SHA:600396 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	275.51	263.4	84.73	2,140	-2,018	-1,920
Depreciation & Amortization	625.33	625.33	605.66	916.27	1,095	1,069
Other Amortization	0.7	0.7	3.87	1.05	12.06	1.26
Loss (Gain) on Sale of Assets	-4.7	-4.7	-0.05	-6.85	-	-
Loss (Gain) on Sale of Investments	15.63	15.63	-71.27	-2,959	-69.11	-31.69
Asset Writedown	41.46	41.46	9.85	34.09	501.81	23.84
Change in Accounts Receivable	-381.5	-381.5	-77.3	-602.52	93.58	-249.49
Change in Inventory	29.13	29.13	0.86	12.26	472.78	-631.66
Change in Accounts Payable	202.37	202.37	-151.06	-70.28	-84.36	1,387
Other Operating Activities	492.29	294.41	400.84	545.95	405.37	527.5
Operating Cash Flow	1,297	1,087	805.55	45.7	441.16	139.15
Operating Cash Flow Growth	99.46%	34.95%	1662.68%	-89.64%	217.04%	-86.91%
Capital Expenditures	-1,353	-1,210	-490.78	-576.3	-540.78	-571.68
Sale of Property, Plant & Equipment	5.92	6.53	0.71	28.75	7.08	2.02
Divestitures	-	-	-	325.33	-	-
Investment in Securities	-	-	-1	-	-1.51	128.15
Other Investing Activities	7.72	7.71	-0.03	-0.02	5.51	-1.05
Investing Cash Flow	-1,339	-1,196	-491.1	-222.24	-529.69	-442.57
Long-Term Debt Issued	-	8,348	9,539	14,767	13,722	11,636
Total Debt Issued	8,721	8,348	9,539	14,767	13,722	11,636
Long-Term Debt Repaid	-	-8,156	-12,659	-14,235	-13,137	-10,561
Total Debt Repaid	-8,495	-8,156	-12,659	-14,235	-13,137	-10,561
Net Debt Issued (Repaid)	226.3	191.87	-3,120	531.9	584.93	1,075
Common Dividends Paid	-220.79	-223.37	-372.89	-632.34	-807.97	-709.78
Other Financing Activities	-74.3	-74.3	3,268	17.76	-	-6.41
Financing Cash Flow	-42.66	-105.81	-224.77	-82.69	-223.04	359.04
Net Cash Flow	-85.01	-214.53	89.68	-259.22	-311.57	55.62
Free Cash Flow	-55.99	-122.97	314.77	-530.6	-99.62	-432.53
Free Cash Flow Margin	-1.26%	-2.83%	7.07%	-8.46%	-1.40%	-6.58%
Free Cash Flow Per Share	-0.04	-0.08	0.21	-0.36	-0.07	-0.29
Cash Income Tax Paid	185.56	211.2	216.91	185.21	20.22	165.62
Levered Free Cash Flow	-232.35	-229.97	-14.21	-773.32	-754.46	-2,301
Unlevered Free Cash Flow	-232.35	-229.97	219.88	-388.23	-277.33	-1,856
Change in Working Capital	-149.14	-149.14	-278.57	-680.48	499.37	451.71

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