Qingdao Kutesmart 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	36.71	88.63	111.78	85.33	61.38
Depreciation & Amortization	42.6	43.57	41.1	40.57	36.48
Other Amortization	6.3	4.24	1.04	0.8	0.67
Loss (Gain) From Sale of Assets	0.02	48.03	-0.44	-0.06	-0.28
Asset Writedown & Restructuring Costs	7.79	0.08	15.26	6.47	1.22
Loss (Gain) From Sale of Investments	26.43	-110.6	-12.46	-11.78	-10.91
Provision & Write-off of Bad Debts	-	2.86	0.99	-0.31	-0.53
Other Operating Activities	8.92	38.29	9.37	10.17	6.62
Change in Accounts Receivable	18.81	-10.15	-16.51	-6.02	-14.81
Change in Inventory	-25.48	10.86	25.74	-19.09	-23.22
Change in Accounts Payable	-24.46	48	0.8	16.91	9.43
Operating Cash Flow	98.31	159.98	173.52	121.32	76.11
Operating Cash Flow Growth	-38.55%	-7.80%	43.03%	59.39%	1.28%
Capital Expenditures	-123.57	-131.93	-185.38	-36.34	-32.97
Sale of Property, Plant & Equipment	4.24	5.09	6.06	10.82	0.78
Cash Acquisitions	-38.02	-	-	-	-
Investment in Securities	196.57	-205	110	197.33	-260.89
Other Investing Activities	139.91	66.31	26.35	7.11	8.97
Investing Cash Flow	179.12	-265.54	-42.97	178.92	-284.1
Short-Term Debt Issued	-	133.9	280	280	143.51
Long-Term Debt Issued	220	-	-	-	-
Total Debt Issued	220	133.9	280	280	143.51
Short-Term Debt Repaid	-	-373.9	-280	-145	-
Long-Term Debt Repaid	-260	-1.39	-0.69	-	-
Total Debt Repaid	-260	-375.29	-280.69	-145	-
Net Debt Issued (Repaid)	-40	-241.39	-0.69	135	143.51
Common Dividends Paid	-25.07	-17.63	-19.63	-15.52	-4.1
Other Financing Activities	-1.11	-2.94	-	-	-
Financing Cash Flow	-66.18	-261.96	-20.31	119.48	139.42
Foreign Exchange Rate Adjustments	-3.66	3.09	0.53	1.57	-1.11
Net Cash Flow	207.59	-364.42	110.77	421.29	-69.68
Free Cash Flow	-25.26	28.05	-11.86	84.98	43.15
Free Cash Flow Growth	-	-	-	96.95%	-
Free Cash Flow Margin	-3.85%	3.96%	-1.59%	13.79%	7.28%
Free Cash Flow Per Share	-0.10	0.12	-0.05	0.36	0.18
Cash Income Tax Paid	70.48	44.25	51.78	30.06	46.48
Levered Free Cash Flow	-154.81	-10.23	-31.71	47.7	15.27
Unlevered Free Cash Flow	-154.81	-6.8	-24.84	52.71	16.36
Change in Working Capital	-30.46	44.88	6.87	-9.87	-18.56

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