SHA:600863 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	3,014	3,241	2,359	2,005	1,767	495.11
Depreciation & Amortization	2,406	2,406	2,330	2,660	2,832	2,701
Other Amortization	237.38	237.38	535.57	324.48	152.57	122.4
Loss (Gain) on Sale of Assets	-43.41	-43.41	-30.68	-16.57	8.21	7.43
Loss (Gain) on Sale of Investments	-464.78	-464.78	-367.14	-184.88	-179.97	48.26
Asset Writedown	249.54	249.54	293.48	572.04	413.4	0.2
Change in Accounts Receivable	496.69	496.69	-218.09	-105.05	49.52	-1,083
Change in Inventory	120.35	120.35	-250.97	167.56	67.58	-218.07
Change in Accounts Payable	235.47	235.47	155.81	-558.85	-960.92	603.15
Other Operating Activities	-1.54	295.67	286.74	456.87	851.68	430.18
Operating Cash Flow	6,208	6,732	5,103	5,332	5,154	3,141
Operating Cash Flow Growth	-12.58%	31.91%	-4.29%	3.45%	64.11%	-19.73%
Capital Expenditures	-3,667	-3,771	-3,749	-2,390	-1,184	-1,070
Sale of Property, Plant & Equipment	4.51	4.55	53.39	2.97	38.64	14.74
Cash Acquisitions	-2,666	-	-	-	-	-
Divestitures	-	-	-	-	-	0.22
Investment in Securities	1,133	714.67	-222.6	-153.69	-2.42	-
Other Investing Activities	226.94	231.04	237.56	186.11	46.59	164.75
Investing Cash Flow	-4,968	-2,821	-3,681	-2,355	-1,101	-889.76
Long-Term Debt Issued	-	8,773	5,177	6,729	4,926	10,673
Long-Term Debt Repaid	-	-9,751	-5,305	-10,819	-7,432	-12,466
Total Debt Repaid	-10,384	-9,751	-5,305	-10,819	-7,432	-12,466
Net Debt Issued (Repaid)	-1,085	-977.96	-128.58	-4,090	-2,506	-1,793
Issuance of Common Stock	2,647	-	-	1,499	-	1,496
Common Dividends Paid	-1,799	-1,806	-1,586	-1,610	-1,361	-1,571
Other Financing Activities	-1,162	-1,002	-689.35	1,872	-108.85	17.35
Financing Cash Flow	-1,398	-3,786	-2,404	-2,329	-3,977	-1,850
Foreign Exchange Rate Adjustments	-	-	0	0	0	-0
Net Cash Flow	-158.27	125.08	-981.09	648.43	76.87	400.64
Free Cash Flow	2,541	2,961	1,354	2,942	3,971	2,071
Free Cash Flow Growth	11.45%	118.59%	-53.97%	-25.90%	91.73%	-24.80%
Free Cash Flow Margin	12.51%	14.06%	6.08%	13.06%	17.21%	10.90%
Free Cash Flow Per Share	0.34	0.40	0.21	0.45	0.60	0.35
Cash Income Tax Paid	2,412	2,418	2,480	2,911	2,380	1,151
Levered Free Cash Flow	2,884	8,427	600.06	2,069	2,311	429.1
Unlevered Free Cash Flow	2,884	8,427	778.05	2,318	2,676	896.02
Change in Working Capital	811.28	811.28	-311.78	-473.98	-859.72	-660.69

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