SHA:603227 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	503.67	668.43	853.53	665.83	443.11
Depreciation & Amortization	386.23	379.36	347.84	363.41	352.95
Other Amortization	20.28	13.24	5.78	2.45	2.77
Loss (Gain) From Sale of Assets	-1.75	-3.58	-1.59	1.88	8.94
Asset Writedown & Restructuring Costs	1.71	3.58	5.89	32.72	15.81
Loss (Gain) From Sale of Investments	-19.99	-21.7	-22.43	-27.88	-16.85
Provision & Write-off of Bad Debts	43.66	14.6	19.81	15.75	63.46
Other Operating Activities	92.31	132.47	154.49	662.79	673.65
Change in Accounts Receivable	-648.33	-380.04	-119.75	-14.23	-60.99
Change in Inventory	-9.94	44.13	114.12	-98.7	24.03
Change in Accounts Payable	73.23	-171.91	-292.35	-547.87	-376.23
Change in Other Net Operating Assets	-	20.98	11.94	7.5	9.54
Operating Cash Flow	418.83	705.3	1,089	1,084	1,147
Operating Cash Flow Growth	-40.62%	-35.23%	0.43%	-5.45%	622.56%
Capital Expenditures	-168.85	-122.11	-185.71	-130.52	-290.44
Sale of Property, Plant & Equipment	0.88	13.2	3.08	2.48	2.48
Cash Acquisitions	-134.14	-	-	-	-
Divestitures	21.21	-	0.7	-	1.99
Investment in Securities	-74.22	-1	4.49	20.92	-88.29
Other Investing Activities	11.37	10.11	1.02	8.46	9.49
Investing Cash Flow	-343.75	-99.8	-176.42	-98.66	-364.76
Long-Term Debt Issued	559.79	501.98	788.74	833.49	964
Long-Term Debt Repaid	-508.85	-671.7	-1,073	-1,098	-1,049
Net Debt Issued (Repaid)	50.94	-169.72	-284.41	-264.83	-84.53
Issuance of Common Stock	-	-	786.41	-	198.27
Common Dividends Paid	-245.99	-292.54	-198.16	-74.66	-365.6
Other Financing Activities	-197.21	-55.71	-1,515	-272.78	-398.51
Financing Cash Flow	-392.27	-517.97	-1,211	-612.26	-650.38
Foreign Exchange Rate Adjustments	0.6	0.9	1.97	-3.58	-0.75
Net Cash Flow	-316.59	88.42	-296.27	369.78	130.92
Free Cash Flow	249.98	583.19	903.28	953.76	856.37
Free Cash Flow Growth	-57.14%	-35.44%	-5.29%	11.37%	-
Free Cash Flow Margin	4.49%	9.56%	12.87%	13.82%	15.38%
Free Cash Flow Per Share	0.23	0.54	0.86	1.16	1.05
Cash Income Tax Paid	427.44	484.8	452.55	580.09	448.83
Levered Free Cash Flow	261.99	549.98	99.87	1,436	753.8
Unlevered Free Cash Flow	270.65	565.21	127.34	1,471	787.3
Change in Working Capital	-607.29	-481.1	-274.32	-629.69	-397.1

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