SHA:600115 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	-1,633	-4,226	-8,190	-37,356	-12,214
Depreciation & Amortization	26,765	25,920	24,289	21,115	22,099
Other Amortization	1,129	724	752	696	619
Loss (Gain) From Sale of Assets	-207	-394	-86	-180	-719
Asset Writedown & Restructuring Costs	9	23	51	177	1
Loss (Gain) From Sale of Investments	-921	-345	7	210	2
Provision & Write-off of Bad Debts	-7	15	12	5	28
Other Operating Activities	3,378	4,741	6,178	6,520	3,353
Change in Accounts Receivable	-201	-1,256	-2,218	5,070	30
Change in Inventory	-968	-83	1	79	233
Change in Accounts Payable	8,415	11,487	5,752	-2,432	-3,336
Change in Unearned Revenue	-10	-8	-11	-26	-32
Operating Cash Flow	37,941	37,314	26,553	-6,435	5,692
Operating Cash Flow Growth	1.68%	40.53%	-	-	370.02%
Capital Expenditures	-20,793	-16,339	-18,665	-10,017	-10,807
Sale of Property, Plant & Equipment	1,305	681	459	65	3,854
Cash Acquisitions	81	-	-	-	-
Divestitures	-	-	45	-	117
Investment in Securities	99	-	-900	-675	148
Other Investing Activities	8,540	4,482	3,000	3,355	8,843
Investing Cash Flow	-10,768	-11,176	-16,061	-7,272	2,155
Long-Term Debt Issued	122,499	71,303	94,500	142,300	126,619
Long-Term Debt Repaid	-142,223	-105,755	-125,595	-133,750	-135,630
Net Debt Issued (Repaid)	-19,724	-34,452	-31,095	8,550	-9,011
Issuance of Common Stock	500	5,849	20,000	14,998	10,820
Repurchase of Common Stock	-603	-	-	-	-
Common Dividends Paid	-4,191	-5,225	-5,352	-5,238	-5,244
Other Financing Activities	-66	-100	-370	30	909
Financing Cash Flow	-24,084	-33,928	-16,817	18,340	-2,526
Foreign Exchange Rate Adjustments	3	4	14	9	-22
Net Cash Flow	3,092	-7,786	-6,311	4,642	5,299
Free Cash Flow	17,148	20,975	7,888	-16,452	-5,115
Free Cash Flow Growth	-18.25%	165.91%	-	-	-
Free Cash Flow Margin	12.25%	15.88%	6.93%	-35.53%	-7.62%
Free Cash Flow Per Share	0.77	0.94	0.35	-0.87	-0.30
Cash Income Tax Paid	-503	-511	255	-6,354	2,220
Levered Free Cash Flow	12,682	19,807	7,508	-8,008	-5,446
Unlevered Free Cash Flow	15,274	22,988	11,267	-4,219	-1,865
Change in Working Capital	9,428	10,856	3,540	2,378	-7,477

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