SHA:600332 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	2,983	2,835	4,056	3,967	3,720
Depreciation & Amortization	865.94	875.24	929.44	743.83	676.99
Other Amortization	89.91	60.96	55.88	49.83	43.53
Loss (Gain) From Sale of Assets	-107.74	-11.12	-12.03	-0.69	-0.69
Asset Writedown & Restructuring Costs	3.92	2.93	-0.42	7.06	3.08
Loss (Gain) From Sale of Investments	-416.45	39.18	-288.71	-417.58	-390.47
Provision & Write-off of Bad Debts	102.09	58.81	73.53	54.55	95.1
Other Operating Activities	556.97	608.18	660.47	715.79	659.84
Change in Accounts Receivable	-2,542	-255.91	-417.27	-1,992	-1,627
Change in Inventory	-351.71	-1,314	-835.03	-242.22	-673.65
Change in Accounts Payable	-1,474	602.7	-66.12	4,121	3,158
Operating Cash Flow	-232.46	3,442	4,104	6,999	5,673
Operating Cash Flow Growth	-	-16.11%	-41.37%	23.36%	869.52%
Capital Expenditures	-1,240	-1,128	-1,628	-1,384	-1,255
Sale of Property, Plant & Equipment	120.33	2.36	13.93	1.49	6.61
Cash Acquisitions	2.26	-1.57	-	147.67	-1.39
Divestitures	-0.98	-	-	-	32.57
Investment in Securities	-3,380	-5,053	-1,885	-6,233	42.79
Other Investing Activities	490.7	216.09	384.46	214.82	242.77
Investing Cash Flow	-4,007	-5,964	-3,115	-7,253	-931.57
Short-Term Debt Issued	299.98	-	299.96	599.91	-
Long-Term Debt Issued	12,685	9,954	9,604	9,696	8,826
Total Debt Issued	12,985	9,954	9,904	10,296	8,826
Short-Term Debt Repaid	-	-	-900	-	-
Long-Term Debt Repaid	-11,387	-8,648	-9,646	-8,422	-8,943
Total Debt Repaid	-11,387	-8,648	-10,546	-8,422	-8,943
Net Debt Issued (Repaid)	1,598	1,306	-642.15	1,874	-116.76
Common Dividends Paid	-1,648	-2,251	-1,585	-1,491	-1,266
Other Financing Activities	539.04	-61.59	249.35	-337.16	-111.17
Financing Cash Flow	489.35	-1,006	-1,978	45.95	-1,494
Foreign Exchange Rate Adjustments	3.85	7.14	8.08	-0.5	0.28
Net Cash Flow	-3,747	-3,521	-981.16	-208.67	3,248
Free Cash Flow	-1,472	2,314	2,475	5,615	4,419
Free Cash Flow Growth	-	-6.50%	-55.92%	27.08%	-
Free Cash Flow Margin	-1.90%	3.09%	3.28%	7.93%	6.40%
Free Cash Flow Per Share	-0.91	1.42	1.52	3.45	2.72
Cash Income Tax Paid	2,822	2,729	3,140	2,759	2,873
Levered Free Cash Flow	-2,421	838.99	1,169	3,947	1,963
Unlevered Free Cash Flow	-2,170	1,100	1,448	4,219	2,224
Change in Working Capital	-4,317	-1,028	-1,372	1,879	860.49

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