SHA:600203 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	-38.86	-384.25	-286.32	-313.83	-233.8
Depreciation & Amortization	234.59	194.57	220.03	236.09	225.89
Other Amortization	35.45	51.22	27.8	27.13	24.43
Loss (Gain) From Sale of Assets	-0.07	-1.91	-8.28	-21.9	-6.35
Asset Writedown & Restructuring Costs	192.99	80.99	45.95	65.21	26.63
Loss (Gain) From Sale of Investments	-41.28	-5.76	-8.32	-118.54	-36.46
Provision & Write-off of Bad Debts	-	62.28	43.62	19.91	19.18
Other Operating Activities	327.68	156.61	232.79	230.66	85.23
Change in Accounts Receivable	-1,312	-202.83	296.3	1,438	-978.51
Change in Inventory	-185.39	-593.09	266.77	1,278	-1,650
Change in Accounts Payable	1,212	264.47	-317.58	-3,310	2,617
Change in Other Net Operating Assets	-	-	-3.1	-	-
Operating Cash Flow	417	-366.5	523.62	-445.03	75.3
Operating Cash Flow Growth	-	-	-	-	-70.79%
Capital Expenditures	-210.28	-143.4	-127.72	-261.06	-315.17
Sale of Property, Plant & Equipment	0.16	1.92	3.49	1.29	23.09
Divestitures	-	-0.06	-	-	-
Investment in Securities	-40.8	165.34	241.29	-18.39	-387.27
Other Investing Activities	28.59	38.15	39.69	23.17	11.47
Investing Cash Flow	-222.33	61.96	156.75	-254.99	-667.88
Short-Term Debt Issued	-	650	1,130	420	150
Long-Term Debt Issued	3,065	2,744	2,145	3,410	2,434
Total Debt Issued	3,065	3,394	3,275	3,830	2,584
Short-Term Debt Repaid	-	-650	-1,130	-400	-150
Long-Term Debt Repaid	-3,123	-2,604	-2,615	-2,611	-1,753
Total Debt Repaid	-3,123	-3,254	-3,745	-3,011	-1,903
Net Debt Issued (Repaid)	-57.7	139.75	-469.96	819.57	680.82
Issuance of Common Stock	-	-	-	-	1,032
Common Dividends Paid	-95.91	-87.31	-83.54	-82.4	-71.93
Other Financing Activities	-222.55	-17.46	-17.85	-823.21	-123.7
Financing Cash Flow	-376.16	34.98	-571.36	-86.04	1,517
Foreign Exchange Rate Adjustments	-4.32	8.62	5.26	22.24	-4.46
Net Cash Flow	-185.82	-260.94	114.27	-763.82	920.39
Free Cash Flow	206.72	-509.9	395.9	-706.09	-239.87
Free Cash Flow Margin	1.49%	-4.79%	3.72%	-4.27%	-1.29%
Free Cash Flow Per Share	0.35	-0.86	0.67	-1.19	-0.51
Cash Income Tax Paid	-58.56	-149.28	-44.21	-470.61	-316.31
Levered Free Cash Flow	23.65	-628.4	311.73	-973.87	-447.94
Unlevered Free Cash Flow	23.65	-564.76	381.77	-902.57	-380.53
Change in Working Capital	-293.51	-520.26	256.35	-569.35	-29.84

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