HKG:0991 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	7,386	4,506	1,367	-407.73	-9,098
Depreciation & Amortization	15,788	14,655	13,758	13,324	13,345
Other Amortization	362.3	357.5	214.04	296.72	182.81
Loss (Gain) on Sale of Assets	-32.51	-14.59	-13.17	0.11	-35.97
Loss (Gain) on Sale of Investments	-2,311	-2,843	-2,885	-3,118	-1,653
Asset Writedown	2,191	1,453	1,337	355.46	1,172
Change in Accounts Receivable	119.73	-1,582	668.62	-388.9	-3,281
Change in Inventory	510.77	-1,178	671.05	1,957	-3,080
Change in Accounts Payable	6,392	2,627	-2,711	2,327	6,954
Other Operating Activities	7,053	7,752	7,377	6,228	3,964
Operating Cash Flow	37,836	26,123	21,236	20,464	8,326
Operating Cash Flow Growth	44.84%	23.01%	3.78%	145.79%	-68.88%
Capital Expenditures	-28,309	-30,480	-21,795	-20,249	-14,059
Sale of Property, Plant & Equipment	82.1	74.85	84.94	256.55	264.84
Divestitures	116.48	206.98	-131.19	-	11.38
Investment in Securities	-674.05	-389.72	224.91	-1,047	423.15
Other Investing Activities	2,324	1,874	3,929	1,623	145.35
Investing Cash Flow	-26,460	-28,714	-17,687	-19,417	-13,214
Long-Term Debt Issued	155,685	139,557	121,143	152,356	126,705
Long-Term Debt Repaid	-156,807	-130,793	-129,003	-148,131	-108,947
Net Debt Issued (Repaid)	-1,121	8,764	-7,860	4,225	17,758
Issuance of Common Stock	22,500	3,500	21,000	18,000	1,500
Repurchase of Common Stock	-22,500	-3,500	-10,000	-16,000	-
Common Dividends Paid	-8,077	-6,877	-7,554	-7,886	-9,497
Other Financing Activities	-500.76	-586.45	-187.61	-928.05	-1,698
Financing Cash Flow	-9,699	1,300	-4,602	-2,589	8,063
Foreign Exchange Rate Adjustments	-3.65	5.68	-9.62	10.36	-3.24
Net Cash Flow	1,673	-1,285	-1,062	-1,532	3,171
Free Cash Flow	9,527	-4,357	-558.17	214.67	-5,733
Free Cash Flow Margin	7.86%	-3.53%	-0.46%	0.18%	-5.53%
Free Cash Flow Per Share	0.52	-0.23	-0.03	0.01	-0.36
Cash Income Tax Paid	8,551	7,384	5,846	3,254	-382.65
Levered Free Cash Flow	-1,948	-14,460	-8,887	-6,298	-8,275
Unlevered Free Cash Flow	793.56	-11,173	-5,304	-2,134	-4,180
Change in Working Capital	7,622	-42.31	58.22	3,779	354.81

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