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 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	-84.43	-81.9	-117.62	12.3	33.94	60.21
Depreciation & Amortization	51.53	51.53	58.73	52.83	55.57	40.5
Other Amortization	6.25	6.25	5.07	8.29	13.8	12.71
Loss (Gain) From Sale of Assets	-0.01	-0.01	0.54	0.23	-0.96	0.23
Asset Writedown & Restructuring Costs	0.2	0.2	15.87	0.19	-	-
Loss (Gain) From Sale of Investments	-1.31	-1.31	-	-	-	-
Provision & Write-off of Bad Debts	7.57	7.57	6.85	1.2	-2.92	-1.74
Other Operating Activities	103.53	128.02	121.82	100.79	87.92	73.94
Change in Accounts Receivable	19.77	19.77	56.99	60.37	-129.36	12.71
Change in Inventory	192.91	192.91	16.44	29	-11.77	-95.41
Change in Accounts Payable	-19.59	-19.59	80	-20.36	-80.97	116.24
Operating Cash Flow	282.77	309.8	250.75	246.87	-26.47	222.53
Operating Cash Flow Growth	5.27%	23.55%	1.57%	-	-	51.66%
Capital Expenditures	-2.82	-3.32	-9.01	-22.42	-19.48	-23.08
Sale of Property, Plant & Equipment	0.07	0.09	0.18	0.16	0.04	0.18
Other Investing Activities	1.31	1.31	-	-	-	-
Investing Cash Flow	-1.44	-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	-	-1,669	-1,768	-1,692	-1,424	-2,143
Net Debt Issued (Repaid)	-225.55	-321.59	-406.3	81.47	531.82	-165.7
Common Dividends Paid	-73.79	-76.21	-109.32	-96.66	-86.11	-80.88
Other Financing Activities	-173.34	-24.18	306.48	-241.65	-152.73	-
Financing Cash Flow	-472.67	-421.98	-209.14	-256.85	292.98	-246.58
Foreign Exchange Rate Adjustments	-5.03	1.23	3.92	-20.98	30.07	-11.64
Net Cash Flow	-196.37	-112.88	36.71	-53.23	277.14	-58.59
Free Cash Flow	279.96	306.47	241.74	224.44	-45.95	199.45
Free Cash Flow Growth	7.68%	26.78%	7.71%	-	-	52.82%
Free Cash Flow Margin	21.47%	23.70%	19.51%	18.31%	-3.65%	12.74%
Free Cash Flow Per Share	0.24	0.26	0.21	0.18	-0.04	0.18
Cash Income Tax Paid	40.58	40.58	38.36	36.21	62.73	65.71
Levered Free Cash Flow	488.22	298.52	411.4	-179.59	-160.78	138.53
Unlevered Free Cash Flow	531.05	348.45	468.34	-119.93	-108.12	182.19
Change in Working Capital	199.43	199.43	159.49	71.03	-213.82	36.7

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