SHA:600121 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	-782.09	282.66	31.98	68.36	-214.98
Depreciation & Amortization	501.95	504.11	458.86	422.97	382.92
Other Amortization	11.56	5.06	2.06	2.5	2.5
Loss (Gain) From Sale of Assets	-0.13	1.1	-17.61	-0	0.08
Asset Writedown & Restructuring Costs	372.41	30.53	14.13	-4.34	26.89
Loss (Gain) From Sale of Investments	-72.18	-542.8	-10.12	30.98	-49.91
Provision & Write-off of Bad Debts	-	8.2	5.91	41.49	-43.77
Other Operating Activities	226.97	331.25	406.48	504.34	246.86
Change in Accounts Receivable	-62.77	290.08	-164.2	315.14	221.68
Change in Inventory	-11.49	8.87	49.9	83	213.73
Change in Accounts Payable	-39.91	-466.68	-528.25	-271.7	-775.73
Operating Cash Flow	139.02	456.15	243.97	1,180	42.44
Operating Cash Flow Growth	-69.52%	86.97%	-79.32%	2680.19%	-
Capital Expenditures	-403.19	-548.52	-391.49	-99.18	-64.43
Sale of Property, Plant & Equipment	18.21	18.73	56.65	14.31	-
Divestitures	-	1.86	-	-	-
Investment in Securities	-	-	-	20.95	37.09
Other Investing Activities	188.97	158.1	-	-	646.5
Investing Cash Flow	-196.01	-369.83	-334.84	-63.92	619.16
Short-Term Debt Issued	-	2,810	2,605	-	2,921
Long-Term Debt Issued	3,276	3,568	2,327	4,874	1,805
Total Debt Issued	3,276	6,378	4,932	4,874	4,726
Short-Term Debt Repaid	-	-3,035	-2,219	-	-2,966
Long-Term Debt Repaid	-3,097	-3,206	-2,685	-5,266	-1,882
Total Debt Repaid	-3,097	-6,241	-4,903	-5,266	-4,848
Net Debt Issued (Repaid)	179.3	136.41	28.95	-392.05	-121.21
Common Dividends Paid	-175.32	-190.99	-196.61	-202.17	-242.34
Other Financing Activities	-305.74	-16	-17.45	-36.52	-94.63
Financing Cash Flow	-301.77	-70.58	-185.11	-630.73	-458.19
Net Cash Flow	-358.76	15.74	-275.99	485.31	203.41
Free Cash Flow	-264.17	-92.37	-147.53	1,081	-21.99
Free Cash Flow Margin	-7.44%	-2.20%	-3.41%	24.44%	-0.68%
Free Cash Flow Per Share	-0.22	-0.08	-0.12	0.89	-0.02
Cash Income Tax Paid	491.19	609.66	625.88	695.73	486.99
Levered Free Cash Flow	-192.35	-127.63	-432.18	1,693	-214.57
Unlevered Free Cash Flow	-192.35	9.31	-304.82	1,822	-67.22
Change in Working Capital	-119.46	-163.97	-647.72	113.67	-308.15

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