SHA:601200 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	711.43	575.4	546.51	519.54	712.64
Depreciation & Amortization	544.63	534.44	577.41	587.06	489.01
Other Amortization	24.49	34.39	33.98	29.33	16.73
Loss (Gain) From Sale of Assets	4.2	-0.57	-2.52	2.35	0.58
Asset Writedown & Restructuring Costs	11.56	0.18	21.58	0.18	0.08
Loss (Gain) From Sale of Investments	-12.64	30.54	-14.69	-1.72	-49.63
Provision & Write-off of Bad Debts	-	-17.91	21.65	5.09	3.53
Other Operating Activities	263.96	401.46	461.83	544.4	469.52
Change in Accounts Receivable	387.38	229.06	450.81	753.77	-1,279
Change in Inventory	33.48	-8.38	52.17	-102.57	518.48
Change in Accounts Payable	-332.21	-250.94	-942.9	-561.98	-286
Operating Cash Flow	1,643	1,530	1,220	1,785	622.91
Operating Cash Flow Growth	7.36%	25.40%	-31.65%	186.61%	-40.34%
Capital Expenditures	-552.23	-684.54	-892.79	-1,010	-1,938
Sale of Property, Plant & Equipment	9.07	0.27	2.87	0.25	0.41
Cash Acquisitions	-150.17	-	-	-	-4.09
Investment in Securities	-563.68	0.15	-94.42	-133.69	-20
Other Investing Activities	8.16	14.83	-	75.05	11.38
Investing Cash Flow	-1,249	-669.29	-984.35	-1,069	-1,950
Long-Term Debt Issued	2,131	2,090	3,090	5,590	12,201
Long-Term Debt Repaid	-1,944	-2,410	-2,953	-5,423	-10,363
Net Debt Issued (Repaid)	186.74	-320.68	136.84	167.52	1,838
Issuance of Common Stock	-	-	4	7.5	-
Common Dividends Paid	-394.24	-422.78	-458.82	-497.91	-431.25
Other Financing Activities	-233.6	-122.68	11.48	-190.2	-41.23
Financing Cash Flow	-441.1	-866.14	-306.51	-513.09	1,366
Foreign Exchange Rate Adjustments	-0.02	0.02	0.02	0.09	-0.02
Net Cash Flow	-47.19	-5.28	-70.62	203.45	38.04
Free Cash Flow	1,091	845.59	327.43	774.84	-1,315
Free Cash Flow Growth	28.97%	158.25%	-57.74%	-	-
Free Cash Flow Margin	17.43%	13.51%	5.13%	12.33%	-18.27%
Free Cash Flow Per Share	0.81	0.63	0.24	0.58	-0.98
Cash Income Tax Paid	262.62	324.52	220.56	170.88	250.99
Levered Free Cash Flow	397.54	-116.98	-191.62	-684.33	-2,157
Unlevered Free Cash Flow	397.54	76.48	28.11	-437.51	-1,956
Change in Working Capital	95.14	-27.8	-425.53	99.08	-1,020

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