SHA:600452 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	390.19	514.46	525.35	612.65	505.86	400.78
Depreciation & Amortization	804.37	804.37	1,011	1,062	1,027	810.03
Other Amortization	1.49	1.49	0.35	0.83	1.91	1.91
Loss (Gain) on Sale of Assets	-0.39	-0.39	-	-0.03	-	-19.29
Loss (Gain) on Sale of Investments	-4.55	-4.55	-3.38	-10.67	-27.78	-22.97
Asset Writedown	-3.15	-3.15	0.56	3.58	-1.05	0.13
Change in Accounts Receivable	371.57	371.57	-22.6	-325.09	-198.76	-221.87
Change in Inventory	-0.24	-0.24	-0.01	0.01	-0.79	0.24
Change in Accounts Payable	-44.87	-44.87	-390.18	264.17	27.51	121.4
Other Operating Activities	-483.59	0.85	4.93	10.98	45.52	51.44
Operating Cash Flow	981.29	1,590	1,129	1,633	1,403	1,123
Operating Cash Flow Growth	-43.68%	40.83%	-30.87%	16.38%	24.96%	-3.42%
Capital Expenditures	-919.52	-875.22	-603.54	-473.79	-1,754	-558.05
Sale of Property, Plant & Equipment	5.85	5.35	3.19	4.15	3.03	1.67
Investment in Securities	5	5	-	22.13	10.5	24.5
Other Investing Activities	-2,198	-1,700	-	-	-	2.38
Investing Cash Flow	-3,107	-2,565	-600.34	-447.52	-1,741	-529.5
Short-Term Debt Issued	-	-	-	380	1,093	-
Long-Term Debt Issued	-	-	-	-	-	300
Total Debt Issued	-	-	-	380	1,093	300
Short-Term Debt Repaid	-	-	-	-380	-1,896	-
Long-Term Debt Repaid	-	-13.92	-296.94	-23.03	-5.17	-420
Total Debt Repaid	-13.92	-13.92	-296.94	-403.03	-1,901	-420
Net Debt Issued (Repaid)	-13.92	-13.92	-296.94	-23.03	-807.67	-120
Issuance of Common Stock	-	-	-	-	1,770	-
Common Dividends Paid	-215.12	-235.97	-169.32	-131.55	-96.59	-119.98
Other Financing Activities	1.86	-	-1.06	-1.48	-45.52	-
Financing Cash Flow	-227.18	-249.89	-467.33	-156.05	820.04	-239.98
Net Cash Flow	-2,353	-1,225	61.32	1,030	482.46	353.41
Free Cash Flow	61.77	714.78	525.45	1,159	-351.1	564.84
Free Cash Flow Growth	-94.79%	36.03%	-54.67%	-	-	-
Free Cash Flow Margin	2.07%	22.93%	15.26%	32.55%	-11.16%	21.28%
Free Cash Flow Per Share	0.04	0.46	0.34	0.76	-0.23	0.45
Cash Interest Paid	-	-	-	-	45.52	-
Cash Income Tax Paid	168.74	133.1	178.99	114.89	-15.67	60.04
Levered Free Cash Flow	-662.83	112.82	316.9	916.08	-1,729	1,361
Unlevered Free Cash Flow	-662.23	113.33	319.98	922.95	-1,701	1,393
Change in Working Capital	328.55	328.55	-424.16	-74.05	-183.15	-111.29

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