HKG:1272 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	573.47	549.06	522.38	272.43	-208.33
Depreciation & Amortization	680	676.72	657.05	620.23	681.36
Other Amortization	-	5.55	5.31	4.89	3.49
Loss (Gain) From Sale of Assets	0.14	53.67	-33.83	0.17	24.36
Asset Writedown & Restructuring Costs	-	42.79	-	-	45.64
Provision & Write-off of Bad Debts	35.71	27.13	29.61	15.51	20.41
Other Operating Activities	80.86	110.13	194.94	119.95	-57.6
Change in Accounts Receivable	1,120	1,498	856.67	-696.04	907.1
Change in Inventory	-18.19	-25.39	-9.37	51.04	-14.32
Change in Accounts Payable	-634.38	-1,051	-451.66	217.47	-325.41
Change in Other Net Operating Assets	67.12	-169.99	40	-74.3	-89.66
Operating Cash Flow	1,904	1,716	1,811	531.35	987.04
Operating Cash Flow Growth	10.96%	-5.24%	240.85%	-46.17%	-46.32%
Capital Expenditures	-267.34	-349.64	-641.19	-325.73	-403.57
Sale of Property, Plant & Equipment	5.83	7.05	44.51	0.03	-
Investment in Securities	-5	-5	26.39	-	-
Other Investing Activities	11	6.62	10.08	10.3	6.98
Investing Cash Flow	-255.51	-340.97	-560.21	-315.41	-396.59
Long-Term Debt Issued	4,584	5,115	5,972	6,801	7,668
Long-Term Debt Repaid	-5,144	-6,783	-6,005	-7,103	-7,795
Net Debt Issued (Repaid)	-560.8	-1,668	-33.36	-301.77	-127.33
Common Dividends Paid	-151.42	-314.5	-150.95	-87.74	-511.73
Other Financing Activities	-99.34	-157.29	-179.84	-200	-237.68
Financing Cash Flow	-811.56	-2,140	-364.16	-589.5	-876.73
Foreign Exchange Rate Adjustments	-0.73	0.07	0.42	0.88	-0.58
Net Cash Flow	836.49	-764.61	887.16	-372.69	-286.86
Free Cash Flow	1,637	1,367	1,170	205.62	583.47
Free Cash Flow Growth	19.79%	16.81%	468.98%	-64.76%	-52.82%
Free Cash Flow Margin	30.31%	23.68%	20.45%	3.86%	11.03%
Free Cash Flow Per Share	0.54	0.46	0.39	0.07	0.20
Cash Interest Paid	-	134.84	162.37	187.27	223.6
Cash Income Tax Paid	-	124.57	95.22	67.53	119.55
Levered Free Cash Flow	1,269	871.92	719.91	-253.69	-99.91
Unlevered Free Cash Flow	1,323	962.31	830.11	-129.1	38.81
Change in Working Capital	534.12	251.16	435.64	-501.83	477.7

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