SHA:603678 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	319.77	194.52	318.38	801.45	955.85
Depreciation & Amortization	252.31	219.19	200.87	156.46	119.85
Other Amortization	20.37	15.62	10.63	11.67	11
Loss (Gain) From Sale of Assets	-0.8	-0.32	-0.87	-0	1.4
Asset Writedown & Restructuring Costs	13.31	25.64	0.36	0.1	0.47
Loss (Gain) From Sale of Investments	-7.34	-3.44	2.36	-0.34	0.34
Provision & Write-off of Bad Debts	10.42	7.87	19.63	8.66	1.48
Other Operating Activities	51.67	47.8	95.65	82.69	78.11
Change in Accounts Receivable	-871.47	143.91	260.1	-24.18	-245.39
Change in Inventory	-126.66	-36.49	-133.32	-123.96	-196.26
Change in Accounts Payable	86.22	66.12	118.27	4.63	-138.14
Change in Other Net Operating Assets	28.89	2.88	1.88	0.75	-
Operating Cash Flow	-234.62	654.08	866.78	925.63	594.29
Operating Cash Flow Growth	-	-24.54%	-6.36%	55.75%	2237.02%
Capital Expenditures	-222.29	-333.56	-355.11	-646.11	-619.95
Sale of Property, Plant & Equipment	1.29	1.62	0.74	0.96	1.59
Cash Acquisitions	-232.01	-	-101.97	-34.46	-
Divestitures	0	-	-	-	-
Investment in Securities	-398.82	17.62	-123.44	-11.48	-6
Other Investing Activities	13.17	13.23	5.78	-117.65	-3.6
Investing Cash Flow	-838.65	-301.1	-574.01	-808.74	-627.96
Long-Term Debt Issued	1,737	530.05	988.82	1,335	1,637
Long-Term Debt Repaid	-855.95	-770.71	-876.2	-1,263	-1,336
Net Debt Issued (Repaid)	880.74	-240.65	112.61	71.26	300.23
Repurchase of Common Stock	-50	-25	-42.37	-35.24	-30
Common Dividends Paid	-125.37	-133.23	-197.06	-258.29	-181.66
Other Financing Activities	15.15	-11.74	3.51	-7.92	69.53
Financing Cash Flow	720.52	-410.63	-123.3	-230.2	158.09
Foreign Exchange Rate Adjustments	-2.57	1.37	5.59	9.58	-2.68
Net Cash Flow	-355.32	-56.27	175.07	-103.72	121.75
Free Cash Flow	-456.91	320.52	511.67	279.52	-25.66
Free Cash Flow Growth	-	-37.36%	83.06%	-	-
Free Cash Flow Margin	-11.09%	11.44%	14.60%	7.85%	-0.54%
Free Cash Flow Per Share	-0.97	0.71	1.11	0.59	-0.05
Cash Income Tax Paid	223.24	188.7	182.33	312.96	379.54
Levered Free Cash Flow	-710.41	125.16	409.8	-160.11	-312.15
Unlevered Free Cash Flow	-693.27	147.04	440.86	-133.34	-290.72
Change in Working Capital	-894.34	147.21	219.77	-135.06	-574.21

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