Shang Hai Ya Tong 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	40.95	6.36	2.44	4.58	45.61
Depreciation & Amortization	31.34	30.15	33.09	27.99	24.77
Other Amortization	8.4	6.98	6.31	6.4	4.93
Loss (Gain) From Sale of Assets	0.04	-2.51	-0.12	-	-
Asset Writedown & Restructuring Costs	-	0.02	-3.85	-0.53	0.35
Loss (Gain) From Sale of Investments	-0.94	-31.82	-3.42	-3.87	-12.2
Provision & Write-off of Bad Debts	-	3.67	4.36	5.81	-0.03
Other Operating Activities	14.44	14.39	0.06	31.37	17.45
Change in Accounts Receivable	-37.84	-104.01	105.65	-236.97	-209.39
Change in Inventory	38.32	-1,228	-433.79	122.37	322.73
Change in Accounts Payable	365.06	2,208	89.9	-105.96	-361.33
Operating Cash Flow	457.61	922.6	-210.6	-153.94	-166.01
Operating Cash Flow Growth	-50.40%	-	-	-	-
Capital Expenditures	-118.43	-101.85	-35.66	-44.79	-69.51
Sale of Property, Plant & Equipment	-	0.19	4.98	-	0.04
Divestitures	-	57.04	-	-	-
Investment in Securities	-1.05	12.33	-9	-	-
Other Investing Activities	1.12	0.68	3.74	4.68	4.22
Investing Cash Flow	-118.36	-31.6	-35.94	-40.11	-65.26
Long-Term Debt Issued	198.06	382.48	419.75	904.55	450.47
Long-Term Debt Repaid	-377.52	-419.59	-823.79	-554.2	-322.93
Net Debt Issued (Repaid)	-179.46	-37.11	-404.04	350.35	127.54
Issuance of Common Stock	-	-	-	7.2	-
Common Dividends Paid	-9.6	-24.92	-46.58	-24.43	-29.94
Other Financing Activities	-43.33	-15.19	351.52	78.29	-
Financing Cash Flow	-232.4	-77.21	-99.1	411.42	97.6
Net Cash Flow	106.85	813.78	-345.64	217.38	-133.67
Free Cash Flow	339.18	820.75	-246.26	-198.73	-235.52
Free Cash Flow Growth	-58.67%	-	-	-	-
Free Cash Flow Margin	24.48%	124.30%	-18.87%	-16.22%	-15.64%
Free Cash Flow Per Share	0.96	2.34	-0.69	-0.56	-0.67
Cash Income Tax Paid	32.96	62.81	73.6	-0.9	82.68
Levered Free Cash Flow	-	786.14	-293.86	-114.95	-214.87
Unlevered Free Cash Flow	-	798.19	-270.77	-106.07	-206.65
Change in Working Capital	363.38	895.37	-249.47	-225.68	-246.89

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