SHA:603712 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	-503.3	-492.12	-248.82	439.79	774.92	697.56
Depreciation & Amortization	81.76	81.76	91.52	85.03	85.16	73.4
Other Amortization	9.53	9.53	3.15	2.91	1.76	12.89
Loss (Gain) From Sale of Assets	-1.87	-1.87	0.5	-0.12	-0.21	-6.55
Asset Writedown & Restructuring Costs	0.11	0.11	-0.04	0.13	0.03	0.02
Loss (Gain) From Sale of Investments	-27.91	-27.91	-20.06	-30.31	0.51	-36.89
Provision & Write-off of Bad Debts	173.84	173.84	122.94	62.87	45.15	15.94
Other Operating Activities	236.52	116.88	94.07	52.8	18.27	17.85
Change in Accounts Receivable	-628.08	-628.08	64.5	-298.22	-862.49	-593.2
Change in Inventory	284.2	284.2	466	370.75	193	-840.47
Change in Accounts Payable	5.28	5.28	-492.31	-665.96	-197.22	1,037
Operating Cash Flow	-389.69	-498.14	-78.73	-37.16	44.86	342.61
Operating Cash Flow Growth	-	-	-	-	-86.91%	-57.38%
Capital Expenditures	-42.71	-36.23	-36.05	-99	-114.34	-162.89
Sale of Property, Plant & Equipment	0.01	0.01	0.52	0.01	0.02	0
Investment in Securities	52.53	248.13	-397.6	93.86	60	-420
Other Investing Activities	19.98	1.82	0.25	0.25	13.92	25.93
Investing Cash Flow	29.81	213.73	-432.89	-4.87	-40.4	-556.96
Long-Term Debt Issued	-	769.39	330	650	1,016	111.8
Long-Term Debt Repaid	-	-342.65	-316.48	-378.75	-479.76	-195.34
Net Debt Issued (Repaid)	454.14	426.74	13.52	271.25	536.24	-83.54
Common Dividends Paid	-26.02	-24.57	-72.52	-106.25	-89.03	-85.68
Other Financing Activities	0.51	-3.12	-3.18	2.42	35.77	0.02
Financing Cash Flow	428.64	399.05	-62.19	167.42	482.97	-169.2
Foreign Exchange Rate Adjustments	-0.18	-0.1	0.05	0.04	0.22	-0.06
Net Cash Flow	68.58	114.54	-573.75	125.43	487.65	-383.61
Free Cash Flow	-432.4	-534.37	-114.78	-136.15	-69.48	179.72
Free Cash Flow Growth	-	-	-	-	-	-75.84%
Free Cash Flow Margin	-19.86%	-24.88%	-5.33%	-4.17%	-1.72%	5.21%
Free Cash Flow Per Share	-0.56	-0.69	-0.15	-0.18	-0.09	0.23
Cash Income Tax Paid	127.32	82.03	54.54	63.12	40.25	78.44
Levered Free Cash Flow	-471.61	-378.32	-33.85	-367.9	-392.93	-105.72
Unlevered Free Cash Flow	-455.78	-362.48	-16.88	-353.6	-384.13	-98.83
Change in Working Capital	-358.36	-358.36	-121.99	-650.27	-880.76	-431.59

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