SHA:600727 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	38.27	260.98	101.44	-88.3	493.11
Depreciation & Amortization	268.31	269.72	279.88	256.31	163.91
Other Amortization	0.53	0.04	0.05	0.02	-
Loss (Gain) From Sale of Assets	-4.16	14.64	-0.08	-0.2	-0.21
Asset Writedown & Restructuring Costs	-1.27	-	0.96	10.27	0
Loss (Gain) From Sale of Investments	0.04	0.63	-1.85	-6.41	-4.58
Provision & Write-off of Bad Debts	1.25	4.02	0.34	0.08	1.33
Other Operating Activities	152.84	125.68	117.58	294.87	131.34
Change in Accounts Receivable	-155.03	-225.58	-55.87	20.18	-161.18
Change in Inventory	73.58	-66.81	124.21	-192.69	-161.28
Change in Accounts Payable	-304.48	-193.43	-332.96	38.52	-291.24
Change in Other Net Operating Assets	-	-	-96.41	-	-
Operating Cash Flow	70.56	195.66	147.51	310.99	184.79
Operating Cash Flow Growth	-63.94%	32.64%	-52.57%	68.29%	-67.35%
Capital Expenditures	-480.69	-381.92	-370.27	-324.44	-412.37
Sale of Property, Plant & Equipment	13.79	0	85.78	0.03	0.1
Divestitures	-	-19.41	-	-	-
Investment in Securities	108.54	-157.77	200	-23.92	190.73
Other Investing Activities	2.15	1.2	1.35	-	1.2
Investing Cash Flow	-356.21	-557.89	-83.14	-348.33	-220.34
Long-Term Debt Issued	6,507	5,952	4,118	1,652	196.59
Long-Term Debt Repaid	-3,470	-3,167	-3,623	-167.64	-215.98
Net Debt Issued (Repaid)	3,037	2,784	495.11	1,485	-19.39
Issuance of Common Stock	-	53.14	3.2	-	-
Common Dividends Paid	-136.07	-108.53	-55.48	-160.96	-204.8
Other Financing Activities	-2,549	-2,331	-293.48	-999.01	-
Financing Cash Flow	352.01	397.54	149.34	324.82	-224.2
Foreign Exchange Rate Adjustments	5.32	0.06	0	3.54	-
Net Cash Flow	71.68	35.37	213.72	291.01	-259.74
Free Cash Flow	-410.13	-186.26	-222.76	-13.45	-227.58
Free Cash Flow Margin	-8.06%	-3.24%	-4.46%	-0.27%	-5.02%
Free Cash Flow Per Share	-0.75	-0.35	-0.42	-0.03	-0.43
Cash Income Tax Paid	270.27	208.17	-32.21	47.3	279.84
Levered Free Cash Flow	-397.47	-320.3	-1,838	1,254	911.48
Unlevered Free Cash Flow	-381.53	-310.68	-1,828	1,265	923.93
Change in Working Capital	-385.26	-480.05	-350.8	-155.64	-600.1

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