SHA:600428 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	1,780	1,531	1,064	821.34	300.33
Depreciation & Amortization	3,350	1,808	1,383	1,135	937.14
Other Amortization	75.45	51.16	15.45	1.56	44.94
Loss (Gain) From Sale of Assets	1.54	-62.99	-115.46	-55.94	-4.28
Asset Writedown & Restructuring Costs	105.77	21.25	-0.04	514.33	516.47
Loss (Gain) From Sale of Investments	14.64	129.85	-202.64	-80.95	-51.21
Provision & Write-off of Bad Debts	54.81	1.61	6.63	16.07	-5.61
Other Operating Activities	1,234	616.45	384.04	280.03	256.27
Change in Accounts Receivable	-878.13	-567.45	330.29	-430.55	-743.4
Change in Inventory	-159.99	-170.76	4.11	-227.22	-113.22
Change in Accounts Payable	711.45	343.73	30.3	400.92	575.84
Change in Other Net Operating Assets	-	-31.96	-	-	-
Operating Cash Flow	6,339	3,616	2,922	2,375	1,686
Operating Cash Flow Growth	75.31%	23.74%	23.05%	40.88%	29.20%
Capital Expenditures	-1,662	-636.19	-2,015	-863.95	-842.33
Sale of Property, Plant & Equipment	166.22	135.61	1.82	0.12	138.95
Cash Acquisitions	-	512.79	26.85	-	-
Investment in Securities	-963.33	2.3	-69.26	-906.37	-6.66
Other Investing Activities	51.13	27.08	-	-	98.13
Investing Cash Flow	-2,389	103.69	-1,883	-1,770	-611.91
Long-Term Debt Issued	2,897	1,134	3,297	4,007	3,443
Long-Term Debt Repaid	-5,974	-3,069	-3,240	-5,506	-3,815
Net Debt Issued (Repaid)	-3,076	-1,935	56.46	-1,499	-371.52
Issuance of Common Stock	3,477	-	21.1	-	-
Common Dividends Paid	-925.98	-759.39	-622.1	-309.53	-217.98
Other Financing Activities	-142.78	298.68	1.83	-1.27	-1.19
Financing Cash Flow	-668.31	-2,396	-542.71	-1,810	-590.68
Foreign Exchange Rate Adjustments	-41.02	54.1	-12.54	289.8	-84.38
Net Cash Flow	3,241	1,378	483.99	-915.74	398.65
Free Cash Flow	4,678	2,980	907.28	1,511	843.3
Free Cash Flow Growth	56.98%	228.43%	-39.95%	79.16%	-2.89%
Free Cash Flow Margin	20.15%	17.76%	7.44%	12.38%	9.63%
Free Cash Flow Per Share	1.80	1.39	0.42	0.70	0.39
Cash Income Tax Paid	228.64	165.76	128.33	186.9	161.56
Levered Free Cash Flow	3,460	2,066	-29.52	1,142	-164.26
Unlevered Free Cash Flow	3,859	2,374	214.53	1,311	-73
Change in Working Capital	-276.37	-479.63	386.88	-256.49	-308.42

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