SHA:600439 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-115.87	-117.62	12.3	33.94	60.21	38.14
Depreciation & Amortization	57.96	57.96	52.83	55.57	40.5	39.32
Other Amortization	5.84	5.84	8.29	13.8	12.71	14.19
Loss (Gain) From Sale of Assets	0.54	0.54	0.23	-0.96	0.23	-6.39
Asset Writedown & Restructuring Costs	15.87	15.87	0.19	-	-	0.33
Loss (Gain) From Sale of Investments	-	-	-	-	-	-4.91
Provision & Write-off of Bad Debts	6.85	6.85	1.2	-2.92	-1.74	5.48
Other Operating Activities	158.45	121.82	100.79	87.92	73.94	85.88
Change in Accounts Receivable	56.99	56.99	60.37	-129.36	12.71	-6.41
Change in Inventory	16.44	16.44	29	-11.77	-95.41	56.33
Change in Accounts Payable	80	80	-20.36	-80.97	116.24	-54.45
Operating Cash Flow	289.13	250.75	246.87	-26.47	222.53	146.73
Operating Cash Flow Growth	27.90%	1.57%	-	-	51.66%	-3.11%
Capital Expenditures	-9.08	-9.01	-22.42	-19.48	-23.08	-16.21
Sale of Property, Plant & Equipment	0.26	0.18	0.16	0.04	0.18	7.78
Divestitures	-	-	-	-	-	0.23
Other Investing Activities	1.31	-	-	-	-	4.91
Investing Cash Flow	-7.52	-8.82	-22.26	-19.44	-22.9	-3.28
Long-Term Debt Issued	-	1,361	1,773	1,955	1,977	1,267
Long-Term Debt Repaid	-	-1,768	-1,692	-1,424	-2,143	-1,326
Net Debt Issued (Repaid)	-659.42	-406.3	81.47	531.82	-165.7	-58.86
Common Dividends Paid	-74.12	-109.32	-96.66	-86.11	-80.88	-106.72
Other Financing Activities	525.02	306.48	-241.65	-152.73	-	-
Financing Cash Flow	-208.53	-209.14	-256.85	292.98	-246.58	-165.58
Foreign Exchange Rate Adjustments	-13.28	3.92	-20.98	30.07	-11.64	-42.57
Net Cash Flow	59.81	36.71	-53.23	277.14	-58.59	-64.71
Free Cash Flow	280.05	241.74	224.44	-45.95	199.45	130.52
Free Cash Flow Growth	34.13%	7.71%	-	-	52.82%	24.99%
Free Cash Flow Margin	22.12%	19.51%	18.31%	-3.65%	12.74%	9.82%
Free Cash Flow Per Share	0.24	0.21	0.18	-0.04	0.18	0.12
Cash Income Tax Paid	45.23	38.36	36.21	62.73	65.71	63.78
Levered Free Cash Flow	254.64	411.4	-179.59	-160.78	138.53	157.79
Unlevered Free Cash Flow	308.06	468.34	-119.93	-108.12	182.19	205.62
Change in Working Capital	159.49	159.49	71.03	-213.82	36.7	-25.32

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.