SHA:600032 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	535.99	566.5	627.15	775.84	689.25	283.72
Depreciation & Amortization	2,078	2,078	1,723	1,649	980.69	814.75
Other Amortization	5.65	5.65	2.72	1.34	0.49	2.96
Loss (Gain) on Sale of Assets	-0.73	-0.73	-1.51	0.15	0	0.44
Loss (Gain) on Sale of Investments	-312.79	-312.79	-275.21	-443.11	-210.08	-185.09
Asset Writedown	37.86	37.86	9.57	20.77	3.47	1.67
Change in Accounts Receivable	-599.87	-599.87	-1,167	-812.99	-1,462	-647.32
Change in Inventory	-0.78	-0.78	-2.12	1.35	-2.32	-2.17
Change in Accounts Payable	-376.94	-376.94	40.67	38.7	63.77	55.22
Change in Other Net Operating Assets	-1.68	-1.68	18.9	-12.17	-63.11	-
Other Operating Activities	2,764	1,265	1,364	1,560	1,026	818.66
Operating Cash Flow	4,292	2,824	2,460	2,911	1,159	1,215
Operating Cash Flow Growth	46.27%	14.79%	-15.48%	151.07%	-4.61%	1.05%
Capital Expenditures	-2,671	-1,602	-4,227	-3,299	-2,832	-4,733
Sale of Property, Plant & Equipment	0.95	1.39	1.87	0.25	0.98	11.69
Cash Acquisitions	-495.21	-584.11	-101.88	-2,507	-410.02	-107.23
Investment in Securities	-787.02	-630.64	-723	54.41	-480.35	-167.19
Other Investing Activities	401.56	232.87	249.05	219.16	262.65	138.18
Investing Cash Flow	-3,551	-2,583	-4,801	-5,533	-3,459	-4,858
Long-Term Debt Issued	-	8,746	8,465	12,257	12,229	7,271
Long-Term Debt Repaid	-	-8,148	-8,197	-9,992	-7,457	-2,810
Net Debt Issued (Repaid)	169.2	597.68	268.51	2,265	4,772	4,461
Issuance of Common Stock	-	-	2,999	-	704.8	-
Common Dividends Paid	-961.86	-1,241	-1,117	-1,075	-761.35	-637.59
Other Financing Activities	847.08	-164.74	210.09	24.53	387.69	-392.81
Financing Cash Flow	54.41	-808.44	2,361	1,214	5,103	3,431
Net Cash Flow	795.9	-567.27	20.54	-1,408	2,804	-211.94
Free Cash Flow	1,621	1,222	-1,767	-388.65	-1,673	-3,518
Free Cash Flow Growth	390.41%	-	-	-	-	-
Free Cash Flow Margin	33.08%	24.62%	-39.06%	-8.45%	-51.70%	-149.93%
Free Cash Flow Per Share	0.67	0.51	-0.77	-0.19	-0.84	-1.88
Cash Income Tax Paid	423.66	542.34	521.97	432.6	327.88	177.77
Levered Free Cash Flow	-489.22	756.97	-2,605	-5,658	263.02	-4,158
Unlevered Free Cash Flow	113.87	1,385	-1,971	-4,916	708.77	-3,793
Change in Working Capital	-1,024	-1,024	-1,161	-803.21	-1,485	-615.93

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