SHA:603165 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	223.75	286.35	270.67	168.13	284.42
Depreciation & Amortization	100.93	99.11	96.67	85.76	74.41
Other Amortization	-	0.5	-	-	-
Loss (Gain) From Sale of Assets	-	0.09	0.08	-0.47	1.69
Asset Writedown & Restructuring Costs	-58.09	1.32	-	-	-
Loss (Gain) From Sale of Investments	-13.2	-43.9	-6.5	-24.89	-38.93
Provision & Write-off of Bad Debts	-	7.06	0.89	0.34	3.2
Other Operating Activities	82.08	64.39	26.36	12.26	17.75
Change in Accounts Receivable	-729.45	-919.4	-188.89	27.45	-155.41
Change in Inventory	-4.84	-8.78	12.34	22.63	-42.69
Change in Accounts Payable	-161.24	617.6	42.27	-48.65	-26.78
Operating Cash Flow	-560.06	111.3	250.96	257.04	101.52
Operating Cash Flow Growth	-	-55.65%	-2.36%	153.19%	-55.86%
Capital Expenditures	-80.23	-70.48	-73.19	-138.23	-94.17
Sale of Property, Plant & Equipment	-	0.59	0.83	0.99	1.11
Investment in Securities	-1,562	-434.3	-651.68	631.49	-407.5
Other Investing Activities	3.36	2.36	1.65	32.11	14.35
Investing Cash Flow	-1,639	-501.84	-722.4	526.36	-486.21
Short-Term Debt Issued	-	3,448	1,392	854.48	374.1
Long-Term Debt Issued	3,044	-	-	-	-
Total Debt Issued	3,044	3,448	1,392	854.48	374.1
Short-Term Debt Repaid	-	-2,425	-401.34	-908.95	-90.27
Long-Term Debt Repaid	-1,980	-0.71	-0.08	-0.14	-0.14
Total Debt Repaid	-1,980	-2,426	-401.42	-909.08	-90.41
Net Debt Issued (Repaid)	1,065	1,022	990.9	-54.6	283.7
Repurchase of Common Stock	-	-65.81	-	-104.92	-
Common Dividends Paid	-319.97	-168.66	-137.7	-104.56	-186
Other Financing Activities	-100.98	-0.5	-1.93	-0.37	-
Financing Cash Flow	643.73	787.36	851.27	-264.45	97.69
Foreign Exchange Rate Adjustments	-0.01	-0	0.01	-	-
Net Cash Flow	-1,556	396.82	379.85	518.95	-287
Free Cash Flow	-640.28	40.82	177.77	118.81	7.35
Free Cash Flow Growth	-	-77.04%	49.63%	1516.94%	-82.56%
Free Cash Flow Margin	-28.42%	1.83%	7.76%	4.64%	0.30%
Free Cash Flow Per Share	-2.35	0.14	0.66	0.45	0.03
Cash Income Tax Paid	106.59	44.28	78.44	83.62	47.42
Levered Free Cash Flow	28.81	154.41	227.29	4.8	-27.16
Unlevered Free Cash Flow	28.81	196.69	243.7	16.77	-15.31
Change in Working Capital	-895.53	-303.63	-137.19	15.9	-241.02

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