SHA:600862 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	1,031	1,153	1,031	764.64	591.41
Depreciation & Amortization	217	184.64	172.7	157.44	173.12
Other Amortization	11.69	6.45	6.79	6.31	3.89
Loss (Gain) From Sale of Assets	-4.65	-14.68	-0.25	-3.08	-1.63
Asset Writedown & Restructuring Costs	0.24	0.01	0.52	0.08	0.17
Loss (Gain) From Sale of Investments	15.01	7.01	-23.62	-5.1	-10.62
Provision & Write-off of Bad Debts	16.92	9.39	7.22	18	30.04
Other Operating Activities	17.89	20.2	0.69	-2.64	18.49
Change in Accounts Receivable	-242.45	-383.1	-1,111	-483.31	-632.18
Change in Inventory	-36.39	-65.74	61.11	105.42	108.74
Change in Accounts Payable	169.19	-419.99	268.68	-126.66	-408.09
Change in Other Net Operating Assets	8.34	4.64	14.94	-6.09	515.7
Operating Cash Flow	1,195	496.11	424.96	419.76	381.83
Operating Cash Flow Growth	140.92%	16.74%	1.24%	9.93%	145.26%
Capital Expenditures	-247.85	-155.69	-230.11	-247.7	-110.72
Sale of Property, Plant & Equipment	1.09	36.15	0.76	3.02	2.34
Cash Acquisitions	-	-	-20.76	-	-
Investment in Securities	-118.5	382.11	-193.13	376.94	140.53
Other Investing Activities	26.8	37.77	15.4	11.74	32.05
Investing Cash Flow	-338.46	300.34	-427.84	144	64.2
Short-Term Debt Issued	-	3	6	100	100
Total Debt Issued	-	3	6	100	100
Short-Term Debt Repaid	-	-3	-6	-	-360
Long-Term Debt Repaid	-48.8	-33.44	-29.86	-247.29	-15.67
Total Debt Repaid	-48.8	-36.44	-35.86	-247.29	-375.67
Net Debt Issued (Repaid)	-48.8	-33.44	-29.86	-147.29	-275.67
Issuance of Common Stock	-	-	25.29	-	-
Repurchase of Common Stock	-91.98	-	-	-	-
Common Dividends Paid	-348.95	-310.74	-229.91	-181.62	-143.1
Other Financing Activities	-36.5	225.46	1.09	170.52	16.64
Financing Cash Flow	-526.23	-118.72	-233.39	-158.38	-402.13
Foreign Exchange Rate Adjustments	0.12	0.66	-0.02	-	-0
Net Cash Flow	330.65	678.39	-236.28	405.38	43.9
Free Cash Flow	947.38	340.42	194.85	172.07	271.11
Free Cash Flow Growth	178.30%	74.70%	13.24%	-36.53%	322.04%
Free Cash Flow Margin	18.92%	6.71%	4.08%	3.87%	7.12%
Free Cash Flow Per Share	0.68	0.24	0.14	0.12	0.19
Cash Income Tax Paid	419.73	491.21	336.01	281.2	273.95
Levered Free Cash Flow	600.57	74.18	-109.89	-153.95	244.99
Unlevered Free Cash Flow	604.58	78.13	-107.38	-151.97	253.37
Change in Working Capital	-109.69	-869.6	-770.56	-515.88	-423.04

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