Wintao Communications 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	-1.02	8.83	42.36	69.28	125.35	106.7
Depreciation & Amortization	95.52	95.52	45.71	19.84	10.76	13.49
Other Amortization	0.1	0.1	5.36	0.07	1.75	0.12
Loss (Gain) From Sale of Assets	-0.01	-0.01	-0.11	-0.02	-	0
Asset Writedown & Restructuring Costs	21.49	21.49	0.22	0.52	0.31	-0.01
Loss (Gain) From Sale of Investments	3.43	3.43	0.44	-6.23	-2.64	-0.3
Provision & Write-off of Bad Debts	-	-	21.3	87.96	64.31	45.13
Other Operating Activities	171.64	5.9	22.8	9.92	16.73	13.86
Change in Accounts Receivable	344.01	344.01	110.33	-241.53	-331.02	-432.87
Change in Inventory	-308.07	-308.07	-367.42	-2.93	-6.71	-17.12
Change in Accounts Payable	-148.34	-148.34	38.28	-117.17	138.18	185.46
Operating Cash Flow	180.06	24.18	-87.14	-191.66	7.29	-91.92
Capital Expenditures	-254.93	-314.49	-504.86	-308.59	-9.7	-6.19
Sale of Property, Plant & Equipment	0.36	0.37	0.77	0.1	0.02	0.09
Cash Acquisitions	-3	-3	-8.94	-	-	-
Investment in Securities	10	8	-8	150	-150	10
Other Investing Activities	0.01	0.02	0.55	6.85	2.64	0.32
Investing Cash Flow	-247.56	-309.1	-520.48	-151.64	-157.04	4.21
Long-Term Debt Issued	-	291.92	849.1	382.29	182.8	235.8
Long-Term Debt Repaid	-	-360.73	-332.95	-301.25	-186.34	-173.1
Total Debt Repaid	-327.78	-360.73	-332.95	-301.25	-186.34	-173.1
Net Debt Issued (Repaid)	-101.88	-68.8	516.15	81.04	-3.54	62.7
Issuance of Common Stock	-	-	-	-	1,085	-
Common Dividends Paid	-19.39	-19.98	-16.78	-17.42	-12.88	-5.83
Dividends Paid	-19.39	-19.98	-16.78	-17.42	-12.88	-5.83
Other Financing Activities	-113.78	-152.22	-11.1	85.14	-176.98	1.16
Financing Cash Flow	-235.06	-241.01	488.26	148.77	891.6	58.03
Net Cash Flow	-302.56	-525.94	-119.35	-194.53	741.85	-29.68
Free Cash Flow	-74.87	-290.32	-592	-500.25	-2.41	-98.12
Free Cash Flow Margin	-5.20%	-20.93%	-46.16%	-28.12%	-0.11%	-6.04%
Free Cash Flow Per Share	-0.64	-2.30	-4.89	-4.12	-0.02	-1.08
Cash Income Tax Paid	8.74	8.74	31.27	61.95	63.73	37.22
Levered Free Cash Flow	14.25	-324.07	-665.83	-546.68	-124.6	-148.06
Unlevered Free Cash Flow	14.25	-324.07	-654.19	-540.91	-116.38	-142.31
Change in Working Capital	-111.09	-111.09	-225.21	-373	-209.28	-270.91

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