SHA:603078 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	Jan '23 Jan 1, 2023	Dec '21 Dec 31, 2021
Net Income	106.77	104.81	98.63	105.25	105.74	56.51
Depreciation & Amortization	122.78	122.78	121.49	112.91	84.14	37.44
Other Amortization	4.08	4.08	1.38	0.48	0.45	0.09
Loss (Gain) From Sale of Assets	-0	-0	-0.18	-	0.05	-0.02
Asset Writedown & Restructuring Costs	-2.57	-2.57	-2.13	0.27	0.41	0.18
Loss (Gain) From Sale of Investments	-1.49	-1.49	-1.69	-2.3	-0.71	-2.38
Provision & Write-off of Bad Debts	6.25	6.25	3.8	5.53	1.76	4.78
Other Operating Activities	11.43	7.46	-12.83	-21.32	5.92	7.76
Change in Accounts Receivable	-72.95	-72.95	-104.9	-24.74	-43.8	-204.19
Change in Inventory	-24.96	-24.96	-23.45	-18.26	-23	-6.61
Change in Accounts Payable	48.16	48.16	42.29	-5.29	3.92	55.84
Change in Other Net Operating Assets	0.96	0.96	-2.99	1.21	3.22	5.52
Operating Cash Flow	187.94	182.01	106.26	145.6	122.45	-49.31
Operating Cash Flow Growth	47.94%	71.29%	-27.02%	18.91%	-	-
Capital Expenditures	-151.45	-137.82	-175.07	-98.58	-216.1	-229.76
Sale of Property, Plant & Equipment	0.04	0.03	0.19	-	0.2	0.25
Investment in Securities	-220	170	-170	-	90	-90
Other Investing Activities	4.03	4.95	5.5	13.06	99.11	3.23
Investing Cash Flow	-367.38	37.16	-339.38	-85.52	-26.8	-316.28
Long-Term Debt Issued	-	240.72	302.58	285	120	353
Long-Term Debt Repaid	-	-283.22	-106.4	-466.75	-320.09	-176.77
Net Debt Issued (Repaid)	-23.57	-42.49	196.18	-181.75	-200.09	176.23
Issuance of Common Stock	2.39	2.39	-	-	922.71	-
Common Dividends Paid	-46.81	-47.87	-56.46	-35.8	-36.82	-43.73
Other Financing Activities	0.9	-	-337.64	-	-4.14	-
Financing Cash Flow	-67.08	-87.97	-197.92	-217.55	681.66	132.49
Foreign Exchange Rate Adjustments	-0.02	-0.02	-0.13	0.38	0.04	-0
Net Cash Flow	-246.56	131.18	-431.17	-157.09	777.35	-233.1
Free Cash Flow	36.49	44.19	-68.81	47.02	-93.65	-279.07
Free Cash Flow Margin	2.85%	3.58%	-6.26%	4.57%	-9.97%	-35.23%
Free Cash Flow Per Share	0.10	0.12	-0.18	0.12	-0.28	-0.84
Cash Income Tax Paid	72.39	69.18	73.49	68.31	69.62	36.61
Levered Free Cash Flow	29.95	7.27	-57.41	12.01	-321.19	-256.68
Unlevered Free Cash Flow	33.76	11.07	-56.44	20.44	-309.27	-251.86
Change in Working Capital	-59.32	-59.32	-102.22	-55.22	-75.32	-153.66

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