SHA:600644 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	22.75	23.32	22.57	24.3	70.58	117.61
Depreciation & Amortization	193.12	193.12	179.28	174.66	164.96	156.66
Other Amortization	4.14	4.14	3.45	3.3	2.93	3.17
Loss (Gain) on Sale of Assets	-11.01	-11.01	-1.71	-1.1	-63	0.04
Loss (Gain) on Sale of Investments	-25.5	-25.5	-34.48	-27.42	-22.6	-25.84
Asset Writedown	-0.18	-0.18	-1.51	3.63	0.55	3.77
Change in Accounts Receivable	-49.18	-49.18	-154.11	42.84	-80.95	126.75
Change in Inventory	-3.63	-3.63	0.9	0.79	7.79	10.32
Change in Accounts Payable	137.48	137.48	97.05	-46.07	-21.33	26.61
Change in Other Net Operating Assets	9.58	9.58	9.45	6.16	9.03	10.44
Other Operating Activities	146.97	26.05	28.58	26.56	47.42	38.54
Operating Cash Flow	431.61	311.24	171.34	219.23	136.2	476.57
Operating Cash Flow Growth	73.37%	81.65%	-21.84%	60.96%	-71.42%	16.69%
Capital Expenditures	-323.27	-321.31	-210.72	-162.25	-194.84	-315.6
Sale of Property, Plant & Equipment	14.24	12.24	27.8	53.22	0.36	0.52
Investment in Securities	-	-	-	-	-	0.55
Other Investing Activities	10.97	10.97	20.22	13.67	-	4.55
Investing Cash Flow	-298.06	-298.1	-162.7	-95.36	-194.47	-309.98
Long-Term Debt Issued	-	758.31	401	828.2	791.74	623.77
Long-Term Debt Repaid	-	-771.31	-410.7	-760.03	-789.68	-726.33
Net Debt Issued (Repaid)	-153.76	-13	-9.7	68.17	2.06	-102.56
Issuance of Common Stock	-	198.37	-	-	-	-
Common Dividends Paid	-26.18	-25.55	-29.78	-26.78	-29.74	-39.19
Other Financing Activities	-5.63	-5.72	-1.69	-5.79	-6.13	-58.34
Financing Cash Flow	-185.57	154.1	-41.16	35.6	-33.81	-200.09
Net Cash Flow	-52.03	167.25	-32.53	159.47	-92.08	-33.5
Free Cash Flow	108.34	-10.06	-39.38	56.98	-58.63	160.97
Free Cash Flow Growth	132.28%	-	-	-	-	189.17%
Free Cash Flow Margin	3.26%	-0.30%	-1.23%	1.91%	-2.04%	6.26%
Free Cash Flow Per Share	0.19	-0.02	-0.07	0.11	-0.11	0.30
Cash Income Tax Paid	203.72	187.92	173.43	322.92	308.34	237.64
Levered Free Cash Flow	14.66	-20.43	-13.58	90.16	-160.68	14.17
Unlevered Free Cash Flow	31.74	-3.35	4.54	109.58	-139.17	39.66
Change in Working Capital	95.7	95.7	-40.33	12.16	-78.39	179.55

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