SHA:600425 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	305.17	276.38	353.67	463.38	415.49	314.93
Depreciation & Amortization	381.91	381.91	363.13	330.9	312.65	300.34
Other Amortization	19.34	19.34	2.15	0.61	0.28	0.82
Loss (Gain) From Sale of Assets	-2.5	-2.5	-29.23	-0.55	-41.97	-1.41
Asset Writedown & Restructuring Costs	33.96	33.96	47.55	119.76	8.24	223.69
Loss (Gain) From Sale of Investments	-18.86	-18.86	-37.29	-41.21	-38.25	-11.12
Provision & Write-off of Bad Debts	-4.41	-4.41	6.7	2.41	3.19	16.43
Other Operating Activities	159.09	94.13	142.63	131.01	170.42	132.79
Change in Accounts Receivable	-181.32	-181.32	-129.66	-124.74	-300.78	-309.6
Change in Inventory	21.2	21.2	-4.63	-102.21	-448.06	-155.9
Change in Accounts Payable	-138.74	-138.74	-377.77	-336.65	135.21	137.4
Operating Cash Flow	577.89	484.16	343.02	442.22	218.28	645.81
Operating Cash Flow Growth	59.00%	41.15%	-22.43%	102.59%	-66.20%	22.64%
Capital Expenditures	-157.78	-205.48	-248.45	-199.13	-169.69	-132.26
Sale of Property, Plant & Equipment	4.43	4.43	-	2.38	43.26	19.55
Divestitures	-	-	-	0.09	-	-
Investment in Securities	-	-	-	-8.7	-	-
Other Investing Activities	85.98	83.04	24.02	27.26	14.82	15.02
Investing Cash Flow	-63.37	-114.01	-224.42	-171.49	-111.62	-97.69
Short-Term Debt Issued	-	79.49	-	-	-	-
Long-Term Debt Issued	-	708.56	1,137	1,766	1,455	1,654
Total Debt Issued	588.05	788.05	1,137	1,766	1,455	1,654
Long-Term Debt Repaid	-	-1,065	-1,390	-1,868	-1,497	-1,939
Net Debt Issued (Repaid)	-325.1	-277.2	-253.17	-102.4	-41.77	-285.02
Issuance of Common Stock	-	-	-	666.11	-	-
Common Dividends Paid	-188.87	-198.22	-211.35	-227.59	-310.81	-94.64
Other Financing Activities	-13.21	-13.21	5.4	-4.02	30	-
Financing Cash Flow	-527.18	-488.64	-459.12	332.1	-322.58	-379.66
Net Cash Flow	-12.66	-118.49	-340.53	602.84	-215.92	168.45
Free Cash Flow	420.12	278.68	94.57	243.09	48.59	513.55
Free Cash Flow Growth	154.90%	194.69%	-61.10%	400.30%	-90.54%	29.91%
Free Cash Flow Margin	10.81%	7.18%	2.19%	5.41%	1.30%	13.13%
Free Cash Flow Per Share	0.26	0.17	0.06	0.15	0.04	0.38
Cash Income Tax Paid	258.6	258.6	291.56	315.7	178.75	318.45
Levered Free Cash Flow	1,081	453.1	454.06	316.61	14.67	651.86
Unlevered Free Cash Flow	1,104	477.89	485.66	351.1	70.72	711.55
Change in Working Capital	-295.81	-295.81	-506.29	-564.09	-611.76	-330.66

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