SHA:600281 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	-104.93	-6.21	-186.17	-199.67	-36.73	-44.73
Depreciation & Amortization	36.72	36.72	37.63	29.81	12.88	4.21
Other Amortization	2.46	2.46	2.6	2.53	-	-
Loss (Gain) From Sale of Assets	-126.2	-126.2	-	-	-	-
Asset Writedown & Restructuring Costs	42.07	42.07	6.77	-	0.04	-
Loss (Gain) From Sale of Investments	0.07	0.07	-0.1	-0.51	-0.52	11.42
Provision & Write-off of Bad Debts	-	-	2.63	-0.78	-7.68	1.72
Other Operating Activities	164.56	28.13	34.09	96.59	33.51	40.58
Change in Accounts Receivable	0.9	0.9	14.32	0.03	-52.7	-71.2
Change in Inventory	-56.03	-56.03	30.96	-24.51	-45.83	-34.65
Change in Accounts Payable	-15	-15	-8.8	-55.32	77.12	17.42
Operating Cash Flow	-47.6	-85.31	-37.6	-144.74	-24.55	-85.28
Capital Expenditures	-2.17	-4.47	-26.5	-51.77	-233.39	-74.67
Sale of Property, Plant & Equipment	84.38	144.06	3.63	-	0	0
Investment in Securities	-	-	-	-	132.66	87.54
Other Investing Activities	-0.07	-0.07	-	-	-	-
Investing Cash Flow	82.14	139.52	-22.87	-51.77	-100.73	12.86
Short-Term Debt Issued	-	-	-	-	-	300
Long-Term Debt Issued	-	259.09	225.65	391.8	361.07	251
Total Debt Issued	353.53	259.09	225.65	391.8	361.07	551
Short-Term Debt Repaid	-	-	-	-	-	-300
Long-Term Debt Repaid	-	-319.46	-146.81	-218.09	-301.16	-196
Total Debt Repaid	-363.69	-319.46	-146.81	-218.09	-301.16	-496
Net Debt Issued (Repaid)	-10.16	-60.37	78.84	173.71	59.91	55
Common Dividends Paid	-22.57	-23.41	-23.25	-20.16	-19.46	-8.33
Other Financing Activities	-5.89	16.63	-	-1.56	-	-0.5
Financing Cash Flow	-38.62	-67.15	55.6	151.99	40.45	46.17
Net Cash Flow	-4.08	-12.94	-4.87	-44.52	-84.83	-26.25
Free Cash Flow	-49.77	-89.78	-64.1	-196.51	-257.94	-159.96
Free Cash Flow Margin	-10.30%	-19.89%	-16.57%	-72.63%	-78.66%	-57.12%
Free Cash Flow Per Share	-0.10	-0.17	-0.13	-0.38	-0.50	-0.31
Cash Income Tax Paid	2.09	8.9	1.67	-3.92	-26.89	9.1
Levered Free Cash Flow	78.75	-40.37	-13.56	-150.29	-17.66	-247.84
Unlevered Free Cash Flow	78.82	-40.37	1.65	-137.15	-5.68	-243.21
Change in Working Capital	-62.35	-62.35	64.94	-72.71	-26.05	-98.49

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