SHA:600033 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	957.72	948.28	780.77	902.26	840.39	829.22
Depreciation & Amortization	950.68	950.68	954.9	956.64	809.16	863.42
Other Amortization	7.78	7.78	4.13	2.89	0.95	0.79
Loss (Gain) From Sale of Assets	0.08	0.08	0.01	-0.01	1.3	-0.03
Asset Writedown & Restructuring Costs	42.6	42.6	174.13	41.61	0.31	73.97
Loss (Gain) From Sale of Investments	-49.14	-49.14	-33.91	-44.86	-57.28	38.37
Provision & Write-off of Bad Debts	-3.69	-3.69	0.15	0.28	0.19	-0.21
Other Operating Activities	251.24	263.52	287.9	300.9	310.01	330.08
Change in Accounts Receivable	382.47	382.47	-100.87	-106.35	-71.69	165.6
Change in Inventory	1.39	1.39	-0.84	0.93	0.48	4.52
Change in Accounts Payable	238.88	238.88	17.57	50	-80.91	72.12
Operating Cash Flow	2,783	2,785	2,086	2,100	1,762	2,369
Operating Cash Flow Growth	22.50%	33.56%	-0.69%	19.17%	-25.61%	34.64%
Capital Expenditures	-700.41	-700.22	-597.23	-708.91	-327.81	-461.19
Sale of Property, Plant & Equipment	0.16	0.16	2.07	0.33	0.22	3.37
Investment in Securities	-180	-180	-	-	-	-800.05
Other Investing Activities	74.75	48.76	47.84	69.56	94.3	-
Investing Cash Flow	-805.5	-831.3	-547.32	-639.01	-233.29	-1,258
Long-Term Debt Issued	-	-	-	-	995.7	165
Long-Term Debt Repaid	-	-628.38	-28.13	-490.89	-1,454	-664.16
Net Debt Issued (Repaid)	-628.38	-628.38	-28.13	-490.89	-458.65	-499.16
Common Dividends Paid	-306.64	-306.64	-498.75	-453.98	-	-362.1
Dividends Paid	-306.64	-306.64	-498.75	-453.98	-	-362.1
Other Financing Activities	-80.31	-80.2	-164.87	-154.89	-649.17	-230.54
Financing Cash Flow	-1,015	-1,015	-691.74	-1,100	-1,108	-1,092
Net Cash Flow	961.72	938.88	846.51	361.32	421.2	19.27
Free Cash Flow	2,082	2,085	1,488	1,391	1,434	1,908
Free Cash Flow Growth	28.82%	40.10%	6.98%	-3.02%	-24.81%	67.75%
Free Cash Flow Margin	68.50%	68.39%	49.19%	45.62%	53.69%	64.08%
Free Cash Flow Per Share	0.76	0.76	0.54	0.51	0.52	0.69
Cash Income Tax Paid	522.14	509.69	543.54	493.09	466.27	448.82
Levered Free Cash Flow	1,367	1,460	1,212	1,271	1,280	1,384
Unlevered Free Cash Flow	1,387	1,480	1,241	1,307	1,337	1,449
Change in Working Capital	625.28	625.28	-82.51	-59.61	-142.73	233.33

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