Zhong Fu Tong Group 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	-77.47	-122.71	-52.82	35.71	72.94
Depreciation & Amortization	59.41	25.59	44.01	31.63	25.75
Other Amortization	0.73	37.62	0.15	0.16	1.8
Loss (Gain) From Sale of Assets	-0.01	0.41	-0.19	0.01	-0.07
Asset Writedown & Restructuring Costs	73.95	46.61	37.67	8.99	2.81
Loss (Gain) From Sale of Investments	-5.97	-0.19	-0.02	-12.02	-1.9
Provision & Write-off of Bad Debts	-	105.8	48.77	30.89	50.94
Other Operating Activities	115.43	19.49	30.31	34.5	23.61
Change in Accounts Receivable	-200.04	-213.92	-103.43	99.13	-513.63
Change in Inventory	-25.17	-55.6	-22.81	2.75	-12.8
Change in Accounts Payable	97.11	150.02	91.24	-104.71	412.13
Operating Cash Flow	19.24	-25.5	62.56	120.63	53.01
Operating Cash Flow Growth	-	-	-48.14%	127.57%	17.20%
Capital Expenditures	-57.82	-67.49	-82.08	-70.52	-93.39
Sale of Property, Plant & Equipment	-	38.09	0.06	0.1	0.16
Cash Acquisitions	-	-	-1.1	-14.75	-13.14
Investment in Securities	7.77	96.44	-	-74	-97
Other Investing Activities	4.77	-	6.27	1.82	1
Investing Cash Flow	-45.28	67.05	-76.85	-157.34	-202.37
Long-Term Debt Issued	1,017	883.98	685.75	634.12	640.02
Total Debt Issued	1,017	883.98	685.75	634.12	640.02
Long-Term Debt Repaid	-1,063	-849.71	-608.89	-632.2	-375.71
Total Debt Repaid	-1,063	-849.71	-608.89	-632.2	-375.71
Net Debt Issued (Repaid)	-45.31	34.27	76.87	1.92	264.31
Issuance of Common Stock	-	-	22.97	18.39	-
Common Dividends Paid	-27.68	-37.16	-44.61	-49.21	-64.65
Other Financing Activities	110.31	-106.34	-119.64	52.84	-71.87
Financing Cash Flow	37.31	-109.23	-64.42	23.93	127.79
Foreign Exchange Rate Adjustments	0.44	0.26	0.1	-0.24	-1.28
Net Cash Flow	11.71	-67.42	-78.61	-13.01	-22.85
Free Cash Flow	-38.58	-92.98	-19.52	50.11	-40.38
Free Cash Flow Margin	-3.38%	-7.70%	-1.52%	4.75%	-4.13%
Free Cash Flow Per Share	-0.17	-0.41	-0.09	0.22	-0.18
Cash Interest Paid	-	-	-	0.09	-
Cash Income Tax Paid	53.1	46.57	38.81	46.9	23.11
Levered Free Cash Flow	78.9	-179.37	-91.62	-38.62	-12.62
Unlevered Free Cash Flow	78.9	-156.91	-69.43	-22.23	1.04
Change in Working Capital	-146.83	-138.12	-45.32	-9.24	-122.88

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