SHA:600780 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	650.63	646.93	512.67	679.78	854.73	186.1
Depreciation & Amortization	710.82	710.82	743.55	732.63	694.93	706.23
Other Amortization	0.03	0.03	3.67	0.02	0.02	0.02
Loss (Gain) on Sale of Assets	-	-	-5.64	0.24	2.11	0.55
Loss (Gain) on Sale of Investments	-171.39	-171.39	-217.08	-292.12	-339.1	-263.12
Asset Writedown	3.55	3.55	0.25	3.29	0.37	0.86
Change in Accounts Receivable	1.71	1.71	-22.81	287.15	-879.9	132.02
Change in Inventory	22.36	22.36	-60.52	9.31	-25.46	10.75
Change in Accounts Payable	124.49	124.49	174.06	-558.19	942.52	105.27
Other Operating Activities	60.89	21.7	26.5	28.32	36.21	36.1
Operating Cash Flow	1,398	1,355	1,166	904.01	1,325	910.33
Operating Cash Flow Growth	12.22%	16.23%	28.94%	-31.76%	45.52%	-11.66%
Capital Expenditures	-1,016	-916.75	-480.33	-377.92	-590.15	-563.44
Sale of Property, Plant & Equipment	0	0.85	5.75	0.02	-	0
Investment in Securities	-400	-330	-120	-	-	-
Other Investing Activities	83.67	118.3	46.47	0.26	0.25	11.56
Investing Cash Flow	-1,332	-1,128	-548.1	-377.64	-589.9	-551.88
Long-Term Debt Issued	-	495.56	104	267	352	512
Long-Term Debt Repaid	-	-233.25	-261.47	-589.27	-693.23	-515.88
Net Debt Issued (Repaid)	513.02	262.31	-157.47	-322.27	-341.23	-3.88
Issuance of Common Stock	10	10	10	16	-	10
Common Dividends Paid	-13.47	-10.79	-215.68	-17.06	-32.51	-146.07
Other Financing Activities	-143.95	-143.95	-	-	-0.37	-
Financing Cash Flow	365.61	117.57	-363.14	-323.33	-374.11	-139.95
Net Cash Flow	431.25	344.73	254.39	203.04	360.71	218.5
Free Cash Flow	381.96	438.02	685.31	526.09	734.57	346.89
Free Cash Flow Growth	-48.84%	-36.08%	30.26%	-28.38%	111.76%	-10.42%
Free Cash Flow Margin	3.40%	3.89%	6.33%	4.83%	6.61%	4.43%
Free Cash Flow Per Share	0.33	0.38	0.60	0.46	0.64	0.30
Cash Income Tax Paid	570.59	598.38	497.67	521.14	672.89	390.33
Levered Free Cash Flow	313.21	450.86	459.74	556.75	348.35	322.09
Unlevered Free Cash Flow	313.21	450.86	471.46	571.73	368.34	349.75
Change in Working Capital	143.13	143.13	93.59	-246.56	40.9	244.93

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