GHG 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	163.36	107.31	260.53	-461.69	83.57
Depreciation & Amortization	88.93	115.75	116.87	125.34	119.34
Stock-Based Compensation	-	-	-	-	2.46
Other Adjustments	263.11	398.27	369.64	855.38	186.18
Change in Receivables	3.47	-4.02	-5.36	-53.61	-24.38
Changes in Inventories	1.96	14.62	4.76	10.63	9.4
Changes in Accounts Payable	-18.96	-3.02	-50.45	-15.93	5.37
Changes in Accrued Expenses	56.47	-4.75	23.16	79.4	61.4
Changes in Income Taxes Payable	1.11	34.75	61.43	27.81	23.04
Changes in Unearned Revenue	-51.51	-39.48	-36.75	-96.59	-51.29
Changes in Other Operating Activities	-226.67	-246.04	-288.79	-176.19	-35.85
Operating Cash Flow	281.27	373.38	455.05	294.54	379.25
Operating Cash Flow Growth	-24.67%	-17.95%	54.50%	-22.34%	28.45%
Capital Expenditures	-261.15	-79.58	-87.76	-83.72	-360.71
Sale of Property, Plant & Equipment	0.43	139.9	2.95	9.2	25.36
Purchases of Intangible Assets	-	-0.04	-0.74	-0.11	-0.2
Purchases of Investments	-	-10.4	-262.68	-161.76	-419.13
Proceeds from Sale of Investments	188.07	439.51	167.01	667.22	820.39
Payments for Business Acquisitions	-	-	-	-	-187.09
Proceeds from Business Divestments	-	2.81	37.8	79.67	1.69
Other Investing Activities	9.88	-146.81	49.72	-90.05	-858.36
Investing Cash Flow	-62.78	345.39	-93.71	420.45	-978.05
Long-Term Debt Issued	-	200	174	305.6	858
Long-Term Debt Repaid	-0.4	-117.2	-458.3	-605.5	-315.3
Net Long-Term Debt Issued (Repaid)	-0.4	82.8	-284.3	-299.9	542.7
Repurchase of Common Stock	-0.01	-0.37	-19.71	-	-
Net Common Stock Issued (Repurchased)	-0.01	-0.37	-19.71	-	-
Common Dividends Paid	-43.02	-70.94	-	-41	-320.25
Other Financing Activities	-	-0.97	0.27	5.5	17.88
Financing Cash Flow	-43.43	10.53	-303.73	-335.4	240.33
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-21.83	4.3	0.03	1.25	-1.41
Net Cash Flow	153.24	733.6	57.64	380.84	-359.88
Free Cash Flow	20.12	293.8	367.29	210.82	18.54
Free Cash Flow Growth	-93.15%	-20.01%	74.22%	1036.95%	-89.89%
FCF Margin	1.83%	21.87%	22.57%	14.35%	0.94%
Free Cash Flow Per Share	0.30	4.40	5.46	3.09	0.27
Levered Free Cash Flow	-243.43	-14.97	-272.51	-851.12	402.11
Unlevered Free Cash Flow	-365.84	-118.7	-26.4	-573.26	-174.31

Updated Apr 29, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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