Zhang Xiaoquan 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	76.01	59.83	25.04	25.12	41.51	78.73
Depreciation & Amortization	32.93	32.93	34.28	39.04	37.64	24.38
Other Amortization	0.58	0.58	4.51	3.72	1.81	1.14
Loss (Gain) From Sale of Assets	-0.4	-0.4	0.03	-0.23	0.08	-0.03
Asset Writedown & Restructuring Costs	14.67	14.67	10.18	5.11	4.29	4.15
Loss (Gain) From Sale of Investments	-0.34	-0.34	-2.15	-2.1	-1.61	-0.91
Other Operating Activities	31.2	0.55	6.54	3.68	1.15	-0.07
Change in Accounts Receivable	-11.14	-11.14	0.41	6.13	23.54	-20
Change in Inventory	2.56	2.56	-22.02	-15.65	13.51	-57.81
Change in Accounts Payable	44.32	44.32	42.14	41.33	-10.78	92.43
Change in Other Net Operating Assets	-	-	3.38	-0.55	-	0.53
Operating Cash Flow	187.92	141.09	101.02	104.17	111.94	122.23
Operating Cash Flow Growth	118.42%	39.66%	-3.03%	-6.93%	-8.42%	14.62%
Capital Expenditures	-8	-7.18	-11.52	-15.01	-41.68	-134.26
Sale of Property, Plant & Equipment	0.85	0.69	0.01	0.1	0.09	0.18
Investment in Securities	-121.04	-85	31.93	-42.09	-40.04	-9.35
Other Investing Activities	-40.73	-18.94	0.06	0	0.76	0.91
Investing Cash Flow	-168.92	-110.43	20.48	-57	-80.87	-142.52
Short-Term Debt Issued	-	-	0.5	19.88	47.85	20.71
Long-Term Debt Issued	-	5.1	-	-	-	-
Total Debt Issued	10.1	5.1	0.5	19.88	47.85	20.71
Short-Term Debt Repaid	-	-	-20	-0.55	-47.8	-154.34
Long-Term Debt Repaid	-	-0.5	-6.43	-8.88	-8.54	-8.02
Total Debt Repaid	-	-0.5	-26.43	-9.43	-56.34	-162.36
Net Debt Issued (Repaid)	10.1	4.6	-25.93	10.44	-8.49	-141.65
Issuance of Common Stock	-	-	-	-	-	235.1
Repurchase of Common Stock	-	-	-40	-	-	-
Common Dividends Paid	-18.28	-18.17	-22.72	-39	-78.35	-6.74
Other Financing Activities	-3.38	-4.24	16.5	-20.48	10.85	-31.81
Financing Cash Flow	-11.56	-17.81	-72.16	-49.04	-75.99	54.9
Foreign Exchange Rate Adjustments	-0.01	-0.01	0.19	-0.17	-0.01	-0.06
Net Cash Flow	7.43	12.84	49.53	-2.03	-44.93	34.55
Free Cash Flow	179.91	133.91	89.5	89.16	70.26	-12.03
Free Cash Flow Growth	126.77%	49.62%	0.38%	26.90%	-	-
Free Cash Flow Margin	16.78%	13.11%	9.86%	10.99%	8.50%	-1.58%
Free Cash Flow Per Share	1.16	0.88	0.57	0.57	0.46	-0.09
Cash Income Tax Paid	55.71	58.88	47.37	47.42	32.26	50.15
Levered Free Cash Flow	164.04	136.56	75.2	76.81	42.31	17.15
Unlevered Free Cash Flow	164.04	136.56	75.41	77.08	42.85	17.48
Change in Working Capital	33.27	33.27	22.6	29.82	27.07	14.83

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