CITIC Heavy Industries 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	375.46	374.55	383.6	145.57	226.6
Depreciation & Amortization	-	308.5	322.95	357.22	344.71
Other Amortization	-	6.29	6.83	13.49	4.52
Loss (Gain) From Sale of Assets	-	-17.47	-16.32	-2.15	-1.03
Asset Writedown & Restructuring Costs	-	4.25	0.1	48.56	-0.39
Loss (Gain) From Sale of Investments	-	-33.57	-79.14	-51.19	-121.38
Provision & Write-off of Bad Debts	-	149.45	169.85	24.27	78.63
Other Operating Activities	474.07	36.39	76.7	127.08	183.2
Change in Accounts Receivable	-	-48.9	267.66	-825.48	21.24
Change in Inventory	-	-371.56	302.78	617.74	-605.13
Change in Accounts Payable	-	468.9	-224.32	782.98	558.47
Change in Other Net Operating Assets	-	1.04	-	-	-
Operating Cash Flow	849.53	815.75	1,200	1,213	681.95
Operating Cash Flow Growth	4.14%	-32.02%	-1.09%	77.90%	12.68%
Capital Expenditures	-285.71	-233.25	-147.04	-132.73	-315.11
Sale of Property, Plant & Equipment	3.85	33.51	69.57	8.42	27.07
Cash Acquisitions	-	-	-3.52	-90	-14.38
Divestitures	17.92	-	-	-	-
Investment in Securities	-304.54	-202.58	-	8.97	125.75
Other Investing Activities	80.91	62.19	40.53	40.06	-36.99
Investing Cash Flow	-487.57	-340.12	-40.45	-165.28	-213.65
Long-Term Debt Issued	1,283	1,700	1,850	4,890	4,379
Long-Term Debt Repaid	-1,331	-1,959	-3,446	-6,179	-4,647
Net Debt Issued (Repaid)	-47.29	-259.34	-1,596	-1,289	-268.35
Issuance of Common Stock	3.4	819.18	-	-	-
Common Dividends Paid	-172.92	-165.64	-115.73	-193.94	-222.86
Other Financing Activities	-26.67	-3.1	19.3	-11.22	-13.39
Financing Cash Flow	-243.48	391.1	-1,692	-1,494	-504.6
Foreign Exchange Rate Adjustments	11.71	2.1	3.3	-12.14	-3.98
Net Cash Flow	130.18	868.83	-529.26	-458.1	-40.28
Free Cash Flow	563.82	582.5	1,053	1,080	366.84
Free Cash Flow Growth	-3.21%	-44.68%	-2.55%	194.53%	54.55%
Free Cash Flow Margin	6.96%	7.25%	11.02%	12.24%	4.86%
Free Cash Flow Per Share	0.12	0.13	0.24	0.25	0.08
Cash Income Tax Paid	-	180.22	248.04	361.3	239.1
Levered Free Cash Flow	487.13	242.57	1,264	351.3	-117.63
Unlevered Free Cash Flow	487.13	271.34	1,308	432.9	-15.95
Change in Working Capital	-	-12.63	335.39	550.34	-32.91

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