Acrel 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	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	203.6	169.83	201.4	170.61	170.07	121.44
Depreciation & Amortization	27.69	27.69	28.58	24.34	21.96	20.55
Other Amortization	5.68	5.68	5.17	3.22	1.79	0.52
Loss (Gain) From Sale of Assets	-1.91	-1.91	2.06	0	-0.16	-0.54
Asset Writedown & Restructuring Costs	0.17	0.17	0.06	0.06	0.48	0.2
Loss (Gain) From Sale of Investments	-13.8	-13.8	-28.02	-9.69	-9.62	-10.34
Provision & Write-off of Bad Debts	2.24	2.24	2.42	2.91	1.11	3.34
Other Operating Activities	-68.01	0.34	0.61	-0.32	-0.19	0.29
Change in Accounts Receivable	8.88	8.88	35.09	-67.76	-126.52	-143.95
Change in Inventory	25.89	25.89	44.82	30.96	-75.66	-35.59
Change in Accounts Payable	39.12	39.12	18.46	-15.41	94.05	-21.01
Change in Other Net Operating Assets	-8.66	-8.66	3.17	23.7	39.32	21.18
Operating Cash Flow	220.9	255.48	315.5	163.04	112.48	-44.4
Operating Cash Flow Growth	-38.39%	-19.02%	93.52%	44.95%	-	-
Capital Expenditures	-54.39	-27.3	-93.56	-29.23	-29.38	-18.36
Sale of Property, Plant & Equipment	0.27	0.04	4.3	0.04	0.4	0.07
Investment in Securities	-40.85	-43.18	-37.85	-67.2	47	59.47
Other Investing Activities	-677.86	12.42	9.81	10.11	8.02	10.34
Investing Cash Flow	-772.83	-58.02	-117.31	-86.27	26.04	51.51
Issuance of Common Stock	786.79	-	-	31.73	21.5	22.5
Repurchase of Common Stock	-	-	-	-0.29	-50.91	-50.38
Common Dividends Paid	-99.95	-85.89	-42.94	-42.33	-42.99	-41.24
Other Financing Activities	-56.72	-0.81	0.5	-	-	-
Financing Cash Flow	630.12	-86.7	-42.44	-10.89	-72.4	-69.13
Foreign Exchange Rate Adjustments	0.41	0.43	-0.36	0.09	-	-
Net Cash Flow	78.59	111.2	155.39	65.96	66.12	-62.02
Free Cash Flow	166.51	228.18	221.94	133.81	83.1	-62.76
Free Cash Flow Growth	-48.41%	2.81%	65.86%	61.03%	-	-
Free Cash Flow Margin	15.35%	21.46%	19.78%	13.14%	8.17%	-8.73%
Free Cash Flow Per Share	0.73	1.08	1.05	0.64	0.40	-0.30
Cash Income Tax Paid	53.7	52.54	58.14	57.3	53.41	29.34
Levered Free Cash Flow	118.84	166.35	175.96	71.69	59.71	-56.27
Unlevered Free Cash Flow	118.84	166.35	175.96	71.69	59.71	-56.27
Change in Working Capital	65.23	65.23	103.24	-28.1	-72.95	-179.86

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