Zhubo Design Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Net Income	14.61	30.98	83	149.65	171.47	138.41
Depreciation & Amortization	27.71	27.71	35.66	38.12	35.06	19.71
Other Amortization	6.37	6.37	3.2	2.52	5.12	3.58
Loss (Gain) From Sale of Assets	-35.68	-35.68	-1.63	-0.36	0.01	0.03
Asset Writedown & Restructuring Costs	2.87	2.87	0.02	-0.02	0	0.03
Loss (Gain) From Sale of Investments	-17.17	-17.17	-20.53	-18.67	-25.82	-22.47
Provision & Write-off of Bad Debts	52.37	52.37	57.72	53.62	35.09	23.47
Other Operating Activities	50.98	1.37	0.12	-2.33	-1.62	3.25
Change in Accounts Receivable	71.93	71.93	-21.74	-77.18	-85.55	-78.39
Change in Accounts Payable	-129.61	-129.61	-88.6	-77.46	-89	90.6
Operating Cash Flow	42.22	8.99	42.35	62.57	41.86	175.75
Operating Cash Flow Growth	-63.88%	-78.77%	-32.31%	49.48%	-76.19%	11.78%
Capital Expenditures	-6.23	-10.61	-17.84	-37.33	-45.79	-25.31
Sale of Property, Plant & Equipment	74.77	67.11	0.43	0.12	0.04	0.09
Investment in Securities	-118	19.2	89.55	-147	-8	80
Other Investing Activities	15.62	14.8	18.55	22.04	19.4	22.72
Investing Cash Flow	-33.85	90.5	90.69	-162.16	-34.36	77.5
Short-Term Debt Issued	-	0.19	0.09	-	0.58	2.2
Total Debt Issued	0.19	0.19	0.09	-	0.58	2.2
Long-Term Debt Repaid	-	-5.17	-7.74	-8.64	-14.19	-
Total Debt Repaid	-5.17	-5.17	-7.74	-8.64	-14.19	-
Net Debt Issued (Repaid)	-4.97	-4.97	-7.64	-8.64	-13.61	2.2
Issuance of Common Stock	-	-	-	-	36.24	-
Repurchase of Common Stock	-12.49	-12.49	-	-	-	-
Common Dividends Paid	-82.32	-81.35	-101.32	-60	-50	-35
Other Financing Activities	2.65	0.01	1.04	-2.4	0	-0.41
Financing Cash Flow	-97.14	-98.81	-107.92	-71.04	-27.36	-33.21
Net Cash Flow	-88.77	0.68	25.12	-170.64	-19.86	220.04
Free Cash Flow	35.99	-1.61	24.51	25.23	-3.94	150.44
Free Cash Flow Growth	-65.53%	-	-2.87%	-	-	27.45%
Free Cash Flow Margin	11.04%	-0.37%	3.60%	2.88%	-0.38%	15.67%
Free Cash Flow Per Share	0.22	-0.01	0.15	0.15	-0.03	0.94
Cash Income Tax Paid	27.15	32.58	51.75	68.71	82.8	72
Levered Free Cash Flow	41.19	5.45	-21.15	-46.43	-31.16	91.9
Unlevered Free Cash Flow	41.97	6	-21.15	-46.43	-31.13	91.9
Change in Working Capital	-59.84	-59.84	-115.21	-159.97	-177.46	9.75

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.