SHA:600020 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	628.49	886.85	828.43	140.17	743.47
Depreciation & Amortization	1,205	1,215	1,177	1,123	1,577
Other Amortization	5.48	2.61	1.78	1.68	1.07
Loss (Gain) From Sale of Assets	0.84	-0.08	-5.62	2.27	-18.19
Asset Writedown & Restructuring Costs	-3.44	4.37	1,095	18.47	5.6
Loss (Gain) From Sale of Investments	-777.2	-337.91	-117.83	-139.62	-258.66
Provision & Write-off of Bad Debts	141.11	75.94	32.21	31.24	9.75
Other Operating Activities	1,677	1,152	222.6	1,253	1,360
Change in Accounts Receivable	-741.97	-630.81	-5,935	607.45	-640.87
Change in Inventory	-40.15	-145.68	-68.65	-1,017	-105.36
Change in Accounts Payable	136.17	-230.25	5,219	-68.59	24.83
Change in Other Net Operating Assets	-	-	-	2.17	-
Operating Cash Flow	2,456	2,111	2,532	1,983	2,838
Operating Cash Flow Growth	16.34%	-16.61%	27.69%	-30.13%	24.98%
Capital Expenditures	-1,906	-3,053	-1,200	-3,544	-350.79
Sale of Property, Plant & Equipment	1.03	0	0.24	0.45	0.33
Divestitures	-	-	49.82	-0.13	-13.15
Investment in Securities	-97.42	-12.01	16.84	-162.25	65.73
Other Investing Activities	35.37	156.67	54.73	71.3	99.94
Investing Cash Flow	-1,967	-2,908	-1,079	-3,635	-79.71
Long-Term Debt Issued	8,480	16,054	10,374	11,734	8,946
Long-Term Debt Repaid	-7,868	-13,732	-12,437	-9,131	-9,869
Net Debt Issued (Repaid)	611.61	2,322	-2,063	2,603	-922.78
Issuance of Common Stock	2,500	-	1,491	2,198	-
Common Dividends Paid	-1,407	-1,506	-1,331	-1,579	-1,607
Dividends Paid	-1,407	-1,506	-1,331	-1,579	-1,607
Other Financing Activities	-2,212	-0.04	-0.71	-1,770	-29.76
Financing Cash Flow	-507.65	816.08	-1,904	1,452	-2,560
Net Cash Flow	-18.29	18.81	-450.82	-199.62	197.84
Free Cash Flow	550.38	-941.93	1,331	-1,561	2,487
Free Cash Flow Growth	-	-	-	-	89.45%
Free Cash Flow Margin	8.34%	-13.52%	23.35%	-21.07%	44.35%
Free Cash Flow Per Share	0.24	-0.42	0.59	-0.69	1.11
Cash Income Tax Paid	570.66	363.85	261.82	160.2	384.51
Levered Free Cash Flow	4.33	-2,504	265.16	-2,726	-4,046
Unlevered Free Cash Flow	461.93	-1,944	944.95	-1,964	-3,197
Change in Working Capital	-420.39	-887.95	-702.09	-447.14	-582.54

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