SHA:600353 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	161.57	102.48	92.71	100.12	57.95
Depreciation & Amortization	71.41	54.54	44.89	38.57	28.29
Other Amortization	6.09	1.76	0.87	0.28	0.02
Loss (Gain) From Sale of Assets	0.2	0.1	-0.03	0.09	0.01
Asset Writedown & Restructuring Costs	0.17	0.68	0.79	-	-
Loss (Gain) From Sale of Investments	-39.41	15.08	18.49	-30.2	-14.4
Provision & Write-off of Bad Debts	10.51	11.9	10.3	12.03	6.43
Other Operating Activities	14.56	6.35	29.71	27.12	23.64
Change in Accounts Receivable	8.17	-132.41	-276.41	-150.38	-70.63
Change in Inventory	-66.93	-57.38	-64.43	-91.83	-31.58
Change in Accounts Payable	-30.94	65.93	138.92	48.45	26.62
Change in Other Net Operating Assets	-2.68	2.68	-	0	0.22
Operating Cash Flow	129.03	69.05	-12.54	-39.01	24.61
Operating Cash Flow Growth	86.87%	-	-	-	-43.23%
Capital Expenditures	-243.03	-126.12	-122.98	-217.64	-59.84
Sale of Property, Plant & Equipment	0.05	0.14	0.02	0.1	0.26
Cash Acquisitions	-	-	-	-3.89	-38.8
Investment in Securities	26.21	117.5	-2	-377.49	60
Other Investing Activities	-	1.84	2.56	0.16	0.4
Investing Cash Flow	-216.77	-6.64	-122.39	-598.76	-57.99
Long-Term Debt Issued	397.28	206.84	167.56	324.5	33.6
Total Debt Issued	397.28	206.84	167.56	324.5	33.6
Long-Term Debt Repaid	-237.39	-143.87	-124.39	-123.42	-50.91
Total Debt Repaid	-237.39	-143.87	-124.39	-123.42	-50.91
Net Debt Issued (Repaid)	159.89	62.97	43.17	201.08	-17.31
Issuance of Common Stock	-	-	19.27	677.35	37.61
Repurchase of Common Stock	-5.59	-7.99	-	-	-
Common Dividends Paid	-63.13	-44.06	-8.94	-4.42	-17.7
Other Financing Activities	25	0.35	-131.82	-1.06	-
Financing Cash Flow	116.16	11.26	-78.31	872.95	2.59
Foreign Exchange Rate Adjustments	-0.33	0.55	0.04	0.4	-4.32
Net Cash Flow	28.09	74.22	-213.21	235.58	-35.11
Free Cash Flow	-114	-57.07	-135.52	-256.65	-35.24
Free Cash Flow Margin	-6.97%	-3.60%	-10.29%	-22.49%	-3.50%
Free Cash Flow Per Share	-0.14	-0.07	-0.18	-0.33	-0.05
Cash Income Tax Paid	53.77	57.7	56.3	35.92	40.37
Levered Free Cash Flow	-137.02	-117.98	-275.48	-73	-131.67
Unlevered Free Cash Flow	-128.22	-110.71	-269.48	-70.16	-130.78
Change in Working Capital	-96.06	-123.84	-210.28	-187.02	-77.33

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