SHA:601996 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	-128.49	-119.99	52.28	45.36	167.57
Depreciation & Amortization	167.65	175.41	187.07	142.85	127.74
Other Amortization	11.46	3.92	4.55	3.29	2.03
Loss (Gain) From Sale of Assets	-0.28	-0.31	0.02	-0.26	0.5
Asset Writedown & Restructuring Costs	17.73	23.62	11.52	8.22	31.5
Loss (Gain) From Sale of Investments	8.85	6.5	9.02	-17.09	-21.21
Provision & Write-off of Bad Debts	-0.1	0.05	-0.88	0.32	0.24
Other Operating Activities	33.66	34.62	16.93	23.52	27.86
Change in Accounts Receivable	19.67	-116.61	167.24	-16.34	119.18
Change in Inventory	142.21	-33.89	-44.25	-122.63	-4.62
Change in Accounts Payable	45.44	-147	6.59	139.68	-83.17
Operating Cash Flow	316.97	-174.36	410.2	203.94	364.9
Operating Cash Flow Growth	-	-	101.13%	-44.11%	106.00%
Capital Expenditures	-23.14	-57.58	-71.71	-231.03	-548.59
Sale of Property, Plant & Equipment	0.14	0.45	0.67	0.92	0.6
Divestitures	-	-	-	0.3	-
Investment in Securities	4.42	5	5.4	1.78	886.08
Other Investing Activities	1.32	8.17	34.9	19.06	20.18
Investing Cash Flow	-17.26	-43.96	-30.74	-208.98	358.27
Short-Term Debt Issued	631.07	689	270	-	-
Long-Term Debt Issued	-	-	-	421	830
Total Debt Issued	631.07	689	270	421	830
Short-Term Debt Repaid	-856.17	-270	-764.49	-1.75	-
Long-Term Debt Repaid	-	-	-	-410.14	-675.15
Total Debt Repaid	-856.17	-270	-764.49	-411.89	-675.15
Net Debt Issued (Repaid)	-225.1	419	-494.49	9.11	154.85
Repurchase of Common Stock	-	-	-	-	-65.01
Common Dividends Paid	-10.25	-142.84	-12.46	-83.72	-132.66
Other Financing Activities	-0.22	-0.39	-0.46	-0.09	-20.8
Financing Cash Flow	-235.57	275.78	-507.4	-74.69	-63.62
Foreign Exchange Rate Adjustments	-0.04	-0.03	-0.06	0.03	1.07
Net Cash Flow	64.11	57.44	-128	-79.69	660.63
Free Cash Flow	293.84	-231.94	338.49	-27.09	-183.69
Free Cash Flow Margin	17.32%	-11.48%	14.46%	-1.32%	-8.90%
Free Cash Flow Per Share	0.25	-0.21	0.32	-0.02	-0.16
Cash Income Tax Paid	31.62	28.42	28.51	23.23	32.77
Levered Free Cash Flow	285.2	-224.61	316.59	-103.59	-104.92
Unlevered Free Cash Flow	291.73	-219.27	323.3	-93.74	-94.11
Change in Working Capital	206.5	-298.2	129.69	-2.27	28.68

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