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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	450.4	505.93	566.5	627.15	775.84	689.25
Depreciation & Amortization	2,366	2,366	2,080	1,723	1,649	980.69
Other Amortization	6.65	6.65	3.14	2.72	1.34	0.49
Loss (Gain) on Sale of Assets	0.25	0.25	-0.73	-1.51	0.15	0
Loss (Gain) on Sale of Investments	-239.32	-239.32	-312.79	-275.21	-443.11	-210.08
Asset Writedown	26.24	26.24	37.86	9.57	20.77	3.47
Change in Accounts Receivable	605.94	605.94	-599.87	-1,167	-812.99	-1,462
Change in Inventory	-1.78	-1.78	-0.78	-2.12	1.35	-2.32
Change in Accounts Payable	44.5	44.5	-376.94	40.67	38.7	63.77
Change in Other Net Operating Assets	79.42	79.42	-1.68	18.9	-12.17	-63.11
Other Operating Activities	1,184	1,213	1,265	1,364	1,560	1,026
Operating Cash Flow	4,416	4,500	2,824	2,460	2,911	1,159
Operating Cash Flow Growth	53.92%	59.37%	14.79%	-15.48%	151.07%	-4.61%
Capital Expenditures	-2,189	-2,685	-1,602	-4,227	-3,299	-2,832
Sale of Property, Plant & Equipment	6.82	5.17	1.39	1.87	0.25	0.98
Cash Acquisitions	-6.27	-6.27	-584.11	-101.88	-2,507	-410.02
Investment in Securities	-510.57	-508.65	-630.64	-723	54.41	-480.35
Other Investing Activities	235.51	225.12	232.87	249.05	219.16	262.65
Investing Cash Flow	-2,464	-2,969	-2,583	-4,801	-5,533	-3,459
Long-Term Debt Issued	-	8,794	8,746	8,465	12,257	12,229
Long-Term Debt Repaid	-	-8,880	-8,148	-8,197	-9,992	-7,457
Net Debt Issued (Repaid)	-263.26	-85.08	597.68	268.51	2,265	4,772
Issuance of Common Stock	-	-	-	2,999	-	704.8
Common Dividends Paid	-965.04	-990.95	-1,241	-1,117	-1,075	-761.35
Other Financing Activities	-609.12	6.96	-164.74	210.09	24.53	387.69
Financing Cash Flow	-1,837	-1,069	-808.44	2,361	1,214	5,103
Net Cash Flow	114.74	461.96	-567.27	20.54	-1,408	2,804
Free Cash Flow	2,227	1,816	1,222	-1,767	-388.65	-1,673
Free Cash Flow Growth	180.69%	48.62%	-	-	-	-
Free Cash Flow Margin	46.81%	37.23%	24.62%	-39.06%	-8.45%	-51.70%
Free Cash Flow Per Share	0.93	0.76	0.51	-0.77	-0.19	-0.84
Cash Income Tax Paid	509.42	513.33	542.34	521.97	432.6	327.88
Levered Free Cash Flow	-153.44	-438.45	756.06	-2,605	-5,658	263.02
Unlevered Free Cash Flow	443.62	167.6	1,384	-1,971	-4,916	708.77
Change in Working Capital	699.18	699.18	-1,024	-1,161	-803.21	-1,485

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