SHA:600029 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	857	-1,696	-4,209	-32,682	-12,103
Depreciation & Amortization	30,480	28,238	27,010	24,062	24,053
Other Amortization	754	168	170	198	199
Loss (Gain) From Sale of Assets	-77	-711	-378	-318	-363
Asset Writedown & Restructuring Costs	3	3	3	449	2,579
Loss (Gain) From Sale of Investments	-152	422	1,629	-601	-20
Provision & Write-off of Bad Debts	17	28	11	19	-1
Other Operating Activities	6,408	7,930	6,449	8,574	5,207
Change in Accounts Receivable	-2,343	-3,685	-1,770	1,434	-1,481
Change in Inventory	-1,306	-439	-186	54	91
Change in Accounts Payable	3,192	-1,210	7,581	2,641	341
Change in Unearned Revenue	-77	2,552	3,484	-225	-410
Change in Income Taxes	-71	430	109	-448	367
Change in Other Net Operating Assets	10	-5	11	-12	-2
Operating Cash Flow	38,209	31,445	40,134	3,465	13,371
Operating Cash Flow Growth	21.51%	-21.65%	1058.27%	-74.09%	47.76%
Capital Expenditures	-17,767	-16,139	-11,369	-11,696	-17,137
Sale of Property, Plant & Equipment	428	1,547	1,736	4,799	990
Divestitures	-	-	-	724	-
Investment in Securities	-2,837	-2,534	-8,571	183	57
Other Investing Activities	965	674	693	583	941
Investing Cash Flow	-19,211	-16,452	-17,511	-5,407	-15,149
Long-Term Debt Issued	105,423	87,046	83,678	106,829	168,410
Long-Term Debt Repaid	-121,955	-93,193	-110,308	-105,419	-164,699
Net Debt Issued (Repaid)	-16,532	-6,147	-26,630	1,410	3,711
Issuance of Common Stock	-	-	-	6,046	-
Common Dividends Paid	-5,811	-5,899	-6,444	-6,359	-6,354
Other Financing Activities	-225	500	68	-798	475
Financing Cash Flow	-22,568	-11,546	-33,006	299	-2,168
Foreign Exchange Rate Adjustments	-12	6	25	76	-17
Net Cash Flow	-3,582	3,453	-10,358	-1,567	-3,963
Free Cash Flow	20,442	15,306	28,765	-8,231	-3,766
Free Cash Flow Growth	33.55%	-46.79%	-	-	-
Free Cash Flow Margin	11.22%	8.79%	17.99%	-9.46%	-3.71%
Free Cash Flow Per Share	1.13	0.84	1.59	-0.48	-0.23
Cash Income Tax Paid	4,606	4,598	3,228	-1,996	2,950
Levered Free Cash Flow	14,354	9,490	22,576	-992.38	-7,395
Unlevered Free Cash Flow	17,825	13,089	26,281	2,761	-3,519
Change in Working Capital	-81	-2,937	9,449	3,764	-6,180

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