T&S Communications 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	298.96	261.26	155.09	180.04	71.76
Depreciation & Amortization	34.71	33.2	36.13	35.12	32.68
Other Amortization	2.22	0.3	0.63	1.21	0.94
Loss (Gain) From Sale of Assets	-	-	-	-	-0.46
Asset Writedown & Restructuring Costs	0.26	0.2	0.37	19.44	9.25
Loss (Gain) From Sale of Investments	-18.03	-8.83	-11.17	1.17	-1.44
Provision & Write-off of Bad Debts	8.64	3.99	7.18	4.5	1.96
Other Operating Activities	33.11	21.49	-3.43	-50.53	-0.58
Change in Accounts Receivable	-160.08	-103.4	-140.53	-92.2	-44.59
Change in Inventory	-7.53	-135.01	-0.97	-74.62	-8.88
Change in Accounts Payable	-67.21	97.78	75.69	76.88	3.35
Change in Other Net Operating Assets	32.22	25.32	-6.34	12.34	5.88
Operating Cash Flow	152.05	183.71	115	105.17	69.13
Operating Cash Flow Growth	-17.23%	59.75%	9.35%	52.13%	1467.46%
Capital Expenditures	-51.83	-56.27	-10.14	-24.51	-24.11
Sale of Property, Plant & Equipment	-	-	0	-	1.06
Investment in Securities	75.64	37.16	92.1	-347.72	136.67
Other Investing Activities	15.34	3.73	6.25	0	1.44
Investing Cash Flow	39.15	-15.38	88.21	-372.22	115.06
Long-Term Debt Repaid	-0.97	-0.58	-0.61	-0.58	-0.31
Net Debt Issued (Repaid)	-0.97	-0.58	-0.61	-0.58	-0.31
Issuance of Common Stock	8.52	-	18.09	-	-
Repurchase of Common Stock	-	-	-	-	-99.87
Common Dividends Paid	-181.7	-113.56	-112.66	-66.94	-66.94
Other Financing Activities	-	30.51	-	-	0.57
Financing Cash Flow	-174.15	-83.63	-95.18	-67.52	-166.55
Foreign Exchange Rate Adjustments	-5.88	9.49	6.6	45.58	-7.08
Net Cash Flow	11.17	94.19	114.63	-289	10.56
Free Cash Flow	100.22	127.44	104.85	80.66	45.02
Free Cash Flow Growth	-21.36%	21.54%	30.00%	79.17%	-
Free Cash Flow Margin	6.48%	9.25%	11.85%	8.64%	6.97%
Free Cash Flow Per Share	0.44	0.56	0.47	0.35	0.20
Cash Income Tax Paid	35.25	39.89	13.8	22.09	-1.96
Levered Free Cash Flow	4.55	100.87	45.41	45.79	25.47
Unlevered Free Cash Flow	4.72	100.92	45.43	45.82	25.5
Change in Working Capital	-207.83	-127.91	-69.8	-85.79	-44.98

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.