SHA:600505 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	Jan '23 Jan 1, 2023	Dec '21 Dec 31, 2021
Net Income	2.53	8.29	-44.61	45.2	42.53
Depreciation & Amortization	254.12	256.94	248.45	174.07	146.45
Other Amortization	0.36	0.89	0.59	0.59	0.36
Loss (Gain) on Sale of Assets	-	1.33	-	-	-
Loss (Gain) on Sale of Investments	0.07	-0.76	4.29	-1.16	-1.11
Asset Writedown	0.8	0.22	3.51	1.13	1.64
Change in Accounts Receivable	27.31	-44.07	-23.88	-19.6	-55.2
Change in Inventory	-0.16	-1.44	-9.7	-2.3	6.01
Change in Accounts Payable	14.94	-61.21	-56.77	65.09	22.78
Change in Other Net Operating Assets	6.48	1.75	-3	-4.82	-10.5
Other Operating Activities	79.85	78.76	77.89	58.33	39.75
Operating Cash Flow	386.13	244.72	201.36	315.14	195.68
Operating Cash Flow Growth	57.79%	21.53%	-36.10%	61.05%	-24.15%
Capital Expenditures	-124.79	-52.96	-127.57	-311.96	-547.93
Sale of Property, Plant & Equipment	2.61	2.78	0.06	0.07	0
Investment in Securities	2.5	-	-	-	0.5
Other Investing Activities	24.15	20.41	82.38	-7.29	-5.75
Investing Cash Flow	-95.53	-29.78	-45.13	-319.17	-553.18
Long-Term Debt Issued	35	97.42	225.88	454.72	418.7
Total Debt Issued	35	97.42	225.88	454.72	418.7
Long-Term Debt Repaid	-253.83	-227.7	-362.04	-228.97	-51.68
Total Debt Repaid	-253.83	-227.7	-362.04	-228.97	-51.68
Net Debt Issued (Repaid)	-218.83	-130.28	-136.16	225.75	367.01
Common Dividends Paid	-71.37	-88.77	-102.68	-85.24	-89.57
Other Financing Activities	-11.83	-4.54	-1.96	-58.77	-
Financing Cash Flow	-302.03	-223.59	-240.8	81.74	277.45
Net Cash Flow	-11.43	-8.64	-84.56	77.71	-80.05
Free Cash Flow	261.34	191.76	73.79	3.19	-352.24
Free Cash Flow Growth	36.29%	159.86%	2216.83%	-	-
Free Cash Flow Margin	17.29%	13.19%	5.25%	0.25%	-32.57%
Free Cash Flow Per Share	0.72	0.53	0.20	0.01	-0.97
Cash Income Tax Paid	142	139.9	93.75	35.61	89.19
Levered Free Cash Flow	248.4	134.66	94.18	-130.98	-302.37
Unlevered Free Cash Flow	248.4	187.33	149.13	-103.46	-290.05
Change in Working Capital	48.4	-105.84	-94.42	38.43	-37.65

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.