SHA:603507 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	116	178.2	183.69	94.9	179.25
Depreciation & Amortization	286.65	261.76	235.12	213.16	168.19
Other Amortization	26.15	25.16	13.93	8.92	3.46
Loss (Gain) From Sale of Assets	4.26	-7.37	0.57	0.02	0.14
Asset Writedown & Restructuring Costs	-3.04	5.52	5.16	7.99	21.37
Loss (Gain) From Sale of Investments	73.61	7.6	28.93	-58.5	-33.02
Provision & Write-off of Bad Debts	-	-4.55	21.67	-5.22	16.98
Other Operating Activities	201.15	172.6	186.87	132.97	101.17
Change in Accounts Receivable	-661.4	128.39	-229.59	-138.59	-270.27
Change in Inventory	-755.26	65.6	-69.09	-197.63	-413.17
Change in Accounts Payable	584.56	-329.44	18.97	-2.3	560.77
Change in Other Net Operating Assets	6.59	-6.05	2.52	-1.31	26.11
Operating Cash Flow	-143.37	489.7	384.08	50.85	356.71
Operating Cash Flow Growth	-	27.50%	655.27%	-85.74%	-9.77%
Capital Expenditures	-1,167	-719.17	-380.29	-314.8	-223.6
Sale of Property, Plant & Equipment	86.71	2.46	8.16	0.65	5.91
Cash Acquisitions	-	-6.59	-90.11	-	-37.77
Investment in Securities	11.04	-44.94	95.18	-127.56	46.28
Other Investing Activities	-76.9	-40.19	-15.42	27.65	23.92
Investing Cash Flow	-1,146	-808.43	-382.47	-414.06	-157.29
Long-Term Debt Issued	3,616	2,878	2,435	1,477	2,231
Total Debt Issued	3,616	2,878	2,435	1,477	2,231
Long-Term Debt Repaid	-2,390	-2,082	-1,905	-1,409	-2,059
Total Debt Repaid	-2,390	-2,082	-1,905	-1,409	-2,059
Net Debt Issued (Repaid)	1,226	796.09	529.72	68.24	171.61
Issuance of Common Stock	29.51	0.05	-	567.28	12.86
Repurchase of Common Stock	-	-52.49	-6	-0.51	-24.21
Common Dividends Paid	-212.18	-180.57	-146.19	-116.58	-84.26
Other Financing Activities	18.52	-170.96	-140.51	103.43	-141.65
Financing Cash Flow	1,062	392.13	237.03	621.87	-65.64
Foreign Exchange Rate Adjustments	-4.92	0.07	0.74	-0.33	-7.74
Net Cash Flow	-232.89	73.47	239.37	258.32	126.03
Free Cash Flow	-1,311	-229.48	3.79	-263.95	133.11
Free Cash Flow Growth	-	-	-	-	-16.38%
Free Cash Flow Margin	-33.00%	-5.82%	0.10%	-9.09%	5.49%
Free Cash Flow Per Share	-7.18	-1.25	0.02	-1.56	0.82
Cash Income Tax Paid	-57.33	-59.85	-134.84	-153.19	-34.02
Levered Free Cash Flow	-1,264	-365.59	-153.49	-549.2	33.56
Unlevered Free Cash Flow	-1,264	-280.75	-68.99	-483.33	87.54
Change in Working Capital	-848.15	-149.21	-291.87	-343.38	-100.85

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