SHA:603031 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	226	168.18	115.83	81.61	-51.28
Depreciation & Amortization	102.06	103.87	106.35	118.45	70.47
Other Amortization	20.9	5.77	5.18	5.02	7.14
Loss (Gain) From Sale of Assets	-0.06	-	-0.09	0.05	-1.25
Asset Writedown & Restructuring Costs	0.44	0.94	1.05	0.16	0.18
Loss (Gain) From Sale of Investments	-9.57	-5.93	16.19	-19.7	5.08
Provision & Write-off of Bad Debts	-0.27	9.67	3.18	-1.47	0.23
Other Operating Activities	749.76	728.35	694.19	514.84	28.6
Change in Accounts Receivable	-120.86	-111.19	-96.98	247.95	-4.42
Change in Inventory	-67.91	-3.75	39.76	-63.76	-5.03
Change in Accounts Payable	169.61	41.29	-2.53	150.47	1.01
Change in Other Net Operating Assets	-	-	-	-	-0.84
Operating Cash Flow	1,055	934.98	864.76	1,009	47.05
Operating Cash Flow Growth	12.81%	8.12%	-14.27%	2043.88%	-39.41%
Capital Expenditures	-133.71	-103.19	-61.22	-92.53	-46.91
Sale of Property, Plant & Equipment	0.11	-	-	81.65	1.34
Cash Acquisitions	-	-	-	97.92	-
Investment in Securities	509.21	-37.07	-634.82	-2,265	-362
Other Investing Activities	8.78	10.97	-1.71	1.34	0.77
Investing Cash Flow	384.39	-129.28	-697.76	-2,176	-406.81
Long-Term Debt Issued	2,392	2,276	1,108	1,515	1,280
Total Debt Issued	2,392	2,276	1,108	1,515	1,280
Long-Term Debt Repaid	-2,096	-1,773	-1,580	-883.62	-536.2
Total Debt Repaid	-2,096	-1,773	-1,580	-883.62	-536.2
Net Debt Issued (Repaid)	296.15	503.37	-472.47	631.82	743.3
Issuance of Common Stock	196.5	-	1,231	-	650
Common Dividends Paid	-102	-139.38	-93.67	-76.91	-22.51
Other Financing Activities	-1,255	-578.65	-679.96	-70.53	31.01
Financing Cash Flow	-864	-214.66	-14.65	484.38	1,402
Foreign Exchange Rate Adjustments	-18.52	3.4	-1.27	2.52	-
Net Cash Flow	556.62	594.44	151.08	-680.72	1,042
Free Cash Flow	921.05	831.79	803.53	916.12	0.13
Free Cash Flow Growth	10.73%	3.52%	-12.29%	680188.20%	-99.60%
Free Cash Flow Margin	19.29%	17.93%	18.61%	27.08%	0.01%
Free Cash Flow Per Share	4.08	3.96	4.83	5.65	0.00
Cash Income Tax Paid	334.57	347.74	291.66	393.49	51.09
Levered Free Cash Flow	717.84	586.04	395.75	438.57	-3.16
Unlevered Free Cash Flow	749.87	631.98	461.49	500.77	7.66
Change in Working Capital	-34.49	-75.88	-77.13	309.68	-12.12

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