SHA:600125 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	534.3	381.92	470.78	337.49	337.31	400.6
Depreciation & Amortization	423.35	423.35	398.75	377.32	371.3	339.3
Other Amortization	12.61	12.61	8.38	8.62	8.76	5.96
Loss (Gain) From Sale of Assets	-2.92	-2.92	-2.19	-11.48	-0.39	-15.54
Asset Writedown & Restructuring Costs	0.01	0.01	0.01	-	-	14.92
Loss (Gain) From Sale of Investments	5.55	5.55	12.27	-6.42	-13.31	-0.89
Provision & Write-off of Bad Debts	7.56	7.56	0.86	8.98	24.42	6.75
Other Operating Activities	196.25	141.86	31.71	150.29	52.5	46.68
Change in Accounts Receivable	-350.88	-350.88	-297.1	-175.13	-785.31	-85.77
Change in Inventory	66.33	66.33	-748.86	-111.9	1,119	345.13
Change in Accounts Payable	-45.36	-45.36	280.32	305.36	-511.21	-755.77
Operating Cash Flow	822.91	616.13	136.51	836.11	638.61	371.66
Operating Cash Flow Growth	80.74%	351.36%	-83.67%	30.93%	71.83%	-49.90%
Capital Expenditures	-190.25	-180.49	-165.74	-116.78	-140.48	-173.36
Sale of Property, Plant & Equipment	16.95	44.56	21.06	67.6	1.48	18.83
Investment in Securities	20.95	-2.13	-24.18	-58.18	3.45	-11.12
Other Investing Activities	6.15	-	4.36	0.08	2.72	-9.44
Investing Cash Flow	-146.21	-138.05	-164.5	-107.28	-112.83	-165.09
Long-Term Debt Issued	-	-	330.13	-	-	796.25
Total Debt Issued	-	-	330.13	-	-	796.25
Long-Term Debt Repaid	-	-28.71	-478.3	-283.62	-61.4	-770
Total Debt Repaid	-776.71	-28.71	-478.3	-283.62	-61.4	-770
Net Debt Issued (Repaid)	-776.71	-28.71	-148.17	-283.62	-61.4	26.25
Common Dividends Paid	-123.2	-145.3	-117.56	-131.09	-159.08	-197.34
Other Financing Activities	-20.53	-	-3.31	-	-0.72	12.3
Financing Cash Flow	-920.44	-174	-269.04	-414.7	-221.2	-158.79
Foreign Exchange Rate Adjustments	0.53	-0.08	0.66	1.41	-0.89	-0.83
Net Cash Flow	-243.2	304	-296.37	315.53	303.69	46.96
Free Cash Flow	632.65	435.64	-29.23	719.33	498.12	198.3
Free Cash Flow Growth	144.69%	-	-	44.41%	151.19%	-33.28%
Free Cash Flow Margin	5.51%	3.35%	-0.20%	5.99%	2.78%	1.31%
Free Cash Flow Per Share	0.48	0.33	-0.02	0.55	0.38	0.15
Cash Income Tax Paid	397.05	377.76	359.17	268.25	250.21	201.53
Levered Free Cash Flow	966.31	920.17	339.38	842.45	614.49	263.53
Unlevered Free Cash Flow	981.87	937.95	359.1	871.43	645.6	293.6
Change in Working Capital	-353.8	-353.8	-784.05	-28.69	-141.99	-426.12

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