SHA:603444 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	2,028	1,794	944.92	1,125	1,461	1,468
Depreciation & Amortization	66.95	66.95	71.75	74.71	68.71	66.66
Other Amortization	13.58	13.58	43.07	43.53	30.97	46.28
Loss (Gain) From Sale of Assets	-0.07	-0.07	-0.02	-0.33	0.07	-0.02
Asset Writedown & Restructuring Costs	61.06	61.06	52.48	5.93	37.58	28.24
Loss (Gain) From Sale of Investments	-96.23	-96.23	-7.56	25.65	103.67	-387.15
Provision & Write-off of Bad Debts	3.67	3.67	-1.57	-3.87	0.89	-10.49
Other Operating Activities	524.39	391.57	196.77	292.52	264.61	310.49
Change in Accounts Receivable	-208.22	-208.22	42.85	-35.27	51.83	-38.42
Change in Accounts Payable	813.21	813.21	-80.36	-356.73	-294.68	989.56
Change in Other Net Operating Assets	-	-	-	3.06	8.05	18.69
Operating Cash Flow	3,163	2,796	1,249	1,186	1,752	2,418
Operating Cash Flow Growth	156.98%	123.91%	5.33%	-32.35%	-27.54%	57.75%
Capital Expenditures	-3.97	-3.1	-23.5	-55.67	-43.6	-19.32
Sale of Property, Plant & Equipment	0.05	0.37	0.08	0	0.06	0.07
Investment in Securities	17.77	557.61	-661.33	-513.4	142.31	-606.8
Other Investing Activities	55.28	56.03	69.52	78.53	87.37	157.88
Investing Cash Flow	69.13	610.91	-615.23	-490.54	186.13	-468.17
Long-Term Debt Repaid	-	-13.11	-13.47	-9.38	-4.09	-36.94
Net Debt Issued (Repaid)	-13.11	-13.11	-13.47	-9.38	-4.09	-36.94
Issuance of Common Stock	-	-	-	63.74	0.68	0.08
Repurchase of Common Stock	-	-	-52.17	-	-	-
Common Dividends Paid	-1,155	-1,155	-466.42	-729.2	-2,146	-863.23
Other Financing Activities	-104.6	-50.88	-288.28	-284.41	-254.04	-252.5
Financing Cash Flow	-1,273	-1,219	-820.34	-959.25	-2,404	-1,153
Foreign Exchange Rate Adjustments	-92.54	-50.74	43.53	36.83	187.83	-36.33
Net Cash Flow	1,866	2,137	-143.4	-227.46	-277.45	761.19
Free Cash Flow	3,159	2,793	1,225	1,130	1,709	2,399
Free Cash Flow Growth	160.04%	127.95%	8.44%	-33.88%	-28.77%	63.91%
Free Cash Flow Margin	45.67%	45.01%	33.15%	27.00%	33.07%	51.94%
Free Cash Flow Per Share	43.85	38.77	17.05	15.70	23.78	33.38
Cash Income Tax Paid	572.8	457.84	334.88	465.1	676.77	402.09
Levered Free Cash Flow	2,499	2,150	795.88	673.21	1,343	2,099
Unlevered Free Cash Flow	2,499	2,151	796.91	674.18	1,343	2,100
Change in Working Capital	561.64	561.64	-51.18	-377.77	-214.99	895.78

Source: S&P Global Market Intelligence. Standard template. Financial Sources.