SHA:600511 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	1,997	2,000	2,146	1,964	1,754
Depreciation & Amortization	229.04	240.54	199.75	189.61	178.83
Other Amortization	19.25	9.53	8.57	7.84	-
Loss (Gain) From Sale of Assets	-0.21	0.19	-0.08	-1.68	-
Asset Writedown & Restructuring Costs	0.1	0	0.05	5.23	-
Loss (Gain) From Sale of Investments	-585.38	-532.08	-369.77	-291.62	-
Provision & Write-off of Bad Debts	34.1	22.82	9.17	23.8	-
Other Operating Activities	125.54	164.38	228.17	203.37	24.54
Change in Accounts Receivable	-692.57	-442.42	-292.55	599.77	-
Change in Inventory	-240.87	-993.86	-243.6	-207.59	-
Change in Accounts Payable	1,140	1,218	1,048	-87.62	-
Operating Cash Flow	2,006	1,659	2,727	2,395	1,957
Operating Cash Flow Growth	20.88%	-39.15%	13.84%	22.36%	50.38%
Capital Expenditures	-68.19	-130.77	-145.12	-129.78	-95.07
Sale of Property, Plant & Equipment	0.2	0.39	0.16	3.52	0.78
Cash Acquisitions	-	-	-	-15.2	-15.82
Investment in Securities	18.33	-2,477	7.88	-12.6	-15.75
Other Investing Activities	32.27	23.75	7.77	1.74	2.86
Investing Cash Flow	-17.39	-2,584	-129.31	-152.32	-122.99
Short-Term Debt Issued	319.45	315.98	203.2	335.61	793.18
Total Debt Issued	319.45	315.98	203.2	335.61	793.18
Short-Term Debt Repaid	-923.45	-1,033	-250	-509.86	-864.55
Long-Term Debt Repaid	-117.09	-117.81	-81.71	-117.07	-72.35
Total Debt Repaid	-1,041	-1,151	-331.71	-626.93	-936.91
Net Debt Issued (Repaid)	-721.09	-835.11	-128.51	-291.32	-143.72
Common Dividends Paid	-625.74	-682.43	-709.58	-611.96	-637.77
Other Financing Activities	-40.65	-64.8	205.91	263.71	35.53
Financing Cash Flow	-1,387	-1,582	-632.18	-639.57	-745.96
Net Cash Flow	600.65	-2,507	1,965	1,603	1,088
Free Cash Flow	1,937	1,528	2,582	2,265	1,862
Free Cash Flow Growth	26.76%	-40.80%	13.96%	21.64%	51.09%
Free Cash Flow Margin	3.69%	3.02%	5.20%	4.98%	4.01%
Free Cash Flow Per Share	2.57	2.03	3.42	3.00	2.47
Cash Income Tax Paid	1,771	1,479	1,450	1,350	1,300
Levered Free Cash Flow	1,198	14.86	2,185	2,073	1,497
Unlevered Free Cash Flow	1,215	35.89	2,205	2,089	1,524
Change in Working Capital	186.49	-246.38	504.79	294.52	-

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