Zhongfu Information 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	-104.33	-125.16	-186.3	-446.91	116.87
Depreciation & Amortization	110.62	74.43	77.91	74.44	47.82
Other Amortization	5.06	11.73	12.6	14.29	9.39
Loss (Gain) From Sale of Assets	-7.67	-0.67	-12.72	-0.68	-0.06
Asset Writedown & Restructuring Costs	3.93	-0.03	0.34	-	-
Loss (Gain) From Sale of Investments	-3.28	-4.11	-2.75	-6.5	-11.4
Provision & Write-off of Bad Debts	-	20.32	3.9	10.99	17.77
Other Operating Activities	31.47	9.15	16.58	10.23	3.07
Change in Accounts Receivable	30.91	-5.49	-35.98	146.87	-173.28
Change in Inventory	10.94	26.82	45.11	-44.45	-5.84
Change in Accounts Payable	-14.07	-68.44	77.56	-94.45	57.24
Change in Other Net Operating Assets	1.67	1.67	-16.04	-13.15	45.8
Operating Cash Flow	61.26	-62.71	-20.4	-345.87	100.11
Operating Cash Flow Growth	-	-	-	-	-42.05%
Capital Expenditures	-125.84	-163.92	-127.01	-87.77	-464.36
Sale of Property, Plant & Equipment	12.91	9.51	27.8	0.2	0.26
Investment in Securities	-	-	87	-37	339.17
Other Investing Activities	-57.92	10.94	0.81	4.88	39.55
Investing Cash Flow	-170.85	-143.47	-11.4	-119.69	-85.38
Short-Term Debt Issued	-	404.08	307.24	310.34	-
Long-Term Debt Issued	321.04	-	-	-	-
Total Debt Issued	321.04	404.08	307.24	310.34	-
Short-Term Debt Repaid	-	-445.01	-321.44	-	-12.33
Long-Term Debt Repaid	-299	-21.98	-30.71	-31.74	-26.77
Total Debt Repaid	-299	-466.99	-352.15	-31.74	-39.1
Net Debt Issued (Repaid)	22.04	-62.92	-44.91	278.6	-39.1
Issuance of Common Stock	-	495.57	-	-	-
Repurchase of Common Stock	-	-	-18.94	-3.78	-3.22
Common Dividends Paid	-6.53	-6	-8.16	-26.16	-56.67
Other Financing Activities	-14.27	6.9	-10.24	-	-
Financing Cash Flow	1.25	433.55	-82.25	248.66	-98.99
Net Cash Flow	-108.34	227.37	-114.04	-216.9	-84.27
Free Cash Flow	-64.58	-226.63	-147.41	-433.64	-364.25
Free Cash Flow Margin	-8.91%	-28.86%	-16.05%	-67.31%	-28.68%
Free Cash Flow Per Share	-0.25	-0.91	-0.66	-1.93	-1.59
Cash Income Tax Paid	32.3	41.81	28.33	28.23	89.76
Levered Free Cash Flow	-10.76	-229.29	-104.9	-315.13	-409.97
Unlevered Free Cash Flow	-10.76	-224.27	-97.3	-311.31	-408.05
Change in Working Capital	25.45	-48.37	70.04	-1.72	-83.36

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