SHA:600025 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	8,611	8,297	7,638	7,234	5,838	4,835
Depreciation & Amortization	6,202	6,202	5,853	6,081	5,734	5,983
Other Amortization	22.4	22.4	1.19	1.19	0.61	1.85
Loss (Gain) on Sale of Assets	-1.15	-1.15	-2.42	-0.02	-0	-0.3
Loss (Gain) on Sale of Investments	-335.35	-335.35	-233.17	-256.39	-443.17	-283.68
Asset Writedown	4.07	4.07	63.13	-6.15	4.56	62.83
Change in Accounts Receivable	-419.71	-419.71	1,533	56.71	1,310	755.63
Change in Inventory	3.84	3.84	5.44	2.47	-3.23	-14.29
Change in Accounts Payable	346.26	346.26	-1,237	732.63	200.57	-1,264
Change in Other Net Operating Assets	75.01	75.01	69.26	15.97	-	-
Other Operating Activities	3,482	3,332	3,393	3,936	3,834	4,332
Operating Cash Flow	18,017	17,554	17,063	17,760	16,494	14,623
Operating Cash Flow Growth	-3.09%	2.88%	-3.93%	7.68%	12.79%	-9.53%
Capital Expenditures	-18,707	-20,381	-18,129	-9,799	-6,020	-4,323
Sale of Property, Plant & Equipment	3.09	2.03	23.52	28.62	0.28	0.72
Cash Acquisitions	-	-	-8,579	-	-	-
Investment in Securities	-32.44	18.69	-259.93	-95.19	252.36	-181.91
Other Investing Activities	543.67	240.77	376.63	297.63	376.91	274.19
Investing Cash Flow	-18,193	-20,120	-26,567	-9,568	-5,390	-4,230
Long-Term Debt Issued	-	78,146	73,382	59,899	35,912	54,269
Long-Term Debt Repaid	-	-74,354	-62,166	-63,596	-39,563	-62,790
Net Debt Issued (Repaid)	390.49	3,793	11,216	-3,698	-3,651	-8,520
Issuance of Common Stock	10,308	5,494	4,996	3,996	-	5,000
Common Dividends Paid	-7,869	-7,089	-7,039	-7,740	-7,015	-7,096
Other Financing Activities	1,397	1,700	-473.08	-630.76	-518.16	-496.35
Financing Cash Flow	4,226	3,897	8,700	-8,073	-11,184	-11,112
Foreign Exchange Rate Adjustments	2.54	5.85	13.88	35.66	-15.37	-3.17
Net Cash Flow	4,054	1,337	-791.18	154.4	-95.25	-722.65
Free Cash Flow	-689.43	-2,827	-1,066	7,961	10,474	10,300
Free Cash Flow Growth	-	-	-	-24.00%	1.69%	-13.18%
Free Cash Flow Margin	-2.64%	-11.36%	-4.55%	33.76%	51.85%	53.50%
Free Cash Flow Per Share	-0.04	-0.15	-0.06	0.41	0.57	0.57
Cash Income Tax Paid	5,843	6,135	5,381	5,713	4,738	4,575
Levered Free Cash Flow	-4,367	-5,810	-5,506	2,572	2,915	4,560
Unlevered Free Cash Flow	-2,687	-4,121	-3,769	4,613	5,022	6,959
Change in Working Capital	22.45	22.45	338.41	811.1	1,514	-522.49

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.