SHA:600439 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	-82.16	-117.62	12.3	33.94	60.21
Depreciation & Amortization	52.07	57.96	52.83	55.57	40.5
Other Amortization	5.71	5.84	8.29	13.8	12.71
Loss (Gain) From Sale of Assets	-0.01	0.54	0.23	-0.96	0.23
Asset Writedown & Restructuring Costs	48.38	15.87	0.19	-	-
Loss (Gain) From Sale of Investments	-1.31	-	-	-	-
Provision & Write-off of Bad Debts	-	6.85	1.2	-2.92	-1.74
Other Operating Activities	87.67	121.82	100.79	87.92	73.94
Change in Accounts Receivable	19.77	56.99	60.37	-129.36	12.71
Change in Inventory	192.91	16.44	29	-11.77	-95.41
Change in Accounts Payable	-19.59	80	-20.36	-80.97	116.24
Operating Cash Flow	309.8	250.75	246.87	-26.47	222.53
Operating Cash Flow Growth	23.55%	1.57%	-	-	51.66%
Capital Expenditures	-3.32	-9.01	-22.42	-19.48	-23.08
Sale of Property, Plant & Equipment	0.09	0.18	0.16	0.04	0.18
Other Investing Activities	1.31	-	-	-	-
Investing Cash Flow	-1.92	-8.82	-22.26	-19.44	-22.9
Long-Term Debt Issued	1,347	1,361	1,773	1,955	1,977
Long-Term Debt Repaid	-1,655	-1,768	-1,692	-1,424	-2,143
Net Debt Issued (Repaid)	-307.76	-406.3	81.47	531.82	-165.7
Common Dividends Paid	-76.21	-109.32	-96.66	-86.11	-80.88
Other Financing Activities	-38.01	306.48	-241.65	-152.73	-
Financing Cash Flow	-421.98	-209.14	-256.85	292.98	-246.58
Foreign Exchange Rate Adjustments	1.23	3.92	-20.98	30.07	-11.64
Net Cash Flow	-112.88	36.71	-53.23	277.14	-58.59
Free Cash Flow	306.47	241.74	224.44	-45.95	199.45
Free Cash Flow Growth	26.78%	7.71%	-	-	52.82%
Free Cash Flow Margin	23.70%	19.51%	18.31%	-3.65%	12.74%
Free Cash Flow Per Share	0.26	0.21	0.18	-0.04	0.18
Cash Income Tax Paid	40.58	38.36	36.21	62.73	65.71
Levered Free Cash Flow	385.35	411.4	-179.59	-160.78	138.53
Unlevered Free Cash Flow	385.35	468.34	-119.93	-108.12	182.19
Change in Working Capital	199.43	159.49	71.03	-213.82	36.7

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