SHA:600939 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	-1,009	-436.29	37.59	151.49	273.37	266.71
Depreciation & Amortization	249.24	249.24	276.83	230	230.41	211.58
Other Amortization	9.13	9.13	7.41	7.9	9.73	9.49
Loss (Gain) From Sale of Assets	-129.21	-129.21	-37.8	-125.59	-233.04	-121.3
Asset Writedown & Restructuring Costs	56.91	56.91	-111.08	13.11	167.98	-16.45
Loss (Gain) From Sale of Investments	9.04	9.04	51.81	62.58	44.67	-26.37
Provision & Write-off of Bad Debts	425.19	425.19	494.69	367.5	616.3	53.88
Other Operating Activities	888.04	650.05	708.99	671.91	620.72	782.86
Change in Accounts Receivable	576.55	576.55	-3,612	-5,182	-6,284	-5,361
Change in Inventory	-488.37	-488.37	968.76	1,845	-166.01	2,683
Change in Accounts Payable	-549.1	-549.1	1,556	3,264	3,984	4,098
Operating Cash Flow	22.83	357.61	268.78	1,242	-849.16	2,519
Operating Cash Flow Growth	-	33.05%	-78.35%	-	-	100.31%
Capital Expenditures	-165.3	-213.15	-223.78	-429.77	-534.06	-451.44
Sale of Property, Plant & Equipment	386.99	429.67	165.86	370.67	641.14	712.01
Divestitures	-18.77	-19.42	-	-	20.87	-18.83
Investment in Securities	-32.9	-352.31	-393.54	-427.55	-442.09	-1,729
Other Investing Activities	448.46	16.87	20.41	14.41	9.52	6.56
Investing Cash Flow	618.48	-138.34	-431.05	-472.24	-304.61	-1,481
Long-Term Debt Issued	-	21,830	15,141	10,954	10,561	12,049
Long-Term Debt Repaid	-	-21,240	-14,325	-11,058	-9,917	-12,335
Net Debt Issued (Repaid)	-525.3	590.63	815.79	-103.1	644.19	-285.46
Issuance of Common Stock	-	-	-	70	37	18.3
Common Dividends Paid	-620.85	-776.45	-807.4	-743.34	-748.76	-874.94
Other Financing Activities	75.66	-45.73	-45.62	-182.49	-183.66	-212.57
Financing Cash Flow	-1,070	-231.55	-37.22	-958.93	-251.22	-1,355
Foreign Exchange Rate Adjustments	0.12	0.07	-0.13	0.22	-0.53	-0.01
Net Cash Flow	-429.06	-12.21	-199.62	-189.15	-1,406	-316.11
Free Cash Flow	-142.47	144.47	45	812.04	-1,383	2,068
Free Cash Flow Growth	-	221.02%	-94.46%	-	-	180.54%
Free Cash Flow Margin	-0.56%	0.53%	0.10%	1.65%	-2.39%	3.74%
Free Cash Flow Per Share	-0.07	0.08	0.02	0.43	-0.76	1.14
Cash Income Tax Paid	615.23	985.7	1,163	1,293	1,554	1,617
Levered Free Cash Flow	229.3	374.79	1,296	1,115	-1,499	2,650
Unlevered Free Cash Flow	605.29	772.84	1,712	1,506	-1,118	3,072
Change in Working Capital	-475.9	-475.9	-1,159	-129.2	-2,579	1,359

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