SHA:603025 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	758.74	584.25	405.5	435.2	357.94
Depreciation & Amortization	42.72	39.6	41.14	34.75	27.09
Other Amortization	4.51	5.38	4.61	4.29	1.77
Loss (Gain) From Sale of Assets	0	0.03	0	0.01	0.3
Asset Writedown & Restructuring Costs	48.67	0.06	0.07	3.86	6.55
Loss (Gain) From Sale of Investments	6.58	-3.87	2.66	-90.8	-10.33
Provision & Write-off of Bad Debts	-	18.75	4.7	0.07	1.27
Other Operating Activities	27.88	46.32	49.08	23.56	7.22
Change in Accounts Receivable	-555.56	-378.63	-212.81	-233.95	-44.19
Change in Inventory	-127.8	-41.25	28.23	-129.05	-166.04
Change in Accounts Payable	190.31	-31.81	16.88	170.46	74.45
Operating Cash Flow	382.56	227.39	332.05	218.23	254.72
Operating Cash Flow Growth	68.24%	-31.52%	52.16%	-14.32%	168.26%
Capital Expenditures	-56.13	-17.78	-13.47	-13.22	-18.47
Sale of Property, Plant & Equipment	0.01	0.05	0	0	0.55
Cash Acquisitions	-	-59.16	-88.74	-111.5	-9.9
Investment in Securities	-94.83	-151.92	-42.36	7.5	82.83
Other Investing Activities	6.77	59.86	-30.06	61.99	2.63
Investing Cash Flow	-144.17	-168.96	-174.63	-55.23	57.64
Long-Term Debt Issued	1,162	1,315	947.61	441.28	-
Short-Term Debt Repaid	-	-	-285	-	-
Long-Term Debt Repaid	-1,142	-1,117	-559.28	-52.39	-4.11
Total Debt Repaid	-1,142	-1,117	-844.28	-52.39	-4.11
Net Debt Issued (Repaid)	20.18	198.23	103.33	388.89	-4.11
Issuance of Common Stock	55.2	-	-	-	-
Repurchase of Common Stock	-	-	-0.08	-	-7.43
Common Dividends Paid	-399.37	-343.42	-189.53	-370.16	-204.08
Other Financing Activities	-62.29	-100.81	164.85	-9.09	-1.96
Financing Cash Flow	-386.28	-246.01	78.57	9.64	-217.58
Foreign Exchange Rate Adjustments	-0.27	0.16	-0.01	0.41	-0.05
Net Cash Flow	-148.17	-187.41	235.99	173.05	94.72
Free Cash Flow	326.44	209.6	318.58	205.01	236.25
Free Cash Flow Growth	55.74%	-34.21%	55.40%	-13.23%	411.14%
Free Cash Flow Margin	10.88%	8.29%	15.67%	12.83%	15.70%
Free Cash Flow Per Share	0.29	0.19	0.29	0.18	0.21
Cash Interest Paid	-	-	-	7.69	-
Cash Income Tax Paid	212.92	169.86	131.78	101.39	92.5
Levered Free Cash Flow	205.39	-80.63	131.74	193.36	92.1
Unlevered Free Cash Flow	205.39	-63.24	140.03	194.66	92.51
Change in Working Capital	-506.54	-463.14	-175.69	-192.71	-137.1

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