SHA:600635 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	415.17	233.15	212.54	-332.59	303.36
Depreciation & Amortization	396.69	376.78	356.15	351.07	342.32
Other Amortization	4.08	4.47	0.79	0.22	1.09
Loss (Gain) on Sale of Assets	-17.44	-7.22	-16.65	-24.72	-1.18
Loss (Gain) on Sale of Investments	229.41	-48.58	-312.09	382.98	-580.56
Loss (Gain) on Equity Investments	-672.23	-190.43	-	-	-
Asset Writedown	38.34	-	0.23	4.49	1.84
Change in Accounts Receivable	59.09	-160.94	592.77	155.08	71.88
Change in Inventory	10.65	3.12	34.26	51.68	-38.31
Change in Accounts Payable	523.3	195.78	-560.25	-395.71	79.32
Change in Unearned Revenue	-194.38	-152.26	-	-	-
Change in Other Net Operating Assets	82.02	-53.76	-	-	-
Other Operating Activities	212.66	205.42	371	332.43	459.39
Operating Cash Flow	1,087	405.52	689.83	417.43	674.26
Operating Cash Flow Growth	168.14%	-41.21%	65.26%	-38.09%	194.35%
Capital Expenditures	-722.09	-485.86	-353.39	-285.3	-646.27
Sale of Property, Plant & Equipment	20.89	1.47	34.53	10.47	1.7
Sale (Purchase) of Intangibles	-10.77	-1.32	-	-	-
Investment in Securities	-51.5	554.77	18.73	-378.48	-152.18
Other Investing Activities	44.87	44.02	697.35	964.33	302.82
Investing Cash Flow	-718.6	113.09	397.22	311.03	-493.93
Long-Term Debt Issued	5,296	5,421	6,986	6,982	8,052
Long-Term Debt Repaid	-5,807	-5,449	-7,446	-13,186	-7,806
Net Debt Issued (Repaid)	-510.45	-28.36	-460.51	-6,204	245.72
Common Dividends Paid	-106.29	-103.34	-385.71	-455.5	-474.76
Other Financing Activities	-144.25	-195.75	-20.3	6,796	-32.38
Financing Cash Flow	-760.98	-327.44	-866.52	136.41	-261.42
Foreign Exchange Rate Adjustments	-27.22	14.61	15.09	71	-19.94
Net Cash Flow	-419.45	205.78	235.62	935.86	-101.03
Free Cash Flow	365.26	-80.34	336.44	132.13	27.99
Free Cash Flow Growth	-	-	154.63%	372.05%	-
Free Cash Flow Margin	6.03%	-1.28%	5.25%	2.26%	0.51%
Free Cash Flow Per Share	0.12	-0.03	0.11	0.04	0.01
Cash Interest Paid	202.53	266.85	-	-	-
Cash Income Tax Paid	113.66	120.39	212.47	250.07	187.99
Levered Free Cash Flow	19.23	45.8	187.99	539.9	-529.76
Unlevered Free Cash Flow	145.57	207.07	372.17	743.96	-317.58
Change in Working Capital	480.67	-168.06	57.52	-301.72	118.04

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