HKG:0177 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	4,594	4,947	4,413	3,724	4,280
Depreciation & Amortization	2,596	2,541	2,524	2,046	2,171
Other Amortization	13.89	7.1	10.06	8.68	9.58
Loss (Gain) From Sale of Assets	0.36	-11.54	-13.4	-21.76	-7.87
Asset Writedown & Restructuring Costs	13.55	27.28	19.71	-	6.98
Loss (Gain) From Sale of Investments	-1,213	-1,630	-1,551	-1,725	-1,704
Provision & Write-off of Bad Debts	32.03	25.11	20.43	5.35	8.83
Other Operating Activities	1,057	1,171	1,336	1,100	865.19
Change in Accounts Receivable	-268.5	-152.59	-335.78	-1,603	-135.08
Change in Inventory	123.32	238.71	346.77	1,304	253.77
Change in Accounts Payable	-185.27	-807.3	635.85	727.4	-204.52
Change in Other Net Operating Assets	14.89	7.57	-20.64	-1.59	29.39
Operating Cash Flow	6,762	6,316	7,392	5,528	5,703
Operating Cash Flow Growth	7.05%	-14.56%	33.73%	-3.07%	81.77%
Capital Expenditures	-7,626	-10,802	-3,804	-4,039	-4,777
Sale of Property, Plant & Equipment	32.45	3.1	14.03	51.76	12.61
Cash Acquisitions	-	-	-	-2,457	-
Divestitures	-	-	284.6	-	-
Investment in Securities	1,407	629.94	-138.05	-898.3	-3,872
Other Investing Activities	864.66	781.69	765.24	916.01	616.7
Investing Cash Flow	-5,322	-9,388	-2,879	-6,427	-8,020
Long-Term Debt Issued	16,855	21,466	19,921	36,384	27,761
Long-Term Debt Repaid	-17,336	-19,039	-21,775	-32,260	-22,712
Net Debt Issued (Repaid)	-481.38	2,427	-1,854	4,124	5,049
Issuance of Common Stock	-	-	-	111	40
Common Dividends Paid	-3,321	-3,330	-3,407	-3,403	-3,163
Other Financing Activities	2,124	3,984	654.94	374.12	381.29
Financing Cash Flow	-1,678	3,081	-4,605	1,206	2,308
Net Cash Flow	-238.32	9.88	-91.41	307.71	-9.6
Free Cash Flow	-864.69	-4,486	3,588	1,489	925.54
Free Cash Flow Growth	-	-	141.00%	60.86%	-
Free Cash Flow Margin	-4.26%	-19.34%	23.62%	11.23%	6.49%
Free Cash Flow Per Share	-0.17	-0.89	0.71	0.30	0.18
Cash Income Tax Paid	1,984	1,739	1,421	268.09	1,456
Levered Free Cash Flow	-408.09	-6,164	1,664	180.3	904.43
Unlevered Free Cash Flow	116.29	-5,562	2,335	864.7	1,447
Change in Working Capital	-332.04	-759.83	632.81	391.07	72.89

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