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

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