SHA:603032 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	68.74	42.56	-151.07	107.53	162.93	70.72
Depreciation & Amortization	42.13	42.13	37.77	36.36	35.31	28
Other Amortization	7.54	7.54	5.23	1.76	2.16	1.09
Loss (Gain) From Sale of Assets	0.01	0.01	-0.44	-7.93	-0.75	-1.15
Asset Writedown & Restructuring Costs	3.37	3.37	164.37	0.12	0.08	-0
Loss (Gain) From Sale of Investments	-0.85	-0.85	-2.03	-6.73	-4.34	-4.55
Provision & Write-off of Bad Debts	7.74	7.74	9.57	4.81	0.63	1.44
Other Operating Activities	45.3	27.91	15.53	18.16	8.42	-0.37
Change in Accounts Receivable	-38.42	-38.42	0.15	148.16	-174.09	-37.67
Change in Inventory	-15.88	-15.88	22.97	86.08	-50.51	-33.34
Change in Accounts Payable	-15.16	-15.16	-22.07	-105.81	82.59	42.67
Change in Other Net Operating Assets	3.89	3.89	12.47	68.5	83.47	2.99
Operating Cash Flow	108.84	65.27	104.77	352.17	122.48	60.2
Operating Cash Flow Growth	40.46%	-37.70%	-70.25%	187.53%	103.45%	-
Capital Expenditures	-22.29	-22.46	-36.31	-19.49	-22.42	-14.71
Sale of Property, Plant & Equipment	6.62	6.89	1.15	11.23	1.52	3.34
Cash Acquisitions	-	-	-148.85	-172.53	-145.97	-309.04
Investment in Securities	77.61	-34.42	142.05	-76.14	-97.11	184.1
Investing Cash Flow	61.95	-50	-41.96	-256.92	-263.98	-136.31
Long-Term Debt Issued	-	107	2	43	257.8	-
Long-Term Debt Repaid	-	-199.34	-7.29	-126.56	-28.35	-1
Net Debt Issued (Repaid)	-182.14	-92.34	-5.29	-83.56	229.45	-1
Issuance of Common Stock	-	-	-	-	9.55	82.83
Repurchase of Common Stock	-4.36	-4.36	-11.32	-	-	-
Common Dividends Paid	-17.61	-19.19	-6.65	-9.39	-7.35	-
Other Financing Activities	-2.07	-	-3.32	-	4.9	-
Financing Cash Flow	-206.18	-115.89	-26.58	-92.95	236.55	81.83
Foreign Exchange Rate Adjustments	-0.31	0.1	0.08	-	-	-
Net Cash Flow	-35.7	-100.52	36.31	2.3	95.05	5.72
Free Cash Flow	86.56	42.8	68.46	332.68	100.07	45.49
Free Cash Flow Growth	126.12%	-37.48%	-79.42%	232.45%	119.97%	-
Free Cash Flow Margin	14.21%	7.67%	18.80%	59.17%	17.19%	16.77%
Free Cash Flow Per Share	0.36	0.18	0.30	1.45	0.44	0.20
Cash Income Tax Paid	39.96	39.97	14.14	145.51	72.85	36.95
Levered Free Cash Flow	44.1	-1.16	46.56	81.43	43.05	69.7
Unlevered Free Cash Flow	48.42	3.16	51.23	87.75	48.22	69.89
Change in Working Capital	-65.14	-65.14	25.85	198.09	-81.94	-34.97

Source: S&P Global Market Intelligence. Standard template. Financial Sources.