SHA:603119 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	281.99	230.25	171.8	133.77	104.28
Depreciation & Amortization	61.9	44.44	38.46	29.2	21.1
Other Amortization	7.27	5.72	3.26	2.09	1.43
Loss (Gain) From Sale of Assets	-1.29	0.82	-0.07	0.44	-0
Asset Writedown & Restructuring Costs	15.98	0.08	0.4	-0.01	0.2
Loss (Gain) From Sale of Investments	-25.13	-6.62	0.49	-	-0.73
Provision & Write-off of Bad Debts	-	3.19	0.23	-0.37	4.88
Other Operating Activities	15.13	21.55	14.72	15.02	3.98
Change in Accounts Receivable	-103.96	-59.81	13.4	-88.45	-98.83
Change in Inventory	-79.76	-103.92	-16.02	-54.59	-44.69
Change in Accounts Payable	106.05	65.72	-9.38	50.55	36.72
Change in Other Net Operating Assets	1.96	14.58	4.12	1.64	7.49
Operating Cash Flow	279.1	209.56	221.13	86.76	33.62
Operating Cash Flow Growth	33.18%	-5.23%	154.86%	158.09%	1.32%
Capital Expenditures	-237.89	-103.68	-54.24	-103.25	-
Sale of Property, Plant & Equipment	0.18	0.26	0.42	9.84	0.02
Cash Acquisitions	-134.46	-	-	-	-132.6
Divestitures	0.66	-	-	-	6.59
Investment in Securities	-472.53	-470	-	-	31.55
Other Investing Activities	9.9	6.43	-0.49	0	108.88
Investing Cash Flow	-834.15	-566.99	-54.31	-93.41	14.43
Long-Term Debt Issued	675.12	-	92.6	320.7	267.02
Long-Term Debt Repaid	-174.18	-23.09	-254.24	-287.19	-232.2
Net Debt Issued (Repaid)	500.94	-23.09	-161.64	33.52	34.82
Issuance of Common Stock	-	-	1,009	-	130
Repurchase of Common Stock	-	-22.52	-	-	-
Common Dividends Paid	-76.51	-39.36	-19.13	-7.54	-60.36
Other Financing Activities	22.16	-	-39.46	-5.08	-107.23
Financing Cash Flow	446.59	-84.97	788.49	20.9	-2.77
Foreign Exchange Rate Adjustments	-1.55	3.55	0.2	0.31	-0.42
Net Cash Flow	-110.01	-438.84	955.5	14.57	44.86
Free Cash Flow	41.21	105.88	166.89	-16.49	33.62
Free Cash Flow Growth	-61.08%	-36.56%	-	-	1.32%
Free Cash Flow Margin	3.00%	9.33%	20.85%	-2.47%	6.44%
Free Cash Flow Per Share	0.11	0.29	0.52	-0.06	0.13
Cash Income Tax Paid	64.33	54.24	25.49	28.51	7.75
Levered Free Cash Flow	-2.47	-9.4	84.97	-79.32	133.21
Unlevered Free Cash Flow	-2.47	-8.63	87.87	-76.37	138.16
Change in Working Capital	-76.75	-89.87	-8.17	-93.38	-101.51

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