SHA:603328 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	465.67	437.37	355	268.54	150.61
Depreciation & Amortization	225.67	197.21	188.19	179.6	129.18
Other Amortization	6.47	2.49	1.93	1	0.18
Loss (Gain) From Sale of Assets	-0.1	-0.07	-3.73	-0.3	6.97
Asset Writedown & Restructuring Costs	1.54	9.59	25.4	34.71	20.33
Loss (Gain) From Sale of Investments	-37.93	-43.19	-42.55	-20.12	7.25
Provision & Write-off of Bad Debts	3.14	5.07	0.11	-3.17	4.39
Other Operating Activities	54.04	-25.96	3.55	3.96	-8.61
Change in Accounts Receivable	-88.08	-234.28	2.46	-5.81	-106.41
Change in Inventory	-75.31	-114.5	31.54	52.92	-79.21
Change in Accounts Payable	245.01	100.48	144.94	39.3	163.32
Change in Other Net Operating Assets	48.54	42.7	23.09	16.64	13.82
Operating Cash Flow	839.31	364.05	721.09	566.73	292.95
Operating Cash Flow Growth	130.55%	-49.51%	27.24%	93.45%	-42.54%
Capital Expenditures	-500.17	-295.75	-380.43	-242.62	-517.09
Sale of Property, Plant & Equipment	3.27	5.16	5.33	6.71	14.04
Investment in Securities	-477.62	237.6	-570.12	-881.56	-81.56
Other Investing Activities	70.13	18.73	5.25	2.86	0.3
Investing Cash Flow	-904.38	-34.26	-939.97	-1,115	-584.31
Short-Term Debt Issued	908.64	247.96	216.39	523.89	-
Total Debt Issued	908.64	247.96	216.39	523.89	-
Short-Term Debt Repaid	-829.56	-100	-299	-426.09	-
Long-Term Debt Repaid	-	-0.29	-	-	-
Total Debt Repaid	-829.56	-100.29	-299	-426.09	-
Net Debt Issued (Repaid)	79.08	147.67	-82.61	97.81	-
Common Dividends Paid	-210.07	-195.11	-151.12	-70.87	-99.84
Other Financing Activities	-0.07	-0.14	2.86	10.57	19.73
Financing Cash Flow	-131.06	-47.57	-230.87	37.5	-80.12
Foreign Exchange Rate Adjustments	-16.32	23.63	-5.2	-3.28	-11.38
Net Cash Flow	-212.46	305.84	-454.95	-513.67	-382.85
Free Cash Flow	339.14	68.3	340.66	324.1	-224.13
Free Cash Flow Growth	396.53%	-79.95%	5.11%	-	-
Free Cash Flow Margin	8.43%	1.95%	10.72%	10.60%	-7.71%
Free Cash Flow Per Share	0.34	0.07	0.34	0.33	-0.23
Cash Income Tax Paid	-54.46	-51.96	-104.28	-154.34	-222.31
Levered Free Cash Flow	247.52	-92.18	-11.25	88.01	-166.2
Unlevered Free Cash Flow	255.25	-91	-8.58	89.72	-166.2
Change in Working Capital	120.8	-218.46	193.19	102.5	-17.35

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