SHA:603103 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	159.21	-96.38	165.85	-317.43	13.67
Depreciation & Amortization	286.38	330.93	346.38	376.58	405.61
Other Amortization	126.77	140.24	143.14	151.72	146.28
Loss (Gain) From Sale of Assets	-19.31	1.1	2.62	-38.3	-13.12
Asset Writedown & Restructuring Costs	0.32	0.71	-2.22	32.99	10.48
Loss (Gain) From Sale of Investments	-14.42	-22.25	-9.46	-7.97	-16.16
Provision & Write-off of Bad Debts	-1.05	-3.33	5.99	-5.91	6.96
Other Operating Activities	80.96	94.78	98.01	168.94	160.52
Change in Accounts Receivable	162.95	20.64	-31.96	-72.67	145.84
Change in Inventory	4.96	2.35	39.31	77.97	53.5
Change in Accounts Payable	9.46	-5.41	-16.91	-50.69	-116
Operating Cash Flow	795.86	468.67	745.92	312.46	652.55
Operating Cash Flow Growth	69.81%	-37.17%	138.73%	-52.12%	-
Capital Expenditures	-100.02	-223.22	-202.66	-201.97	-356.74
Sale of Property, Plant & Equipment	2.62	76.67	0.23	0.13	0.58
Investment in Securities	-850	-250	78.87	155.55	71.51
Other Investing Activities	13.25	11	9.41	9.17	17.11
Investing Cash Flow	-934.15	-385.54	-114.14	-37.13	-267.54
Short-Term Debt Repaid	-	-	-	-	-240
Long-Term Debt Repaid	-246.42	-255.72	-255.62	-238.04	-333.67
Total Debt Repaid	-246.42	-255.72	-255.62	-238.04	-573.67
Net Debt Issued (Repaid)	-246.42	-255.72	-255.62	-238.04	-573.67
Common Dividends Paid	-88.79	-76.1	-	-	-5.05
Financing Cash Flow	-335.2	-331.82	-255.62	-238.04	-578.73
Net Cash Flow	-473.49	-248.7	376.16	37.29	-193.72
Free Cash Flow	695.84	245.45	543.26	110.48	295.82
Free Cash Flow Growth	183.50%	-54.82%	391.72%	-62.65%	-
Free Cash Flow Margin	30.29%	12.45%	23.13%	7.74%	12.96%
Free Cash Flow Per Share	1.09	0.38	0.85	0.17	0.43
Cash Income Tax Paid	147.05	124.27	70.13	0.93	99.3
Levered Free Cash Flow	519.48	165.3	259.84	226.51	-10.94
Unlevered Free Cash Flow	568.61	225.16	325.39	305.26	80.23
Change in Working Capital	176.99	22.87	-4.38	-48.16	-61.69

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