SHA:600444 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	46.54	40.16	40.05	41.24	48.65	45.56
Depreciation & Amortization	10.53	10.53	12.63	13.17	14.24	11.39
Other Amortization	1.32	1.32	5.68	1	0.84	0.84
Loss (Gain) From Sale of Assets	-0.09	-0.09	0.14	-	-0.13	-0.07
Asset Writedown & Restructuring Costs	0.11	0.11	1.69	0	1.97	0.05
Loss (Gain) From Sale of Investments	-1.59	-1.59	-0.01	-0.01	-	-
Provision & Write-off of Bad Debts	0.26	0.26	5.14	-0.14	-3.23	-5.77
Other Operating Activities	160.36	-2.18	-2.54	-4.27	-6.54	3.19
Change in Accounts Receivable	-22.81	-22.81	-137.67	50.03	-70.11	75.07
Change in Inventory	-98.88	-98.88	13.98	33.71	-55.56	-45.98
Change in Accounts Payable	61.37	61.37	106.23	-105.01	-0.76	234.74
Change in Other Net Operating Assets	0.9	0.9	0.88	-0.23	-	-
Operating Cash Flow	158.11	-10.81	52.38	14.56	-68.12	318.2
Operating Cash Flow Growth	-	-	259.80%	-	-	-
Capital Expenditures	-0.32	-0.39	-0.53	-3.66	-1.35	-2.24
Sale of Property, Plant & Equipment	0.65	3.55	0.06	0.04	0.06	0.07
Divestitures	1.42	-	-	-	-	-
Investment in Securities	-482	33	-205	142	-307	55
Other Investing Activities	1.95	11.62	3.09	6.57	8.43	-
Investing Cash Flow	-478.3	47.77	-202.38	144.95	-299.86	52.83
Long-Term Debt Repaid	-	-6.88	-5.34	-6.74	-6.93	-
Total Debt Repaid	-4.64	-6.88	-5.34	-6.74	-6.93	-
Net Debt Issued (Repaid)	-4.64	-6.88	-5.34	-6.74	-6.93	-
Common Dividends Paid	-16.11	-14.64	-19.03	-19.03	-21.96	-21.96
Financing Cash Flow	-20.75	-21.53	-24.38	-25.77	-28.89	-21.96
Net Cash Flow	-340.93	15.43	-174.38	133.74	-396.87	349.07
Free Cash Flow	157.79	-11.21	51.85	10.89	-69.47	315.97
Free Cash Flow Growth	-	-	375.99%	-	-	-
Free Cash Flow Margin	21.53%	-1.46%	6.87%	1.38%	-8.25%	45.09%
Free Cash Flow Per Share	1.10	-0.08	0.35	0.07	-0.47	2.16
Cash Income Tax Paid	18.61	19.45	66.93	46.85	32.88	42.91
Levered Free Cash Flow	149.04	-36.16	34.85	14.52	-85.61	292.15
Unlevered Free Cash Flow	149.41	-35.61	35.25	14.97	-85.08	292.15
Change in Working Capital	-59.33	-59.33	-10.4	-36.44	-123.93	263.02

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