Shanghai Material Trading Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	24.48	50.54	140.01	60.04	150.18	114.53
Depreciation & Amortization	55.41	55.41	68.05	65.41	62.47	35.75
Other Amortization	8.05	8.05	13.38	14.03	12.93	11.08
Loss (Gain) From Sale of Assets	-0.34	-0.34	-0.08	-0.51	-0.44	-1.12
Asset Writedown & Restructuring Costs	2.03	2.03	0.03	-0.11	0.06	0.1
Loss (Gain) From Sale of Investments	-7.69	-7.69	-145.21	-77.13	-143.47	-70.02
Provision & Write-off of Bad Debts	0.05	0.05	-0.13	-0.01	-0.15	0.23
Other Operating Activities	35.75	0.44	-7.17	16.16	8.97	23.68
Change in Accounts Receivable	164.85	164.85	68.12	-437.91	14.42	-354.33
Change in Inventory	963.91	963.91	346.67	-1,327	111	-6.06
Change in Accounts Payable	-1,007	-1,007	-182.15	1,445	-247.21	455.45
Operating Cash Flow	237.18	227.93	295.49	-244.61	-30.61	203.48
Operating Cash Flow Growth	-	-22.86%	-	-	-	-3.57%
Capital Expenditures	-35.3	-23.53	-23.29	-18.58	-29.38	-6.63
Sale of Property, Plant & Equipment	60.21	53.23	5.23	1.82	3.43	6.48
Divestitures	-	-	-	-	104.17	73.18
Investment in Securities	-	-1.75	356.63	-	-1.96	-
Other Investing Activities	7.48	11.61	8.49	13.28	20.01	25
Investing Cash Flow	32.39	39.55	347.06	-3.48	96.26	98.02
Short-Term Debt Issued	-	533.27	564.19	508.73	711.89	747.84
Total Debt Issued	176.04	533.27	564.19	508.73	711.89	747.84
Short-Term Debt Repaid	-	-555.09	-656.26	-522.67	-718.6	-698.6
Long-Term Debt Repaid	-	-28.53	-38.63	-38.31	-27.76	-
Total Debt Repaid	-266.57	-583.62	-694.89	-560.98	-746.36	-698.6
Net Debt Issued (Repaid)	-90.53	-50.35	-130.7	-52.24	-34.48	49.24
Common Dividends Paid	-2.43	-3.49	-2.01	-4.64	-6.96	-10.81
Other Financing Activities	1.16	-0.51	-4.51	3.79	7.15	-9.64
Financing Cash Flow	-91.8	-54.36	-137.22	-53.1	-34.28	28.78
Foreign Exchange Rate Adjustments	0.02	0.02	-0.05	-0.07	0.06	-0.12
Net Cash Flow	177.8	213.14	505.27	-301.26	31.43	330.17
Free Cash Flow	201.88	204.39	272.2	-263.19	-60	196.85
Free Cash Flow Growth	-	-24.91%	-	-	-	9.52%
Free Cash Flow Margin	9.28%	4.52%	3.46%	-5.24%	-0.91%	2.51%
Free Cash Flow Per Share	0.41	0.41	0.55	-0.53	-0.12	0.40
Cash Income Tax Paid	79.18	52.12	103.9	29.62	101.68	45
Levered Free Cash Flow	126.57	51.04	73.92	24.91	-329.55	379.71
Unlevered Free Cash Flow	130.38	56.83	79.55	32.97	-321.11	385.16
Change in Working Capital	119.44	119.44	226.61	-322.49	-121.16	89.25

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.