Nanjing Baose 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	Jan '22 Jan 1, 2022
Net Income	54.11	68.4	64.12	60.26	52.92
Depreciation & Amortization	29.8	29.82	31.01	31.32	29.92
Other Amortization	-	0.4	0.27	0.25	0.02
Asset Writedown & Restructuring Costs	6.31	0.05	0	0.01	0.01
Loss (Gain) From Sale of Investments	0	0.21	-	0.04	0.35
Provision & Write-off of Bad Debts	-	30.52	-2.12	40.37	8.61
Other Operating Activities	35.66	8.53	17.41	18.64	17.31
Change in Accounts Receivable	-283.16	-286.57	43.79	-70.27	-91.09
Change in Inventory	-88.34	489.79	40.44	-206.11	2.35
Change in Accounts Payable	117.23	-39.7	-171.96	177.15	12.69
Change in Other Net Operating Assets	-0.06	5.37	-	-	-
Operating Cash Flow	-133.24	302.87	23.47	45.66	32.06
Operating Cash Flow Growth	-	1190.53%	-48.61%	42.43%	-41.66%
Capital Expenditures	-23.18	-5.8	-10.91	-3.42	-7.22
Sale of Property, Plant & Equipment	0.17	0.03	-	-	-
Investing Cash Flow	-23.01	-5.78	-10.91	-3.42	-7.22
Long-Term Debt Issued	1.03	203.02	290	529.72	400.76
Total Debt Issued	1.03	203.02	290	529.72	400.76
Long-Term Debt Repaid	-32.03	-388.61	-404.55	-481.12	-251.75
Total Debt Repaid	-32.03	-388.61	-404.55	-481.12	-251.75
Net Debt Issued (Repaid)	-31	-185.59	-114.55	48.6	149.02
Issuance of Common Stock	20.24	-	707.04	-	-
Common Dividends Paid	-26.59	-32.61	-46.89	-42.96	-109.35
Other Financing Activities	-1.54	0.03	22.04	-38.15	-15.11
Financing Cash Flow	-38.9	-218.17	567.63	-32.51	24.56
Foreign Exchange Rate Adjustments	5.84	-1.42	1.79	0.51	-1.39
Net Cash Flow	-189.31	77.5	581.98	10.25	48.01
Free Cash Flow	-156.42	297.07	12.56	42.24	24.84
Free Cash Flow Growth	-	2264.69%	-70.26%	70.02%	-47.38%
Free Cash Flow Margin	-11.29%	17.42%	0.74%	3.00%	1.98%
Free Cash Flow Per Share	-0.64	1.22	0.06	0.21	0.12
Cash Income Tax Paid	80.57	74.51	45.3	40.98	27.59
Levered Free Cash Flow	-128.41	255.89	-35.01	-11.45	0.97
Unlevered Free Cash Flow	-128.41	260.93	-24.75	-0.01	9.58
Change in Working Capital	-259.13	164.93	-87.22	-105.22	-77.07

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