SHA:600435 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	117.25	59.04	192.23	185.02	133.54
Depreciation & Amortization	99.42	96.41	86.51	100.42	115.62
Other Amortization	0.56	0.25	0.12	0.27	0.39
Loss (Gain) From Sale of Assets	-14.98	-0.06	0.15	0.49	0.21
Asset Writedown & Restructuring Costs	15.56	5.1	5.01	0.97	14.4
Loss (Gain) From Sale of Investments	-0.06	-	-	-30.18	-
Provision & Write-off of Bad Debts	-	20.3	13.94	12.82	15.42
Other Operating Activities	-0.08	34.14	73.2	115.16	93.27
Change in Accounts Receivable	-765.37	-1,117	-1,224	-245.9	-1,220
Change in Inventory	1.45	-125.91	159.92	15.62	-96.52
Change in Accounts Payable	399.73	494.73	877.58	316.51	1,238
Change in Other Net Operating Assets	-0.17	4.86	9.5	14.15	20.35
Operating Cash Flow	-165.35	-547.87	200.3	469.91	310.5
Operating Cash Flow Growth	-	-	-57.38%	51.34%	-8.57%
Capital Expenditures	-140	-112.51	-126.84	-99.4	-85.81
Sale of Property, Plant & Equipment	10.14	0.33	0.37	0.26	122.02
Divestitures	-	-	-	261.59	-
Investment in Securities	104	475	-31	60	-620
Other Investing Activities	9.42	19.78	9.7	1.79	-
Investing Cash Flow	-16.44	382.6	-147.78	224.25	-583.79
Short-Term Debt Issued	-	-	-	-	205.32
Long-Term Debt Issued	-	-	-	-	6.65
Total Debt Issued	-	-	-	-	211.97
Short-Term Debt Repaid	-	-	-	-	-201
Long-Term Debt Repaid	-	-5.45	-2.33	-2.66	-12.13
Total Debt Repaid	-	-5.45	-2.33	-2.66	-213.13
Net Debt Issued (Repaid)	-	-5.45	-2.33	-2.66	-1.16
Issuance of Common Stock	53.45	57.37	84.88	-	-
Common Dividends Paid	-30.18	-60.09	-59.93	-38.81	-43.34
Other Financing Activities	-13.56	-25.45	-50.37	-51.58	-85.5
Financing Cash Flow	9.71	-33.62	-27.74	-93.05	-130
Foreign Exchange Rate Adjustments	0	0	0	0	0
Net Cash Flow	-172.07	-198.89	24.78	601.11	-403.29
Free Cash Flow	-305.35	-660.37	73.46	370.52	224.69
Free Cash Flow Growth	-	-	-80.17%	64.90%	-19.42%
Free Cash Flow Margin	-7.28%	-24.03%	2.06%	9.65%	5.63%
Free Cash Flow Per Share	-0.20	-0.45	0.05	0.24	0.15
Cash Interest Paid	-	-	-	-	0.51
Cash Income Tax Paid	336.89	302.47	177.94	54.56	89.71
Levered Free Cash Flow	-373.15	-713.53	-65.06	470.75	253.3
Unlevered Free Cash Flow	-373.15	-713.28	-65.03	472	257.33
Change in Working Capital	-383.02	-763.05	-170.86	84.95	-62.36

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