NCS Testing Technology Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Dec '21 Dec 31, 2021
Net Income	143.43	135.93	145.02	125.7	113.84	84.19
Depreciation & Amortization	106.2	106.2	89.11	68.8	49.97	45.31
Other Amortization	14.47	14.47	12.66	11.08	7.95	2.17
Loss (Gain) From Sale of Assets	0	0	-0.17	-	-15.79	-
Asset Writedown & Restructuring Costs	8.61	8.61	0.08	0.42	9.16	0.37
Loss (Gain) From Sale of Investments	0.02	0.02	0.38	0.26	0.26	0.14
Provision & Write-off of Bad Debts	-	-	7.74	4.75	-	2.99
Other Operating Activities	-10.59	2.42	-12.45	-13.75	-13.48	7.21
Change in Accounts Receivable	-73.92	-73.92	-136.15	-95.26	-67.36	-25.25
Change in Inventory	-32.13	-32.13	-30.1	-65.07	-17.76	-44.57
Change in Accounts Payable	49.15	49.15	57.82	51.28	54.43	35.16
Change in Other Net Operating Assets	5.14	5.14	9.75	12.95	-	-
Operating Cash Flow	205.02	210.53	141.62	95.78	120.85	100.67
Operating Cash Flow Growth	20.11%	48.66%	47.86%	-20.75%	20.05%	-9.86%
Capital Expenditures	-75.74	-104.61	-155.97	-165.04	-184.41	-123.41
Sale of Property, Plant & Equipment	-0.21	0.03	0.35	0.08	0.09	0.06
Cash Acquisitions	-	-	-	-	-	-0
Investment in Securities	-	-	-	-0.26	0.09	0.23
Investing Cash Flow	-75.95	-104.58	-155.63	-165.22	-184.22	-123.11
Long-Term Debt Issued	-	39.47	84.63	-	4.39	-
Long-Term Debt Repaid	-	-19.02	-52.05	-34.11	-21.9	-29.76
Net Debt Issued (Repaid)	6.35	20.46	32.58	-34.11	-17.5	-29.76
Issuance of Common Stock	-	-	-	5.33	57.07	-
Repurchase of Common Stock	-	-	-0.44	-	-	-
Common Dividends Paid	-47.56	-47.5	-38.46	-34.21	-25.31	-7.94
Other Financing Activities	-40.22	-39.09	7.45	15.18	50	-
Financing Cash Flow	-81.44	-66.13	1.13	-47.81	64.25	-37.7
Foreign Exchange Rate Adjustments	-0.18	0.18	-0.16	0.35	0.17	-0.28
Net Cash Flow	47.46	39.99	-13.04	-116.9	1.05	-60.42
Free Cash Flow	129.28	105.91	-14.36	-69.26	-63.56	-22.74
Free Cash Flow Growth	6183.44%	-	-	-	-	-
Free Cash Flow Margin	10.53%	8.99%	-1.31%	-7.29%	-7.79%	-3.24%
Free Cash Flow Per Share	0.34	0.28	-0.04	-0.18	-0.17	-0.06
Cash Income Tax Paid	58.37	54.86	52.21	40.87	25.58	30.37
Levered Free Cash Flow	92.77	57.78	-196.8	-64.96	-27.65	-30.75
Unlevered Free Cash Flow	92.77	57.78	-193.36	-61.25	-23.55	-26.25
Change in Working Capital	-57.13	-57.13	-100.55	-101.73	-31.06	-41.71

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