SHA:603124 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	260.74	219.12	176.31	141.76	105.14	147.73
Depreciation & Amortization	36	36	29.8	21.81	16.25	14.03
Other Amortization	7	7	4.14	2.99	2.1	2.27
Loss (Gain) From Sale of Assets	0.04	0.04	-0.43	0.21	-0.05	-
Asset Writedown & Restructuring Costs	11.17	11.17	0.7	-	18.89	16.53
Loss (Gain) From Sale of Investments	-2.42	-2.42	-5.44	-1.48	-0.61	-0.13
Provision & Write-off of Bad Debts	-	-	6.65	3.04	0.62	3.13
Other Operating Activities	-172.6	48.59	42.8	22.1	11.49	17.38
Change in Accounts Receivable	-1,603	-1,603	-1,442	-1,075	-628.71	-738.02
Change in Inventory	-187.62	-187.62	-101.7	-107	-39.52	5.04
Change in Accounts Payable	588.59	588.59	429.8	162.41	-68.35	-45.14
Change in Other Net Operating Assets	-	-	1.12	4.06	3.24	5.38
Operating Cash Flow	-1,063	-883.66	-856.77	-821.64	-579.56	-569.98
Capital Expenditures	-205.65	-165.54	-100.64	-57.49	-51.19	-13.1
Sale of Property, Plant & Equipment	0.09	0.07	0.76	0.8	0.05	-
Investment in Securities	-297.35	-503.41	-52.87	-4.63	-8.6	-
Other Investing Activities	-6.71	2.31	5.58	1.47	0.61	0.16
Investing Cash Flow	-509.62	-666.56	-147.17	-59.85	-59.13	-12.94
Short-Term Debt Issued	-	-	683.52	686.98	-	-
Long-Term Debt Issued	-	1,890	1,582	745.3	207.3	207.47
Total Debt Issued	2,265	1,890	2,265	1,432	207.3	207.47
Long-Term Debt Repaid	-	-1,705	-1,218	-667.54	-207.43	-174.25
Net Debt Issued (Repaid)	408.18	184.61	1,047	764.74	-0.14	33.22
Issuance of Common Stock	-	353.68	-	-	-	197.52
Common Dividends Paid	-76.23	-73.03	-24.92	-11.52	-9.94	-13.98
Other Financing Activities	1,287	1,110	-86.45	177.54	641.07	416.44
Financing Cash Flow	1,619	1,575	935.99	930.77	630.99	633.2
Foreign Exchange Rate Adjustments	-1.28	0.8	-2.52	-1.88	0.5	-0.19
Net Cash Flow	45.28	25.46	-70.47	47.4	-7.19	50.09
Free Cash Flow	-1,269	-1,049	-957.41	-879.13	-630.74	-583.08
Free Cash Flow Margin	-11.30%	-10.16%	-11.01%	-12.90%	-10.12%	-9.28%
Free Cash Flow Per Share	-8.72	-7.66	-8.74	-8.06	-5.76	-5.49
Cash Income Tax Paid	49.08	60.43	49.58	27.03	44.43	19.54
Levered Free Cash Flow	-359.28	-115.98	49.33	-148.11	-109.46	-211.98
Unlevered Free Cash Flow	-359.28	-115.98	70.51	-136.79	-101.85	-202.75
Change in Working Capital	-1,203	-1,203	-1,111	-1,012	-733.4	-770.92

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