-487.17
Net Debt Issued (Repaid)	55.6	-247.01	-59.76	-323.7	-599.62	-327.17
Common Dividends Paid	-45.63	-71.9	-57.07	-62.01	-83.29	-135.66
Other Financing Activities	-63.67	-41.92	-49.14	-70.92	-30.85	-31.77
Net Cash Flow	-86.33	-156.45	173.31	-104.72	274.22	23.06
Cash Income Tax Paid	215.71	219.67	224.18	164.3	187.62	167.93
Levered Free Cash Flow	94.98	363.28	240.4	-141.34	1,177	338.6
Unlevered Free Cash Flow	122.22	390.99	271.65	-102.83	1,235	402.93
Change in Working Capital	-91.57	-91.57	52.83	-49.54	398.19	-15.52

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