Zhejiang Taotao Vehicles 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	816.32	431.26	280.48	206.1	242.72
Depreciation & Amortization	98.27	74.17	54.39	43.92	35.21
Other Amortization	1.53	0.71	0.65	0.62	0.26
Loss (Gain) From Sale of Assets	-0.26	0.25	0.53	-0	-0.05
Asset Writedown & Restructuring Costs	0.01	0.02	25.32	14.55	14.78
Loss (Gain) From Sale of Investments	-4.9	-0.78	-0.49	10.2	-1.18
Provision & Write-off of Bad Debts	24.95	4.77	-	-	-
Other Operating Activities	74.47	-3.28	-7.69	-17.46	29.46
Change in Accounts Receivable	-16.81	-94.57	-335.84	-88.43	-40.77
Change in Inventory	-498.33	-500.63	1.24	-71.85	-285.6
Change in Accounts Payable	268.44	292.33	151.76	-51.94	14.43
Change in Other Net Operating Assets	-1.77	14.06	6.85	-	-5.82
Operating Cash Flow	753.82	212.5	176.69	38.97	2.74
Operating Cash Flow Growth	254.74%	20.26%	353.36%	1321.29%	-98.17%
Capital Expenditures	-212.11	-524.73	-71.92	-76.61	-98.12
Sale of Property, Plant & Equipment	0.45	1.31	0.24	0.25	0.32
Cash Acquisitions	-94.03	-	-	-	-
Investment in Securities	-15	0.78	-	-	-
Other Investing Activities	3.09	-	-	0.2	-
Investing Cash Flow	-317.6	-522.65	-71.68	-76.16	-97.8
Long-Term Debt Issued	1,086	862.43	544.72	458.62	231.47
Total Debt Issued	1,086	862.43	544.72	458.62	231.47
Long-Term Debt Repaid	-1,267	-745.43	-607.86	-435.3	-154.59
Total Debt Repaid	-1,267	-745.43	-607.86	-435.3	-154.59
Net Debt Issued (Repaid)	-180.73	117	-63.15	23.32	76.87
Issuance of Common Stock	9.25	9.94	1,907	-	-
Repurchase of Common Stock	-	-63.84	-	-	-
Common Dividends Paid	-404.67	-180.36	-174.09	-7.52	-6.36
Other Financing Activities	121.53	-147.23	-126.41	-52.35	-
Financing Cash Flow	-454.61	-264.49	1,544	-36.55	70.51
Foreign Exchange Rate Adjustments	-0.68	18.14	8.35	3.27	-6.94
Net Cash Flow	-19.07	-556.5	1,657	-70.47	-31.48
Free Cash Flow	541.71	-312.23	104.77	-37.64	-95.38
Free Cash Flow Margin	13.74%	-10.49%	4.89%	-2.13%	-4.73%
Free Cash Flow Per Share	4.97	-2.86	1.02	-0.46	-1.16
Cash Income Tax Paid	78.61	97.3	-46.04	-42.69	-31.9
Levered Free Cash Flow	81.34	-483.97	-15.69	-148.37	-163.72
Unlevered Free Cash Flow	101.23	-470.47	-7.97	-141.69	-157.98
Change in Working Capital	-256.57	-294.62	-176.51	-218.95	-318.46

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