SHA:600018 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	13,565	14,954	13,203	17,224	15,481
Depreciation & Amortization	4,656	4,219	4,216	3,848	3,544
Other Amortization	181.32	318.39	157.58	152.51	144.06
Loss (Gain) From Sale of Assets	-465.94	-510.14	-9.34	-91.41	79.21
Asset Writedown & Restructuring Costs	1,073	7.47	752.31	340.07	334.9
Loss (Gain) From Sale of Investments	-7,853	-8,278	-7,281	-12,299	-9,876
Provision & Write-off of Bad Debts	-18.17	30.14	-21.27	21.33	29.64
Other Operating Activities	2,695	2,270	1,994	2,795	1,175
Change in Accounts Receivable	-675.09	-1,090	299.99	-234.76	-3,635
Change in Inventory	-282	266.16	1,830	998.03	585.79
Change in Accounts Payable	-628.56	-2,669	-1,821	1,361	5,714
Change in Other Net Operating Assets	-444.31	-616.67	86.82	73.45	4.72
Operating Cash Flow	11,803	9,221	13,415	13,793	13,515
Operating Cash Flow Growth	28.00%	-31.26%	-2.75%	2.06%	20.81%
Capital Expenditures	-6,872	-6,249	-8,002	-5,746	-4,326
Sale of Property, Plant & Equipment	1,225	912.35	225.96	117.45	231.8
Cash Acquisitions	-	69.82	-1,186	-803.47	-
Divestitures	-	-	-	-	673.98
Investment in Securities	-2,963	-3,615	-3,878	-3,671	-1,059
Other Investing Activities	3,380	3,204	4,585	5,652	4,095
Investing Cash Flow	-5,230	-5,328	-7,429	-4,597	-530.44
Long-Term Debt Issued	10,533	10,875	15,456	11,673	8,193
Long-Term Debt Repaid	-12,124	-11,565	-12,158	-18,066	-8,545
Net Debt Issued (Repaid)	-1,591	-689.65	3,298	-6,393	-351.11
Issuance of Common Stock	501.65	-	-	16.94	232.27
Repurchase of Common Stock	-	-0.75	-	-	-
Common Dividends Paid	-5,839	-5,982	-4,434	-5,639	-4,026
Other Financing Activities	-839.69	-99.88	3,930	430.53	-871.89
Financing Cash Flow	-7,768	-6,772	2,795	-11,585	-5,016
Foreign Exchange Rate Adjustments	-52.88	84.99	137.44	583.39	-162.94
Net Cash Flow	-1,248	-2,794	8,918	-1,805	7,805
Free Cash Flow	4,931	2,972	5,412	8,048	9,189
Free Cash Flow Growth	65.91%	-45.09%	-32.75%	-12.41%	30.17%
Free Cash Flow Margin	12.45%	7.80%	14.41%	21.59%	26.80%
Free Cash Flow Per Share	0.21	0.13	0.23	0.35	0.38
Cash Income Tax Paid	-	4,648	3,310	3,626	3,613
Levered Free Cash Flow	6,102	1,358	4,241	6,203	7,070
Unlevered Free Cash Flow	6,782	2,111	4,943	6,853	7,711
Change in Working Capital	-2,030	-3,790	402.64	1,803	2,603

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