HKG:3969 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	3,686	3,495	3,477	3,634	3,275
Depreciation & Amortization	688.19	679.58	697.42	600.91	635.81
Other Amortization	93.62	75.49	61.16	84.94	72.48
Loss (Gain) From Sale of Assets	-79.37	-42.2	-0.06	-29.6	-35.95
Asset Writedown & Restructuring Costs	-24.17	22.18	15.67	-33.42	64.53
Loss (Gain) From Sale of Investments	-119.54	-128.58	-145.01	-121.6	-113.91
Provision & Write-off of Bad Debts	379.19	324.11	445.97	594.32	160.24
Other Operating Activities	821.4	525.38	507.34	728.77	264.36
Change in Accounts Receivable	-187.92	-1,512	-2,540	-4,911	-3,351
Change in Inventory	101.65	-247.54	-835.17	114.06	-3.01
Change in Accounts Payable	-6,606	2,118	895.3	1,414	1,898
Change in Other Net Operating Assets	21.21	-9.6	-424.39	119.76	-37.42
Operating Cash Flow	-1,294	5,236	2,058	2,082	2,769
Operating Cash Flow Growth	-	154.42%	-1.16%	-24.80%	-7.94%
Capital Expenditures	-770.27	-858.93	-680.61	-707.99	-869.52
Sale of Property, Plant & Equipment	94.28	146.46	1.2	34.18	92.19
Cash Acquisitions	-	30.38	-	-	-
Divestitures	-	4.18	-0.33	-	0.38
Investment in Securities	-1,671	250.96	-1,214	300.28	-851.02
Other Investing Activities	221.61	-159.75	71.51	222.59	370.28
Investing Cash Flow	-2,125	-586.69	-1,823	-150.94	-1,258
Long-Term Debt Issued	4,959	767.45	2,547	1,541	1,417
Long-Term Debt Repaid	-371.34	-2,393	-1,516	-1,769	-854.07
Net Debt Issued (Repaid)	4,588	-1,625	1,031	-228.08	562.75
Issuance of Common Stock	-	2,498	-	-	2,797
Repurchase of Common Stock	-	-2,800	-	-	-2,800
Common Dividends Paid	-2,024	-2,009	-2,047	-2,013	-2,236
Other Financing Activities	-388.3	-323.95	-446.1	-177.62	-396.92
Financing Cash Flow	2,176	-4,260	-1,462	-2,419	-2,073
Foreign Exchange Rate Adjustments	0.16	-3.69	5.57	133.56	-26.82
Net Cash Flow	-1,243	385.76	-1,222	-354.07	-589.14
Free Cash Flow	-2,064	4,377	1,377	1,374	1,899
Free Cash Flow Growth	-	217.78%	0.24%	-27.64%	50.92%
Free Cash Flow Margin	-5.97%	13.48%	3.72%	3.42%	4.95%
Free Cash Flow Per Share	-0.19	0.40	0.13	0.13	0.17
Cash Interest Paid	3.66	14.64	0.07	-	94.34
Cash Income Tax Paid	2,238	2,170	1,902	1,681	2,281
Levered Free Cash Flow	-2,325	3,155	2,371	1,929	1,103
Unlevered Free Cash Flow	-2,268	3,188	2,419	1,998	1,162
Change in Working Capital	-6,740	285.46	-3,002	-3,376	-1,554

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