SHA:600236 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	3,713	2,283	1,226	3,209	1,509
Depreciation & Amortization	2,278	2,275	2,173	2,100	2,055
Other Amortization	5.58	16.41	0.01	0.25	0.87
Loss (Gain) on Sale of Assets	0.98	0	-0.13	0.13	-0.03
Loss (Gain) on Sale of Investments	-130.71	-132.85	-142.93	-117	-78.79
Asset Writedown	53.01	291.75	10.91	70.88	27.31
Change in Accounts Receivable	-301.7	-506.81	-249.52	-137.05	-335.41
Change in Inventory	291.2	-231.24	-53.97	51.41	-76.97
Change in Accounts Payable	534.2	727.01	368.4	254.95	-73.14
Other Operating Activities	506.91	894.46	747.54	1,159	1,133
Operating Cash Flow	6,957	5,607	4,079	6,596	4,181
Operating Cash Flow Growth	24.09%	37.45%	-38.16%	57.75%	-24.95%
Capital Expenditures	-4,061	-3,986	-3,694	-3,755	-1,530
Sale of Property, Plant & Equipment	0.25	4.04	2.66	0.34	2.07
Investment in Securities	-12	-12	-	5.98	8.84
Other Investing Activities	46.09	45.09	58.02	53.33	41.57
Investing Cash Flow	-4,027	-3,949	-3,633	-3,695	-1,478
Long-Term Debt Issued	31,363	26,671	19,378	21,733	9,188
Total Debt Issued	31,363	26,671	19,378	21,733	9,188
Long-Term Debt Repaid	-31,143	-25,652	-16,808	-23,331	-10,046
Total Debt Repaid	-31,143	-25,652	-16,808	-23,331	-10,046
Net Debt Issued (Repaid)	219.78	1,018	2,570	-1,598	-858.13
Issuance of Common Stock	1,100	1,400	1,100	1,400	599.43
Repurchase of Common Stock	-	-1,400	-600	-1,400	-
Common Dividends Paid	-1,948	-2,260	-2,956	-1,983	-2,489
Other Financing Activities	-1,417	-136.37	-436.43	-272.18	-307.44
Financing Cash Flow	-2,046	-1,379	-322.91	-3,853	-3,055
Net Cash Flow	885.16	278.92	123	-951.94	-351.77
Free Cash Flow	2,897	1,620	385.23	2,841	2,651
Free Cash Flow Growth	78.75%	320.62%	-86.44%	7.18%	-10.49%
Free Cash Flow Margin	27.87%	16.88%	4.76%	26.74%	30.86%
Free Cash Flow Per Share	0.36	0.20	0.05	0.35	0.32
Cash Income Tax Paid	2,460	2,041	1,341	2,400	1,940
Levered Free Cash Flow	1,288	254.26	-962.75	638.09	-499.86
Unlevered Free Cash Flow	1,288	591.28	-601.88	1,093	41.41
Change in Working Capital	530.88	-27.88	68.35	172.89	-481.58

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