SHA:600237 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	119.9	95.74	86.75	73.95	50.86
Depreciation & Amortization	87.28	79.34	68.25	67.39	80.25
Other Amortization	0.6	0.78	0.98	0.35	0.3
Loss (Gain) From Sale of Assets	-0.11	0.61	-0.19	2.22	2.56
Asset Writedown & Restructuring Costs	21.92	2.74	9.91	4.28	9.87
Loss (Gain) From Sale of Investments	-6	-5.41	-0.17	0.03	-0.39
Provision & Write-off of Bad Debts	-	8.29	2.8	0.13	-4.26
Other Operating Activities	1.96	8.82	10.93	33.13	3.66
Change in Accounts Receivable	-88.75	-70.52	-15.38	-48.55	14.19
Change in Inventory	-26.97	8.55	13.07	-46.52	9.18
Change in Accounts Payable	88.9	49.37	40.52	-0.88	39.18
Change in Other Net Operating Assets	6.58	16.71	0.11	-	-
Operating Cash Flow	202.66	192.03	215.58	82.41	204.42
Operating Cash Flow Growth	5.53%	-10.92%	161.58%	-59.69%	196.15%
Capital Expenditures	-190.14	-189.41	-154.41	-100.21	-91.11
Sale of Property, Plant & Equipment	0.62	-	-	-	0.5
Investment in Securities	-69.6	-18.5	-220	-	55
Other Investing Activities	5.99	5.59	0.19	0.29	0.42
Investing Cash Flow	-253.12	-202.31	-374.23	-99.92	-35.19
Long-Term Debt Issued	70	138.9	155	270.08	140
Total Debt Issued	70	138.9	155	270.08	140
Long-Term Debt Repaid	-5	-285.04	-249.89	-171.1	-180.79
Total Debt Repaid	-5	-285.04	-249.89	-171.1	-180.79
Net Debt Issued (Repaid)	65	-146.14	-94.89	98.98	-40.79
Issuance of Common Stock	-	0.47	432.34	-	-
Repurchase of Common Stock	-	-0.16	-	-	-
Common Dividends Paid	-3.27	-2.14	-7.14	-9.32	-5.42
Other Financing Activities	-33.5	91.24	28.88	27.42	-98.4
Financing Cash Flow	28.24	-56.73	359.19	117.09	-144.61
Foreign Exchange Rate Adjustments	1.19	-0.52	-0.08	5.63	-4.7
Net Cash Flow	-21.04	-67.54	200.46	105.22	19.92
Free Cash Flow	12.52	2.62	61.16	-17.79	113.31
Free Cash Flow Growth	377.02%	-95.71%	-	-	234.83%
Free Cash Flow Margin	0.90%	0.20%	5.65%	-1.71%	11.33%
Free Cash Flow Per Share	0.02	0.00	0.11	-0.03	0.20
Cash Income Tax Paid	-	82.62	64.2	58.64	67.91
Levered Free Cash Flow	29.82	-35.3	51.91	-61.53	153.26
Unlevered Free Cash Flow	30.69	-34.01	56.39	-56.51	156.72
Change in Working Capital	-22.9	1.12	36.33	-99.07	61.57

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