SHA:601949 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	577.68	649.44	643.97	967.07	650.48	780.9
Depreciation & Amortization	211.77	211.77	164.43	212.62	191.12	194.88
Other Amortization	7.38	7.38	46.45	7.28	9.69	11.49
Loss (Gain) From Sale of Assets	-1.14	-1.14	-0.55	-0.52	-0.39	-0.2
Asset Writedown & Restructuring Costs	-59.2	-59.2	37.54	46.65	54.8	51.32
Loss (Gain) From Sale of Investments	-29.92	-29.92	-175.37	-157.29	-171.84	-170.87
Provision & Write-off of Bad Debts	-	-	8	1.49	35.45	14.77
Other Operating Activities	46.79	24.36	9.28	37.54	116.67	207.11
Change in Accounts Receivable	139.83	139.83	-283.19	58.97	-73.27	-94.98
Change in Inventory	12.87	12.87	97.77	29.76	133.57	66.5
Change in Accounts Payable	-143.82	-143.82	-91.76	-196.55	199.75	6.73
Change in Other Net Operating Assets	-5.3	-5.3	-18.19	-7.14	25.55	6.07
Operating Cash Flow	753.27	802.59	586.12	856.51	1,178	1,064
Operating Cash Flow Growth	3.93%	36.93%	-31.57%	-27.29%	10.72%	9.92%
Capital Expenditures	-184.36	-179.94	-537.6	-46.27	-1,177	-137.14
Sale of Property, Plant & Equipment	1.76	1.74	0.28	0.23	2.28	0.92
Divestitures	-	-	0.78	-0.14	-9.19	1.93
Investment in Securities	-415.02	-799.76	-2,804	954.48	152.08	-1,059
Other Investing Activities	177.06	239.87	276.13	219.16	137.97	183.08
Investing Cash Flow	-420.56	-738.09	-3,065	1,127	-893.92	-1,010
Long-Term Debt Issued	-	54.4	258.5	226.7	5	8
Long-Term Debt Repaid	-	-55	-40.48	-590.58	-250.53	-44.22
Net Debt Issued (Repaid)	-0.6	-0.6	218.02	-363.88	-245.53	-36.22
Issuance of Common Stock	-	-	-	327.5	-	6.72
Common Dividends Paid	-200.2	-200.37	-292.33	-200.58	-241.9	-231.83
Other Financing Activities	-36.36	-39.62	-69.95	36.57	-20.22	-22.36
Financing Cash Flow	-237.16	-240.59	-144.26	-200.39	-507.64	-283.7
Net Cash Flow	95.55	-176.08	-2,623	1,784	-223.58	-229.6
Free Cash Flow	568.91	622.66	48.52	810.25	0.92	926.79
Free Cash Flow Growth	83.07%	1183.30%	-94.01%	87612.33%	-99.90%	11.79%
Free Cash Flow Margin	10.93%	11.67%	0.79%	12.86%	0.01%	14.66%
Free Cash Flow Per Share	0.30	0.33	0.03	0.44	0.00	0.51
Cash Income Tax Paid	98.42	107.56	265.1	231.62	178.98	236.83
Levered Free Cash Flow	312.36	308.37	-204.69	821.12	-109.09	531.82
Unlevered Free Cash Flow	312.36	308.37	-201.3	825.58	-102.22	540.6
Change in Working Capital	-0.09	-0.09	-147.63	-258.33	292.01	-25.47

Updated Mar 31, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.