SHA:600168 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	92.9	88.22	144.7	7.2	437.1
Depreciation & Amortization	837.33	804.28	764.85	667.99	606.16
Other Amortization	1.86	0.92	1.14	0.74	0.24
Loss (Gain) on Sale of Assets	4.72	-0.69	-462.24	-3.87	-482.26
Loss (Gain) on Sale of Investments	-36.24	-42.27	-46.69	-42.6	-32.59
Asset Writedown	8.91	22.16	37.67	6.23	3.6
Change in Accounts Receivable	-1,892	-1,695	-870.1	-1,257	-1,326
Change in Inventory	26.51	-21.64	-12.33	-0.7	5.29
Change in Accounts Payable	156.41	330.64	683.41	402.86	736.9
Other Operating Activities	545.96	493.4	474.84	429.29	374.6
Operating Cash Flow	-210.21	13	833.9	286.79	449.79
Operating Cash Flow Growth	-	-98.44%	190.77%	-36.24%	-59.99%
Capital Expenditures	-559.61	-1,449	-1,942	-1,522	-1,644
Sale of Property, Plant & Equipment	210.33	301.11	0.07	297.46	0.07
Investment in Securities	-0.5	55.98	-	-	-453.97
Other Investing Activities	-12.34	-	28.25	-0.8	32.46
Investing Cash Flow	-362.13	-1,092	-1,914	-1,225	-2,065
Long-Term Debt Issued	8,729	7,464	5,841	7,028	4,452
Short-Term Debt Repaid	-	-	-	-4.26	-1.34
Long-Term Debt Repaid	-10,144	-5,658	-4,099	-5,260	-2,680
Total Debt Repaid	-10,144	-5,658	-4,099	-5,264	-2,681
Net Debt Issued (Repaid)	-1,415	1,806	1,742	1,764	1,771
Issuance of Common Stock	1,998	-	-	-	2.63
Common Dividends Paid	-504.41	-537.22	-462.52	-554.72	-422.67
Other Financing Activities	-	-	2.42	-419.8	-0.12
Financing Cash Flow	78.25	1,269	1,282	789.39	1,351
Foreign Exchange Rate Adjustments	-0.01	0.01	0.01	0.05	-0.01
Net Cash Flow	-494.11	189.99	202	-149.2	-264.37
Free Cash Flow	-769.82	-1,436	-1,108	-1,235	-1,194
Free Cash Flow Margin	-18.95%	-38.05%	-35.70%	-42.69%	-41.72%
Free Cash Flow Per Share	-0.66	-1.47	-1.15	-1.22	-1.21
Cash Income Tax Paid	103.73	105.51	141.04	146.04	72.93
Levered Free Cash Flow	-598.56	-1,420	-2,094	-1,797	-2,482
Unlevered Free Cash Flow	-308.59	-1,097	-1,804	-1,557	-2,257
Change in Working Capital	-1,728	-1,400	-223.89	-872.19	-614.14

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