Shanghai Bailian (Group) 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	631.08	1,567	399.11	674.07	752.52
Depreciation & Amortization	2,225	2,445	2,520	2,548	2,657
Other Amortization	195.31	187.45	192.65	199	188.79
Loss (Gain) From Sale of Assets	-601.43	-133.54	-49.26	-30.59	-59.71
Asset Writedown & Restructuring Costs	56.35	19.58	18.39	40.71	113.68
Loss (Gain) From Sale of Investments	-452.87	-2,058	197.19	-707.24	-172.93
Provision & Write-off of Bad Debts	-2.75	6.82	8.81	0.64	1.76
Other Operating Activities	20.41	352.24	37.87	660.4	551.65
Change in Accounts Receivable	14.69	80.77	1,629	678.42	2,357
Change in Inventory	407.81	546.87	603.32	-244.85	-136.02
Change in Accounts Payable	-1,377	180.76	-1,917	-425.02	-2,538
Operating Cash Flow	993.22	3,425	3,623	3,403	3,723
Operating Cash Flow Growth	-71.00%	-5.46%	6.46%	-8.61%	-15.19%
Capital Expenditures	-1,494	-1,011	-1,126	-913.65	-1,553
Sale of Property, Plant & Equipment	1,572	5.42	11.17	61.98	41.86
Cash Acquisitions	-	-	-	-75.58	-
Divestitures	78.29	1,888	-	1,907	-
Investment in Securities	-13,272	-1,534	-395.59	-606.18	-1,207
Other Investing Activities	551.62	116.33	89.51	136.31	149.17
Investing Cash Flow	-12,564	-535.78	-1,421	510.11	-2,569
Long-Term Debt Issued	9,701	9,351	6,058	8,097	5,701
Long-Term Debt Repaid	-10,495	-11,632	-7,741	-8,106	-6,865
Net Debt Issued (Repaid)	-793.79	-2,281	-1,683	-8.6	-1,163
Common Dividends Paid	-480.28	-476.15	-372.51	-442.08	-425.56
Other Financing Activities	247.55	-87.09	-61.11	-219.93	-164.65
Financing Cash Flow	-1,027	-2,845	-2,116	-670.61	-1,754
Foreign Exchange Rate Adjustments	-	0.19	-0.01	-0.45	-0.34
Net Cash Flow	-12,597	44.58	85.22	3,242	-599.59
Free Cash Flow	-500.67	2,414	2,496	2,489	2,170
Free Cash Flow Growth	-	-3.30%	0.28%	14.70%	-26.21%
Free Cash Flow Margin	-2.02%	8.72%	8.18%	7.71%	6.26%
Free Cash Flow Per Share	-0.28	1.35	1.40	1.40	1.21
Cash Interest Paid	15.98	27.02	30.15	32.15	36.55
Cash Income Tax Paid	1,129	1,357	1,508	938.43	1,626
Levered Free Cash Flow	1,475	997.91	2,631	2,841	-2,540
Unlevered Free Cash Flow	1,756	1,328	2,993	3,241	-2,135
Change in Working Capital	-1,078	1,038	298.28	18.26	-309.49

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