SHA:603035 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	317.56	425.46	546.03	511.72	420.27
Depreciation & Amortization	429.5	369.29	302.27	281.72	255.34
Other Amortization	227.39	338.56	103.67	101.29	57.89
Loss (Gain) From Sale of Assets	7.68	0.16	-0.25	-0.63	0.51
Asset Writedown & Restructuring Costs	-4.37	-0.09	0.76	13.12	-0.03
Loss (Gain) From Sale of Investments	-172.97	-252.64	-211.65	-225.24	-283.32
Provision & Write-off of Bad Debts	-	57.67	22.31	18.14	20.02
Other Operating Activities	73.52	110.7	51.72	43.9	73.47
Change in Accounts Receivable	-1,391	-658.13	-1,226	-728.37	-232.5
Change in Inventory	-166.42	-92.01	-161.52	-138.8	-81.83
Change in Accounts Payable	760.05	4.79	363.87	553.76	104.57
Operating Cash Flow	62.68	262.61	-195.68	415.26	340.53
Operating Cash Flow Growth	-76.13%	-	-	21.95%	-8.05%
Capital Expenditures	-274.2	-362.72	-463.6	-329.84	-209.37
Sale of Property, Plant & Equipment	3.32	5.4	3.39	0.65	2.29
Cash Acquisitions	-	-	-	-	-5.45
Investment in Securities	18.54	179	0.11	40	84
Other Investing Activities	152.2	-0.58	184.01	163.52	125.91
Investing Cash Flow	-100.14	-178.9	-276.09	-125.66	-2.62
Long-Term Debt Issued	1,868	1,914	2,162	1,803	1,355
Total Debt Issued	1,868	1,914	2,162	1,803	1,355
Long-Term Debt Repaid	-1,397	-1,680	-1,649	-1,657	-1,628
Total Debt Repaid	-1,397	-1,680	-1,649	-1,657	-1,628
Net Debt Issued (Repaid)	471.72	234.76	512.36	146.34	-272.08
Repurchase of Common Stock	-	-103.72	-	-	-
Common Dividends Paid	-179.66	-214.01	-200.88	-176.59	-159.19
Other Financing Activities	-121.75	-	-4.27	-0.7	8.28
Financing Cash Flow	170.31	-82.97	307.21	-30.95	-423
Foreign Exchange Rate Adjustments	-1.32	-0.35	0.58	1.13	-0.66
Net Cash Flow	131.53	0.38	-163.98	259.78	-85.74
Free Cash Flow	-211.52	-100.12	-659.28	85.42	131.16
Free Cash Flow Growth	-	-	-	-34.87%	-
Free Cash Flow Margin	-2.97%	-1.77%	-14.34%	2.33%	5.00%
Free Cash Flow Per Share	-0.57	-0.26	-1.74	0.23	0.36
Cash Interest Paid	-	2.06	2.46	1.56	1.61
Cash Income Tax Paid	256.14	276.01	213.69	187.22	133.24
Levered Free Cash Flow	526.65	170.85	-51.53	247.47	150.84
Unlevered Free Cash Flow	526.65	202.88	-19.76	278.94	191.59
Change in Working Capital	-815.64	-786.52	-1,011	-328.76	-203.63

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