SHA:603239 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	221.9	171.73	151.04	126.2	141.83
Depreciation & Amortization	64.53	58.97	50.55	46.86	43.99
Other Amortization	4.52	5.17	4.58	5.57	4.73
Loss (Gain) From Sale of Assets	0.07	-0.06	-	0.67	1.18
Asset Writedown & Restructuring Costs	6.85	4.95	0.86	0.64	0.12
Loss (Gain) From Sale of Investments	0.69	-0.58	-2.41	-3.38	-2.4
Provision & Write-off of Bad Debts	-	5.46	2.56	2.25	1.65
Other Operating Activities	-0.12	7.05	5.31	2.57	0.63
Change in Accounts Receivable	-250.44	-169.98	-69.19	-54.42	-213.72
Change in Inventory	-58.79	-45.54	-25.95	-12.44	-50.39
Change in Accounts Payable	120.12	30.48	62.35	-53.87	43.78
Change in Other Net Operating Assets	0.5	1.22	2.48	-	-
Operating Cash Flow	115.03	71.11	187.43	68.06	-22.2
Operating Cash Flow Growth	61.77%	-62.06%	175.41%	-	-
Capital Expenditures	-7.2	-44.76	-49.36	-49.03	-68.92
Sale of Property, Plant & Equipment	1.96	1.86	0.41	0.16	0.9
Investment in Securities	-40	60	20	-10.31	-70
Other Investing Activities	-	7.18	0.82	0.31	0.77
Investing Cash Flow	-45.24	24.28	-28.13	-58.87	-137.24
Short-Term Debt Issued	-	0.15	-	22.3	256.86
Total Debt Issued	-	0.15	-	22.3	256.86
Short-Term Debt Repaid	-	-	-	-19.13	-18.36
Long-Term Debt Repaid	-0.15	-0.35	-0.45	-0.3	-0.38
Total Debt Repaid	-0.15	-0.35	-0.45	-19.43	-18.74
Net Debt Issued (Repaid)	-0.15	-0.2	-0.45	2.86	238.12
Common Dividends Paid	-56.85	-86.63	-86.63	-135.43	-94.81
Other Financing Activities	10.6	-	-	-	-
Financing Cash Flow	-46.4	-86.83	-87.08	-132.57	143.31
Foreign Exchange Rate Adjustments	-0.1	-0.67	0	0	-0
Net Cash Flow	23.29	7.89	72.22	-123.38	-16.13
Free Cash Flow	107.84	26.34	138.07	19.02	-91.11
Free Cash Flow Growth	309.36%	-80.92%	625.74%	-	-
Free Cash Flow Margin	7.08%	2.15%	12.96%	2.03%	-11.57%
Free Cash Flow Per Share	0.40	0.10	0.51	0.07	-0.33
Cash Income Tax Paid	104.34	75.44	59.19	56.46	57.15
Levered Free Cash Flow	164.04	-6.96	134.92	126.44	-24.01
Unlevered Free Cash Flow	164.04	-6.38	136.42	128.02	-23.32
Change in Working Capital	-183.42	-181.59	-25.05	-113.32	-213.94

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