SHA:603535 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	39.45	204.66	164.35	171.13	182.4
Depreciation & Amortization	99.16	78.28	52.18	47.07	31.71
Other Amortization	8.66	7.7	0.36	-	-
Loss (Gain) From Sale of Assets	-0.02	-0.26	-0.97	-0.06	-0.01
Asset Writedown & Restructuring Costs	6.69	-	0.03	0.01	0
Loss (Gain) From Sale of Investments	-2.54	-2.22	-3.08	-6.94	-5.17
Provision & Write-off of Bad Debts	-	27.41	35.09	14.33	8.16
Other Operating Activities	137.69	59.38	35.05	9.88	7.95
Change in Accounts Receivable	3.33	-254.56	-194.42	-65.09	-74.03
Change in Inventory	-8.2	-4.9	3.89	83.87	-37.39
Change in Accounts Payable	-43.21	43.94	83.21	-77.21	-35.48
Operating Cash Flow	213.69	148.39	164.71	172.36	77.71
Operating Cash Flow Growth	44.01%	-9.90%	-4.44%	121.80%	-25.45%
Capital Expenditures	-91.46	-279.11	-1,195	-306.45	-308.31
Sale of Property, Plant & Equipment	0.07	0.12	0.19	0.01	0.03
Investment in Securities	-	6	244	23.04	-209.09
Other Investing Activities	-217.33	-34.24	3.17	51.18	7.35
Investing Cash Flow	-308.72	-307.23	-947.38	-232.21	-510.02
Short-Term Debt Issued	-	-	-	-	256.58
Long-Term Debt Issued	480.03	637.48	382.31	385.18	-
Total Debt Issued	480.03	637.48	382.31	385.18	256.58
Short-Term Debt Repaid	-	-	-	-	-168
Long-Term Debt Repaid	-408.36	-384.49	-173.28	-406.15	-14.21
Total Debt Repaid	-408.36	-384.49	-173.28	-406.15	-182.21
Net Debt Issued (Repaid)	71.66	252.99	209.03	-20.97	74.37
Issuance of Common Stock	-	-	-	800	131.36
Common Dividends Paid	-54.36	-34	-27.77	-23.01	-20.45
Other Financing Activities	-44.71	-	-0	-5.81	-1.22
Financing Cash Flow	-27.41	218.99	181.26	750.21	184.06
Foreign Exchange Rate Adjustments	0.04	-0.06	1.15	1.98	-2.32
Net Cash Flow	-122.4	60.09	-600.27	692.33	-250.57
Free Cash Flow	122.24	-130.72	-1,030	-134.09	-230.6
Free Cash Flow Margin	10.84%	-9.71%	-84.06%	-10.49%	-18.17%
Free Cash Flow Per Share	0.26	-0.26	-2.03	-0.25	-0.47
Cash Income Tax Paid	62.21	43.74	37.79	45.73	51.86
Levered Free Cash Flow	434.16	-363.32	-968.31	-57.34	-230.29
Unlevered Free Cash Flow	434.16	-326.55	-952.05	-52.15	-226.75
Change in Working Capital	-75.41	-226.55	-118.3	-63.07	-147.34

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