Shenzhen Changfang Group 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	-148.19	-150.34	-33.73	-142.27	-224.88	-281.97
Depreciation & Amortization	27.87	27.87	35.34	48.91	79.98	101.52
Other Amortization	16.27	16.27	18.06	18.41	9.3	7.92
Loss (Gain) From Sale of Assets	0.84	0.84	-10.05	0.66	2.67	-7.97
Asset Writedown & Restructuring Costs	34.29	34.29	-1.87	14.59	42.38	39.97
Provision & Write-off of Bad Debts	13.54	13.54	3.13	1.87	13.46	41.22
Other Operating Activities	43.78	52.48	40.1	28.16	43.85	99.32
Change in Accounts Receivable	-59.52	-59.52	6.59	13.91	-13.84	206.16
Change in Inventory	-11.79	-11.79	7.07	30.9	91.98	4.37
Change in Accounts Payable	71.45	71.45	-53.15	-36.8	-133.08	-412.2
Operating Cash Flow	-18.04	-11.49	8.19	-18.84	-95.9	-98.82
Capital Expenditures	-10.62	-9.64	-8.64	-3.77	-16.01	-59.06
Sale of Property, Plant & Equipment	6.12	5.92	37.74	1.97	13.87	540.3
Investment in Securities	-	-	-	-8.34	-	-
Other Investing Activities	-	-	-	-	2.28	-0.58
Investing Cash Flow	-4.5	-3.72	29.1	-10.14	0.15	480.66
Short-Term Debt Issued	-	-	372.5	338	148	-
Long-Term Debt Issued	-	538.8	119.99	209.9	420.95	446.05
Total Debt Issued	538.8	538.8	492.49	547.9	568.95	446.05
Short-Term Debt Repaid	-	-	-285	-206	-20	-
Long-Term Debt Repaid	-	-538.39	-224.97	-330.53	-465	-698.4
Total Debt Repaid	-539.18	-538.39	-509.97	-536.53	-485	-698.4
Net Debt Issued (Repaid)	-0.38	0.41	-17.48	11.37	83.95	-252.34
Issuance of Common Stock	-	-	39.76	-	-	-
Common Dividends Paid	-39.18	-25.48	-20.95	-25.61	-17.33	-28.5
Other Financing Activities	64.8	0.05	21.15	51.94	-42.84	-133.95
Financing Cash Flow	25.23	-25.02	22.48	37.71	23.79	-414.79
Foreign Exchange Rate Adjustments	-0.24	0.73	2.67	1.73	1.51	-1.1
Net Cash Flow	2.44	-39.51	62.45	10.45	-70.45	-34.06
Free Cash Flow	-28.66	-21.14	-0.44	-22.61	-111.9	-157.88
Free Cash Flow Margin	-7.44%	-5.33%	-0.09%	-4.16%	-15.36%	-9.94%
Free Cash Flow Per Share	-0.04	-0.03	-0.00	-0.03	-0.14	-0.20
Cash Income Tax Paid	2.62	0.63	2.5	5.99	-6.87	34.69
Levered Free Cash Flow	456.86	0.25	8.72	-2.42	-75.93	144.98
Unlevered Free Cash Flow	472.09	15.47	26.86	12.81	-61.54	168.01
Change in Working Capital	-6.44	-6.44	-42.78	10.82	-62.64	-98.83

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