SHA:600391 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	45.96	60.88	68.79	48.16	46.72	21.29
Depreciation & Amortization	351.54	351.54	363.76	320.04	302.9	280.7
Other Amortization	14.03	14.03	-	-	-	-
Loss (Gain) From Sale of Assets	-2.99	-2.99	0.03	-5.06	-0.56	-0.44
Asset Writedown & Restructuring Costs	3.4	3.4	3.37	1.33	27.03	-0.69
Loss (Gain) From Sale of Investments	0.52	0.52	1.45	1.61	1.95	-
Provision & Write-off of Bad Debts	-4.69	-4.69	15.36	5.92	13.9	-3.23
Other Operating Activities	63.88	166.01	156.43	138.57	116.43	96.25
Change in Accounts Receivable	62.32	62.32	-1,173	-314.11	-94.12	-884.99
Change in Inventory	445.29	445.29	0.72	-275.25	-6.91	-191.68
Change in Accounts Payable	149.69	149.69	-563.91	580.06	135.42	129.79
Change in Other Net Operating Assets	-	-	-	-5.81	9.65	2.94
Operating Cash Flow	1,128	1,245	-1,126	509.32	546.96	-550.62
Operating Cash Flow Growth	-	-	-	-6.88%	-	-
Capital Expenditures	-390.45	-419.18	-195.96	-202.06	-260.86	-264.68
Sale of Property, Plant & Equipment	1.18	1.18	2.26	11.86	0.79	9.2
Investing Cash Flow	-389.27	-418	-193.7	-190.2	-260.07	-255.48
Long-Term Debt Issued	-	1,678	2,145	2,108	815.23	1,213
Long-Term Debt Repaid	-	-2,279	-1,091	-2,116	-1,093	-697.94
Net Debt Issued (Repaid)	-499.39	-600.89	1,054	-8.64	-277.94	514.59
Repurchase of Common Stock	-	-	-	-	-3.46	-
Common Dividends Paid	-32.8	-37.94	-49.64	-42.16	-38.19	-33.71
Other Financing Activities	-26.9	88.81	-5.3	17.29	99.93	89.86
Financing Cash Flow	-559.09	-550.02	998.69	-33.51	-219.65	570.74
Foreign Exchange Rate Adjustments	-5.34	1.44	7.54	3.56	5.19	-2
Net Cash Flow	173.98	278.16	-313.78	289.17	72.43	-237.36
Free Cash Flow	737.23	825.56	-1,322	307.26	286.1	-815.3
Free Cash Flow Growth	-	-	-	7.40%	-	-
Free Cash Flow Margin	17.19%	19.10%	-34.34%	6.80%	7.53%	-23.26%
Free Cash Flow Per Share	2.17	2.44	-4.04	0.96	0.86	-2.30
Cash Income Tax Paid	47.73	56.46	111.19	162.8	-0.87	-41.8
Levered Free Cash Flow	754.4	914.97	-1,280	295.95	184.3	-310.4
Unlevered Free Cash Flow	791.05	951.62	-1,242	326.78	214.92	-279.35
Change in Working Capital	656.04	656.04	-1,735	-1.25	38.59	-944.49

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