Hengbo Holdings 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	Dec '21 Dec 31, 2021
Net Income	136.38	131.05	114.72	103.88	95.38
Depreciation & Amortization	41.85	33	24.98	22.25	22.17
Other Amortization	19.76	12.4	9.95	9.19	11.21
Loss (Gain) From Sale of Assets	0.92	0.14	0.82	1.15	0.03
Asset Writedown & Restructuring Costs	12.47	0.31	1.22	9.62	10.11
Loss (Gain) From Sale of Investments	-6.42	-11.68	-3.26	-0.66	-1.37
Provision & Write-off of Bad Debts	-	1.99	1.25	-	-0.19
Other Operating Activities	2.98	10.27	6	0.44	-1.15
Change in Accounts Receivable	-209.24	-62.08	-57.1	-35.34	-59.75
Change in Inventory	-20.15	-51.36	-10.44	-29.3	-33.78
Change in Accounts Payable	71.24	82.88	52.64	35.87	42.04
Change in Other Net Operating Assets	7.9	-	-0.86	0.55	1.53
Operating Cash Flow	45.72	148.23	141.5	115.98	83.93
Operating Cash Flow Growth	-69.16%	4.75%	22.01%	38.18%	-26.88%
Capital Expenditures	-320.69	-266.94	-103.02	-100.26	-17.41
Sale of Property, Plant & Equipment	1.66	1.3	3.6	0.43	0.5
Cash Acquisitions	-6.12	-	-	-	-
Investment in Securities	490.09	-249.93	-316.43	0.16	35
Other Investing Activities	4.48	6.31	1.28	0.62	-7.37
Investing Cash Flow	169.41	-509.27	-414.57	-99.06	10.72
Short-Term Debt Issued	-	59.9	10	1.5	16.08
Long-Term Debt Issued	20	-	-	-	-
Total Debt Issued	20	59.9	10	1.5	16.08
Short-Term Debt Repaid	-	-59.98	-10	-12.57	-126.27
Long-Term Debt Repaid	-13	-	-	-	-1.38
Total Debt Repaid	-13	-59.98	-10	-12.57	-127.65
Net Debt Issued (Repaid)	7	-0.08	-	-11.07	-111.57
Issuance of Common Stock	12.73	-	849.05	-	-
Repurchase of Common Stock	-	-53.5	-	-	-
Common Dividends Paid	-42.73	-40.77	-0.11	-0.07	-1.48
Dividends Paid	-42.73	-40.77	-0.11	-0.07	-1.48
Other Financing Activities	14.85	-6.94	-57.87	-8.77	-4.35
Financing Cash Flow	-8.15	-101.29	791.07	-19.91	-117.4
Foreign Exchange Rate Adjustments	-1.7	0.06	-0	-0.13	-0.36
Net Cash Flow	205.27	-462.27	518	-3.12	-23.11
Free Cash Flow	-274.97	-118.72	38.48	15.72	66.52
Free Cash Flow Growth	-	-	144.87%	-76.38%	-16.63%
Free Cash Flow Margin	-24.13%	-13.72%	4.90%	2.20%	10.51%
Free Cash Flow Per Share	-2.70	-1.17	0.43	0.20	0.86
Cash Income Tax Paid	53.7	44.03	64.21	19.46	49.13
Levered Free Cash Flow	-175.78	-162.22	8.42	1.4	28.7
Unlevered Free Cash Flow	-175.78	-161.76	8.49	1.44	29.53
Change in Working Capital	-162.22	-29.26	-14.18	-29.89	-52.25

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