SHA:603191 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	69.24	65.17	234.59	298.11	178.15
Depreciation & Amortization	214.97	170.89	90.32	59.91	51.01
Other Amortization	2.64	2.09	1.06	0.31	0.06
Loss (Gain) From Sale of Assets	-0.05	-0.56	-0	0.03	-
Asset Writedown & Restructuring Costs	1.18	4.53	0.76	1.26	8.17
Loss (Gain) From Sale of Investments	1.58	-0.34	-0.4	-2.04	-1.13
Provision & Write-off of Bad Debts	32.54	17.34	20.77	24.18	14.13
Other Operating Activities	78.36	67.03	17.83	9.52	14.48
Change in Accounts Receivable	-514.59	60.09	-237.32	-121.09	-201.44
Change in Inventory	-141.48	-117.04	-68.7	-173.8	-69.4
Change in Accounts Payable	487.58	-255.71	208.38	100.24	246.96
Change in Other Net Operating Assets	4.33	4.58	6.59	3.79	2.45
Operating Cash Flow	229.83	20.66	291.86	204.35	241.74
Operating Cash Flow Growth	1012.51%	-92.92%	42.83%	-15.47%	129.92%
Capital Expenditures	-162.97	-248.37	-563.47	-347.18	-117.47
Sale of Property, Plant & Equipment	0.34	2.72	1.59	0.21	4.18
Cash Acquisitions	-	-430.95	-	-	-
Investment in Securities	21.14	-24.86	25.3	-27.86	0
Other Investing Activities	1.12	57.07	-49.2	-	-
Investing Cash Flow	-140.37	-644.38	-585.77	-374.83	-113.28
Long-Term Debt Issued	1,516	1,047	799.34	297.01	63.91
Long-Term Debt Repaid	-1,187	-560.64	-34.72	-322.7	-45.85
Net Debt Issued (Repaid)	328.87	485.95	764.62	-25.68	18.06
Issuance of Common Stock	4.61	20.63	-	884.43	-
Repurchase of Common Stock	-6.3	-	-50.3	-	-
Common Dividends Paid	-65.61	-95.26	-75.37	-10.55	-14.48
Dividends Paid	-65.61	-95.26	-75.37	-10.55	-14.48
Other Financing Activities	-141.47	-18.26	-	-23.25	-6.62
Financing Cash Flow	120.1	393.05	638.95	824.95	-3.04
Foreign Exchange Rate Adjustments	-0.54	0.45	1.28	1.71	-0.42
Net Cash Flow	209.01	-230.22	346.32	656.17	125
Free Cash Flow	66.86	-227.71	-271.6	-142.83	124.27
Free Cash Flow Growth	-	-	-	-	214.63%
Free Cash Flow Margin	1.71%	-6.79%	-9.99%	-5.65%	6.43%
Free Cash Flow Per Share	0.20	-0.70	-0.81	-0.47	0.49
Cash Income Tax Paid	72.18	19.16	90.66	105.48	57.39
Levered Free Cash Flow	-254.59	-661.7	-162.31	-311.67	162.36
Unlevered Free Cash Flow	-220.57	-633.28	-152.27	-305.22	171.25
Change in Working Capital	-170.63	-305.48	-73.05	-187.26	-23.14

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