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 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	-1,189	-1,194	-436.29	37.59	151.49	273.37
Depreciation & Amortization	230.25	230.25	249.24	276.83	230	230.41
Other Amortization	10.1	10.1	9.13	7.41	7.9	9.73
Loss (Gain) From Sale of Assets	-2	-2	-129.21	-37.8	-125.59	-233.04
Asset Writedown & Restructuring Costs	114.26	114.26	56.91	-111.08	13.11	167.98
Loss (Gain) From Sale of Investments	83.76	83.76	9.04	51.81	62.58	44.67
Provision & Write-off of Bad Debts	-	-	425.19	494.69	367.5	616.3
Other Operating Activities	1,802	1,260	650.05	708.99	671.91	620.72
Change in Accounts Receivable	-504.24	-504.24	576.55	-3,612	-5,182	-6,284
Change in Inventory	1,013	1,013	-488.37	968.76	1,845	-166.01
Change in Accounts Payable	-181.01	-181.01	-549.1	1,556	3,264	3,984
Operating Cash Flow	1,262	715.08	357.61	268.78	1,242	-849.16
Operating Cash Flow Growth	646.78%	99.96%	33.05%	-78.35%	-	-
Capital Expenditures	-82.65	-86.94	-213.15	-223.78	-429.77	-534.06
Sale of Property, Plant & Equipment	28.39	27.22	429.67	165.86	370.67	641.14
Divestitures	46.32	53	-19.42	-	-	20.87
Investment in Securities	388.78	379.9	-352.31	-393.54	-427.55	-442.09
Other Investing Activities	381.93	373.56	16.87	20.41	14.41	9.52
Investing Cash Flow	762.76	746.73	-138.34	-431.05	-472.24	-304.61
Long-Term Debt Issued	-	12,223	21,830	15,141	10,954	10,561
Long-Term Debt Repaid	-	-14,225	-21,240	-14,325	-11,058	-9,917
Net Debt Issued (Repaid)	-2,487	-2,002	590.63	815.79	-103.1	644.19
Issuance of Common Stock	-	-	-	-	70	37
Common Dividends Paid	-732.62	-792.75	-776.45	-807.4	-743.34	-748.76
Other Financing Activities	1,463	1,400	-45.73	-45.62	-182.49	-183.66
Financing Cash Flow	-1,756	-1,395	-231.55	-37.22	-958.93	-251.22
Foreign Exchange Rate Adjustments	0.19	0.19	0.07	-0.13	0.22	-0.53
Net Cash Flow	268.38	67.17	-12.21	-199.62	-189.15	-1,406
Free Cash Flow	1,179	628.14	144.47	45	812.04	-1,383
Free Cash Flow Growth	1469.40%	334.80%	221.02%	-94.46%	-	-
Free Cash Flow Margin	5.53%	2.84%	0.53%	0.10%	1.65%	-2.39%
Free Cash Flow Per Share	0.64	0.33	0.08	0.02	0.43	-0.76
Cash Income Tax Paid	744.55	740.19	985.7	1,163	1,293	1,554
Levered Free Cash Flow	4,006	2,894	374.79	1,296	1,115	-1,499
Unlevered Free Cash Flow	4,006	2,894	772.84	1,712	1,506	-1,118
Change in Working Capital	212.43	212.43	-475.9	-1,159	-129.2	-2,579

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