China Tower Corporation 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	11,630	10,729	9,750	8,787	7,329
Depreciation & Amortization	48,454	50,229	49,049	49,532	49,837
Other Amortization	-	-	-	-	145
Asset Writedown & Restructuring Costs	-173	-526	396	1,448	868
Loss (Gain) on Equity Investments	-	-	-	-	1
Stock-Based Compensation	-	-	-	-	-285
Provision & Write-off of Bad Debts	1,991	1,445	869	636	455
Other Operating Activities	2,088	2,422	2,553	2,996	3,412
Change in Accounts Receivable	-9,371	-17,377	-30,293	-8,066	-3,536
Change in Accounts Payable	1,615	1,721	988	612	1,176
Change in Other Net Operating Assets	-118	825	-472	9,189	1,101
Operating Cash Flow	56,116	49,468	32,840	65,134	60,503
Operating Cash Flow Growth	13.44%	50.63%	-49.58%	7.65%	5.13%
Capital Expenditures	-30,510	-29,783	-33,464	-28,639	-32,513
Sale of Property, Plant & Equipment	1,212	1,810	1,573	1,005	1,160
Sale (Purchase) of Intangibles	-9	-6	-14	-23	-162
Investing Cash Flow	-29,307	-27,979	-31,905	-27,657	-31,515
Long-Term Debt Issued	27,377	20,736	50,596	30,770	65,201
Total Debt Issued	27,377	20,736	50,596	30,770	65,201
Short-Term Debt Repaid	-	-	-	-	-11,000
Long-Term Debt Repaid	-35,322	-33,537	-45,069	-62,776	-74,624
Total Debt Repaid	-35,322	-33,537	-45,069	-62,776	-85,624
Net Debt Issued (Repaid)	-7,945	-12,801	5,527	-32,006	-20,423
Repurchase of Common Stock	-	-	-358	-369	-495
Common Dividends Paid	-7,700	-8,442	-5,653	-4,618	-3,934
Other Financing Activities	-1,445	-1,602	-1,612	-1,832	-2,708
Financing Cash Flow	-17,090	-22,845	-2,096	-38,825	-27,560
Foreign Exchange Rate Adjustments	-5	-1	-1	-6	1
Net Cash Flow	9,714	-1,357	-1,162	-1,354	1,429
Free Cash Flow	25,606	19,685	-624	36,495	27,990
Free Cash Flow Growth	30.08%	-	-	30.39%	41.74%
Free Cash Flow Margin	25.50%	20.13%	-0.66%	39.59%	32.33%
Free Cash Flow Per Share	1.47	1.13	-0.04	2.09	1.60
Cash Interest Paid	1,445	1,602	1,612	1,832	2,708
Cash Income Tax Paid	4,098	3,606	3,400	2,755	2,619
Levered Free Cash Flow	26,700	21,290	-5,546	25,631	14,537
Unlevered Free Cash Flow	28,229	22,940	-3,779	27,508	16,877
Change in Working Capital	-7,874	-14,831	-29,777	1,735	-1,259

Updated Mar 31, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.