T&S Communications 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	375.78	261.26	155.09	180.04	71.76	75.62
Depreciation & Amortization	32.97	32.97	36.13	35.12	32.68	28.42
Other Amortization	0.54	0.54	0.63	1.21	0.94	0.35
Loss (Gain) From Sale of Assets	-	-	-	-	-0.46	-0.07
Asset Writedown & Restructuring Costs	0.2	0.2	0.37	19.44	9.25	15.26
Loss (Gain) From Sale of Investments	-8.83	-8.83	-11.17	1.17	-1.44	-5.87
Provision & Write-off of Bad Debts	3.99	3.99	7.18	4.5	1.96	4.53
Other Operating Activities	-109.29	21.49	-3.43	-50.53	-0.58	-6.64
Change in Accounts Receivable	-103.4	-103.4	-140.53	-92.2	-44.59	-93.37
Change in Inventory	-135.01	-135.01	-0.97	-74.62	-8.88	-1.96
Change in Accounts Payable	97.78	97.78	75.69	76.88	3.35	-14.12
Change in Other Net Operating Assets	25.32	25.32	-6.34	12.34	5.88	-
Operating Cash Flow	167.45	183.71	115	105.17	69.13	4.41
Operating Cash Flow Growth	80.46%	59.75%	9.35%	52.13%	1467.46%	-98.14%
Capital Expenditures	-45.08	-56.27	-10.14	-24.51	-24.11	-30.67
Sale of Property, Plant & Equipment	-	-	0	-	1.06	0.08
Investment in Securities	88.78	37.16	92.1	-347.72	136.67	68.84
Other Investing Activities	47.46	3.73	6.25	0	1.44	4.46
Investing Cash Flow	91.16	-15.38	88.21	-372.22	115.06	42.7
Long-Term Debt Repaid	-	-0.58	-0.61	-0.58	-0.31	-
Net Debt Issued (Repaid)	-0.58	-0.58	-0.61	-0.58	-0.31	-
Issuance of Common Stock	41.51	30.51	18.09	-	-	-
Repurchase of Common Stock	-	-	-	-	-99.87	-
Common Dividends Paid	-181.7	-113.56	-112.66	-66.94	-66.94	-103.5
Other Financing Activities	-32.97	-	-	-	0.57	6
Financing Cash Flow	-173.73	-83.63	-95.18	-67.52	-166.55	-97.5
Foreign Exchange Rate Adjustments	8.92	9.49	6.6	45.58	-7.08	-8.65
Net Cash Flow	93.8	94.19	114.63	-289	10.56	-59.04
Free Cash Flow	122.37	127.44	104.85	80.66	45.02	-26.26
Free Cash Flow Growth	105.17%	21.54%	30.00%	79.17%	-	-
Free Cash Flow Margin	7.30%	9.25%	11.85%	8.64%	6.97%	-4.58%
Free Cash Flow Per Share	0.54	0.56	0.47	0.35	0.20	-0.12
Cash Income Tax Paid	58.68	39.89	13.8	22.09	-1.96	3.45
Levered Free Cash Flow	19.21	100.87	45.41	45.79	25.47	-60.77
Unlevered Free Cash Flow	19.38	100.92	45.43	45.82	25.5	-60.77
Change in Working Capital	-127.91	-127.91	-69.8	-85.79	-44.98	-107.19

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