Acrel 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	Dec '21 Dec 31, 2021
Net Income	203.27	205.17	169.83	201.4	170.61	170.07
Depreciation & Amortization	26.32	26.32	29.46	28.58	24.34	21.96
Other Amortization	5.72	5.72	3.91	5.17	3.22	1.79
Loss (Gain) From Sale of Assets	0.03	0.03	-1.91	2.06	0	-0.16
Asset Writedown & Restructuring Costs	0.11	0.11	0.17	0.06	0.06	0.48
Loss (Gain) From Sale of Investments	-21.84	-21.84	-13.8	-28.02	-9.69	-9.62
Provision & Write-off of Bad Debts	3.26	3.26	2.24	2.42	2.91	1.11
Other Operating Activities	-41.06	0.08	0.34	0.61	-0.32	-0.19
Change in Accounts Receivable	-54.7	-54.7	8.88	35.09	-67.76	-126.52
Change in Inventory	11.69	11.69	25.89	44.82	30.96	-75.66
Change in Accounts Payable	46.11	46.11	39.12	18.46	-15.41	94.05
Change in Other Net Operating Assets	1.58	1.58	-8.66	3.17	23.7	39.32
Operating Cash Flow	179.8	222.84	255.48	315.5	163.04	112.48
Operating Cash Flow Growth	-20.14%	-12.78%	-19.02%	93.52%	44.95%	-
Capital Expenditures	-80.95	-70.76	-27.3	-93.56	-29.23	-29.38
Sale of Property, Plant & Equipment	0.16	0.34	0.04	4.3	0.04	0.4
Investment in Securities	-584.86	-574.47	-36.15	-37.85	-67.2	47
Other Investing Activities	-80.02	5.53	5.39	9.81	10.11	8.02
Investing Cash Flow	-745.67	-639.36	-58.02	-117.31	-86.27	26.04
Issuance of Common Stock	56.07	786.79	-	-	31.73	21.5
Repurchase of Common Stock	-84.2	-84.2	-	-	-0.29	-50.91
Common Dividends Paid	-99.95	-99.95	-85.89	-42.94	-42.33	-42.99
Other Financing Activities	32.85	26.76	-0.81	0.5	-	-
Financing Cash Flow	-95.22	629.4	-86.7	-42.44	-10.89	-72.4
Foreign Exchange Rate Adjustments	-0.99	-0.61	0.43	-0.36	0.09	-
Net Cash Flow	-662.09	212.28	111.2	155.39	65.96	66.12
Free Cash Flow	98.85	152.08	228.18	221.94	133.81	83.1
Free Cash Flow Growth	-50.14%	-33.35%	2.81%	65.86%	61.03%	-
Free Cash Flow Margin	8.90%	13.90%	21.46%	19.78%	13.14%	8.17%
Free Cash Flow Per Share	0.40	0.64	1.07	1.05	0.64	0.40
Cash Income Tax Paid	53.92	53	52.54	58.14	57.3	53.41
Levered Free Cash Flow	139.12	99.22	166.35	175.96	71.69	59.71
Unlevered Free Cash Flow	139.12	99.22	166.35	175.96	71.69	59.71
Change in Working Capital	3.99	3.99	65.23	103.24	-28.1	-72.95

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