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 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	539.05	525.05	381.92	470.78	337.49	337.31
Depreciation & Amortization	458.75	458.75	427.77	398.75	377.32	371.3
Other Amortization	12.73	12.73	8.2	8.38	8.62	8.76
Loss (Gain) From Sale of Assets	-0.21	-0.21	-2.92	-2.19	-11.48	-0.39
Asset Writedown & Restructuring Costs	0.29	0.29	0.01	0.01	-	-
Loss (Gain) From Sale of Investments	32.97	32.97	5.55	12.27	-6.42	-13.31
Provision & Write-off of Bad Debts	-2.44	-2.44	7.56	0.86	8.98	24.42
Other Operating Activities	70.42	21.11	141.86	31.71	150.29	52.5
Change in Accounts Receivable	-321.21	-321.21	-350.88	-297.1	-175.13	-785.31
Change in Inventory	148.64	148.64	66.33	-748.86	-111.9	1,119
Change in Accounts Payable	-163.08	-163.08	-45.36	280.32	305.36	-511.21
Operating Cash Flow	753.27	689.97	616.13	136.51	836.11	638.61
Operating Cash Flow Growth	8.29%	11.98%	351.36%	-83.67%	30.93%	71.83%
Capital Expenditures	-214.92	-223.54	-180.49	-165.74	-116.78	-140.48
Sale of Property, Plant & Equipment	2.6	8.52	44.56	21.06	67.6	1.48
Investment in Securities	8.88	8.88	-5.28	-24.18	-58.18	3.45
Other Investing Activities	1.98	6.7	3.16	4.36	0.08	2.72
Investing Cash Flow	-201.46	-199.44	-138.05	-164.5	-107.28	-112.83
Long-Term Debt Issued	-	498.5	-	330.13	-	-
Long-Term Debt Repaid	-	-797.08	-28.71	-478.3	-283.62	-61.4
Net Debt Issued (Repaid)	-298.58	-298.58	-28.71	-148.17	-283.62	-61.4
Common Dividends Paid	-177.97	-177.99	-145.3	-117.56	-131.09	-159.08
Other Financing Activities	-0.35	-0.3	-	-3.31	-	-0.72
Financing Cash Flow	-476.9	-476.87	-174	-269.04	-414.7	-221.2
Foreign Exchange Rate Adjustments	-0.14	0.31	-0.08	0.66	1.41	-0.89
Net Cash Flow	74.77	13.96	304	-296.37	315.53	303.69
Free Cash Flow	538.35	466.43	435.64	-29.23	719.33	498.12
Free Cash Flow Growth	1.97%	7.07%	-	-	44.41%	151.19%
Free Cash Flow Margin	4.73%	4.06%	3.35%	-0.20%	5.99%	2.78%
Free Cash Flow Per Share	0.41	0.36	0.33	-0.02	0.55	0.38
Cash Income Tax Paid	420.74	411.97	377.76	359.17	268.25	250.21
Levered Free Cash Flow	777.28	794.98	920.17	339.38	842.45	614.49
Unlevered Free Cash Flow	789.84	807.54	937.95	359.1	871.43	645.6
Change in Working Capital	-358.3	-358.3	-353.8	-784.05	-28.69	-141.99

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