Hichain Logistics 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	Jan '22 Jan 1, 2022
Net Income	208.19	264.67	293.43	281.15	358.19	309.3
Depreciation & Amortization	200.63	200.63	173.91	152.1	101.38	56.2
Other Amortization	7.42	7.42	6.64	4.77	0.76	7.18
Loss (Gain) From Sale of Assets	1.53	1.53	-3.13	-2.11	0.24	-0.5
Asset Writedown & Restructuring Costs	1.54	1.54	0.55	-0.01	-	-0.33
Loss (Gain) From Sale of Investments	35.38	35.38	-0.36	-9.78	-22.22	-32.35
Other Operating Activities	196.49	64.44	7.94	14.78	-24.71	24.13
Change in Accounts Receivable	-55.91	-55.91	61.48	-33.74	-305.13	-105.94
Change in Inventory	12.66	12.66	4.36	2.14	0.27	14.87
Change in Accounts Payable	-27.71	-27.71	-83.7	54.1	227.8	88.02
Change in Other Net Operating Assets	39.39	39.39	4.4	1.85	7.66	4.89
Operating Cash Flow	602.71	527.15	472.55	468.57	338.29	366.85
Operating Cash Flow Growth	46.53%	11.55%	0.85%	38.51%	-7.78%	80.91%
Capital Expenditures	-417.07	-405.18	-254.51	-352.38	-325.43	-162.91
Sale of Property, Plant & Equipment	0.78	0.78	0.58	0.02	0.01	1.42
Cash Acquisitions	-	-	-174.07	-2.19	-	-
Investment in Securities	-280.26	-280.26	-37.9	429.52	70.18	108.6
Other Investing Activities	39.53	39.53	-	9.31	26.19	30.32
Investing Cash Flow	-657.01	-645.12	-465.91	84.28	-229.04	-22.57
Long-Term Debt Issued	-	703.52	400	-	-	140
Long-Term Debt Repaid	-	-522.35	-118.17	-132.59	-53.92	-169.5
Net Debt Issued (Repaid)	28.39	181.17	281.83	-132.59	-53.92	-29.5
Issuance of Common Stock	-	-	-	-	326.82	-
Repurchase of Common Stock	-	-	-31.69	-	-50.1	-
Common Dividends Paid	-107.16	-105.93	-97.18	-80.03	-60	-20
Other Financing Activities	22.16	6.32	140.21	2.92	3.89	3.83
Financing Cash Flow	-56.6	81.56	293.17	-209.7	166.69	-45.67
Foreign Exchange Rate Adjustments	-48.51	-36.54	22.36	15.42	58.4	-11.92
Net Cash Flow	-159.41	-72.95	322.16	358.57	334.33	286.69
Free Cash Flow	185.65	121.97	218.03	116.19	12.87	203.94
Free Cash Flow Growth	74.57%	-44.06%	87.64%	802.95%	-93.69%	28.67%
Free Cash Flow Margin	9.51%	6.43%	13.21%	6.35%	0.71%	13.90%
Free Cash Flow Per Share	0.81	0.53	0.96	0.51	0.06	0.96
Cash Interest Paid	-	-	-	-	-	0.17
Cash Income Tax Paid	72.66	76.45	73.28	72.66	45.77	14.43
Levered Free Cash Flow	312.81	222.55	73.07	263.68	-123.12	82.15
Unlevered Free Cash Flow	322.49	231.54	77.23	263.68	-123.12	82.24
Change in Working Capital	-48.47	-48.47	-6.45	27.67	-75.35	3.23

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