SHA:600868 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	-97.09	-82.82	-100.28	59.03	8.99
Depreciation & Amortization	103.63	122.93	90.46	84.06	43.31
Other Amortization	3.27	2.53	1.51	2.75	1.29
Loss (Gain) on Sale of Assets	-	-	-	-	-0.51
Loss (Gain) on Sale of Investments	5.06	2.79	1.62	-5.67	-0.21
Asset Writedown	60.66	54.57	119.26	1.4	0.03
Change in Accounts Receivable	-32.5	52.47	56.61	-124.8	-68.54
Change in Inventory	8.53	14.52	1.61	51.4	-119.71
Change in Accounts Payable	24.59	-83.41	-96.71	-35.21	67.04
Change in Other Net Operating Assets	-	-	1.34	0.74	-
Other Operating Activities	-63.91	-40.48	-3.68	24.22	24.62
Operating Cash Flow	78.72	100.82	96.6	79.4	-12.9
Operating Cash Flow Growth	-21.92%	4.37%	21.65%	-	-
Capital Expenditures	-35.33	-35.28	-25.9	-12.88	-9.96
Sale of Property, Plant & Equipment	12.96	0	0.95	-	-
Cash Acquisitions	-84.62	-9.76	-	-	-216.63
Investment in Securities	1.8	-11.35	-30.96	-	24.5
Other Investing Activities	4.49	1.95	2.11	1.94	-1.46
Investing Cash Flow	-100.7	-54.43	-53.8	-10.94	-203.55
Long-Term Debt Issued	222.46	297.73	17.33	10.32	137.7
Long-Term Debt Repaid	-77.48	-62.72	-31.39	-22.05	-8.83
Net Debt Issued (Repaid)	144.98	235.01	-14.06	-11.74	128.87
Repurchase of Common Stock	-200	-40.35	-	-	-
Common Dividends Paid	-17.59	-8.11	-20	-9.66	-18.18
Other Financing Activities	-	-2	1.52	-	-
Financing Cash Flow	-72.61	184.56	-32.54	-21.4	110.69
Net Cash Flow	-94.6	230.95	10.26	47.07	-105.76
Free Cash Flow	43.39	65.54	70.7	66.53	-22.85
Free Cash Flow Growth	-33.79%	-7.30%	6.27%	-	-
Free Cash Flow Margin	11.74%	18.34%	22.54%	13.72%	-6.56%
Free Cash Flow Per Share	0.02	0.04	0.04	0.04	-0.01
Cash Income Tax Paid	41.39	53.97	47.26	46.37	16.09
Levered Free Cash Flow	69.24	147.77	64.13	43.8	-172.32
Unlevered Free Cash Flow	82.79	154.61	68.8	48.21	-168.87
Change in Working Capital	1.61	-16.12	-43.35	-112.69	-102.73

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