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	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	26.8	14.39	6.36	2.44	4.58	45.61
Depreciation & Amortization	31.48	31.48	30.15	33.09	27.99	24.77
Other Amortization	8.45	8.45	6.98	6.31	6.4	4.93
Loss (Gain) From Sale of Assets	0.04	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	-0.94	-31.82	-3.42	-3.87	-12.2
Provision & Write-off of Bad Debts	-0.87	-0.87	3.67	4.36	5.81	-0.03
Other Operating Activities	-40.5	41.66	14.39	0.06	31.37	17.45
Change in Accounts Receivable	-37.84	-37.84	-104.01	105.65	-236.97	-209.39
Change in Inventory	38.32	38.32	-1,228	-433.79	122.37	322.73
Change in Accounts Payable	365.06	365.06	2,208	89.9	-105.96	-361.33
Operating Cash Flow	387.85	457.61	922.6	-210.6	-153.94	-166.01
Operating Cash Flow Growth	275.97%	-50.40%	-	-	-	-
Capital Expenditures	-154.25	-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	-1.5	-1.05	12.33	-9	-	-
Other Investing Activities	1.12	1.12	0.68	3.74	4.68	4.22
Investing Cash Flow	-154.63	-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)	-79.09	-179.46	-37.11	-404.04	350.35	127.54
Issuance of Common Stock	-	-	-	-	7.2	-
Common Dividends Paid	-8.64	-9.6	-24.92	-46.58	-24.43	-29.94
Other Financing Activities	-43.43	-43.33	-15.19	351.52	78.29	-
Financing Cash Flow	-131.16	-232.4	-77.21	-99.1	411.42	97.6
Net Cash Flow	102.06	106.85	813.78	-345.64	217.38	-133.67
Free Cash Flow	233.6	339.18	820.75	-246.26	-198.73	-235.52
Free Cash Flow Growth	909.52%	-58.67%	-	-	-	-
Free Cash Flow Margin	14.94%	24.48%	124.30%	-18.87%	-16.22%	-15.64%
Free Cash Flow Per Share	0.67	0.96	2.34	-0.69	-0.56	-0.67
Cash Income Tax Paid	41.46	32.96	62.81	73.6	-0.9	82.68
Levered Free Cash Flow	534.11	335.56	787.14	-293.86	-114.95	-214.87
Unlevered Free Cash Flow	540.94	342.27	799.2	-270.77	-106.07	-206.65
Change in Working Capital	363.38	363.38	895.37	-249.47	-225.68	-246.89

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