HKG:0291 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	3,371	4,739	5,153	4,344	4,587
Depreciation & Amortization	2,426	2,350	2,277	1,562	1,641
Loss (Gain) From Sale of Assets	-1,019	-94	-486	-278	-1,857
Asset Writedown & Restructuring Costs	3,112	79	142	212	300
Loss (Gain) From Sale of Investments	533	44	-4	-100	29
Loss (Gain) on Equity Investments	-741	-15	5	67	21
Other Operating Activities	-90	-281	541	-408	370
Change in Accounts Receivable	36	-306	124	132	26
Change in Inventory	334	-288	-224	-1,203	-844
Change in Accounts Payable	-835	700	-3,379	2,518	722
Operating Cash Flow	7,127	6,928	4,149	6,846	4,995
Operating Cash Flow Growth	2.87%	66.98%	-39.40%	37.06%	11.50%
Capital Expenditures	-1,799	-2,813	-2,520	-1,661	-1,471
Sale of Property, Plant & Equipment	305	120	157	591	226
Cash Acquisitions	-	214	-9,709	-	-
Investment in Securities	-1,016	-	-120	-490	-1,245
Other Investing Activities	221	344	2,505	502	-260
Investing Cash Flow	-2,289	-2,135	-9,687	-1,058	-2,750
Short-Term Debt Issued	300	300	-	-	-
Long-Term Debt Issued	32,240	34,301	9,717	3,500	-
Total Debt Issued	32,540	34,601	9,717	3,500	-
Long-Term Debt Repaid	-31,457	-37,658	-6,647	-2,478	-76
Total Debt Repaid	-31,457	-37,658	-6,647	-2,478	-76
Net Debt Issued (Repaid)	1,083	-3,057	3,070	1,022	-76
Common Dividends Paid	-2,764	-3,363	-1,911	-1,739	-1,281
Other Financing Activities	-34	-74	-232	-94	-9
Financing Cash Flow	-1,715	-6,494	927	-811	-1,366
Foreign Exchange Rate Adjustments	-21	-3	-77	-145	-41
Net Cash Flow	3,102	-1,704	-4,688	4,832	838
Free Cash Flow	5,328	4,115	1,629	5,185	3,524
Free Cash Flow Growth	29.48%	152.61%	-68.58%	47.13%	2.65%
Free Cash Flow Margin	14.03%	10.65%	4.18%	14.70%	10.55%
Free Cash Flow Per Share	1.64	1.27	0.50	1.60	1.09
Cash Interest Paid	34	68	182	39	6
Cash Income Tax Paid	1,802	2,014	1,309	1,270	1,275
Levered Free Cash Flow	1,920	3,502	1,731	3,879	2,377
Unlevered Free Cash Flow	1,957	3,553	1,844	3,904	2,381
Change in Working Capital	-465	106	-3,479	1,447	-96

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