Guangshen Railway Company 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	1,426	1,060	1,058	-1,995	-973.12
Depreciation & Amortization	1,974	1,972	1,932	1,905	1,855
Other Amortization	1.69	31.82	22.95	23.6	27.38
Loss (Gain) From Sale of Assets	-373.31	-17.61	-94.98	30.19	53.85
Asset Writedown & Restructuring Costs	7.03	-2.17	120.82	-	16.8
Loss (Gain) From Sale of Investments	-27.99	-31.16	-	-	-
Loss (Gain) on Equity Investments	-	-	-	-52.17	-18.14
Provision & Write-off of Bad Debts	73.23	13.01	5.39	4.09	-40.61
Other Operating Activities	78.97	104.63	44.93	-568.66	-320.72
Change in Accounts Receivable	933.54	231.74	-1,749	-264.81	-637.54
Change in Inventory	-5.6	-41.11	-26.88	8.9	28.87
Change in Accounts Payable	-825.07	-1,023	-595.42	412.58	993.46
Change in Other Net Operating Assets	-	-	-	302.67	17.73
Operating Cash Flow	3,462	2,710	1,116	-193.45	1,002
Operating Cash Flow Growth	27.72%	142.78%	-	-	-24.98%
Capital Expenditures	-686.15	-1,295	-1,022	-1,652	-1,060
Sale of Property, Plant & Equipment	409.33	9.62	16.29	135.03	123
Investment in Securities	60	-	99.73	-20	-
Other Investing Activities	14.26	9.44	83.45	111.52	11.15
Investing Cash Flow	-202.56	-1,276	-822.84	-1,426	-926.11
Long-Term Debt Issued	-	400	1,200	1,500	-
Long-Term Debt Repaid	-800.08	-1,090	-1,269	-68.26	-62.13
Net Debt Issued (Repaid)	-800.08	-690.27	-69.41	1,432	-62.13
Common Dividends Paid	-319.86	-349.6	-41.28	-	-
Other Financing Activities	71.19	57.62	-	-12.25	-
Financing Cash Flow	-1,049	-982.24	-110.7	1,419	-62.13
Foreign Exchange Rate Adjustments	-0.04	0.16	-	-	-
Net Cash Flow	2,210	452.44	182.83	-199.83	14.23
Free Cash Flow	2,775	1,415	94.06	-1,846	-57.79
Free Cash Flow Growth	96.07%	1404.93%	-	-	-
Free Cash Flow Margin	9.68%	5.22%	0.36%	-9.26%	-0.29%
Free Cash Flow Per Share	0.39	0.20	0.01	-0.26	-0.01
Cash Interest Paid	-	-	-	12.25	-
Cash Income Tax Paid	679.61	802.36	-	1.99	0.41
Levered Free Cash Flow	2,922	483.99	-892.97	-1,594	432.39
Unlevered Free Cash Flow	2,969	549.13	-824.79	-1,543	474.67
Change in Working Capital	301.84	-420.77	-1,974	459.35	402.51

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.