SHA:603682 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	-163.64	-118.86	14.75	98.84	97.04	124.06
Depreciation & Amortization	444.92	444.92	467.4	443.31	413.55	318.19
Other Amortization	93.39	93.39	95.23	115.08	96.23	79.21
Gain (Loss) on Sale of Assets	1.89	1.89	-6.34	-80.65	1.86	3.02
Gain (Loss) on Sale of Investments	-61.23	-61.23	-73.53	3.05	13.62	-1.94
Asset Writedown	258.69	258.69	69.11	13.1	0.47	-
Change in Accounts Receivable	21.87	21.87	-20.95	-84.34	-43.91	-149.86
Change in Accounts Payable	-64.48	-64.48	48.54	-3.17	6.65	-82.27
Change in Other Net Operating Assets	7.01	7.01	-4.66	-0.78	-141.17	-7.99
Other Operating Activities	140.06	106.54	168.9	153.47	157.04	150.05
Operating Cash Flow	634.16	645.43	728.31	643.93	582.38	422.17
Operating Cash Flow Growth	-11.54%	-11.38%	13.10%	10.57%	37.95%	104.32%
Acquisition of Real Estate Assets	-23.05	-42.44	-77.8	-29.56	-	-72.35
Sale of Real Estate Assets	-	-	0.23	0.77	0.35	29.67
Net Sale / Acq. of Real Estate Assets	-23.05	-42.44	-77.57	-28.79	0.35	-42.68
Cash Acquisition	-	-	-	-63.91	-83.12	-174.09
Investment in Marketable & Equity Securities	-30	32	50.25	-44.19	-32.9	-91.12
Other Investing Activities	0.92	0.93	2.68	-2.46	5.05	10.18
Investing Cash Flow	-52.14	-9.51	-24.64	-139.34	-110.62	-297.72
Long-Term Debt Issued	-	46	-	-	-	-
Long-Term Debt Repaid	-	-604.5	-523.48	-494.59	-359.12	-408.55
Net Debt Issued (Repaid)	-558.49	-558.5	-523.48	-494.59	-359.12	-408.55
Common Dividends Paid	-260.19	-156.24	-103.95	-103.95	-103.95	-104.06
Other Financing Activities	4.09	-	-	-	0.23	6.1
Net Cash Flow	-232.57	-78.81	76.24	-93.94	8.92	-382.06
Cash Income Tax Paid	123.14	123.14	97.67	102.2	97.75	81.47
Levered Free Cash Flow	345.46	229.15	425.82	907.68	516.78	575.06
Unlevered Free Cash Flow	440.65	329.6	542.54	1,014	623.35	672.01
Change in Working Capital	-83.3	-83.3	-10.1	-101.27	-199.16	-250.01

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