SHA:603809 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	275.99	321.84	181.96	211.4	199.59
Depreciation & Amortization	346.85	270.32	224.41	198.09	154.6
Other Amortization	9.57	8.8	5.86	3.74	2.07
Loss (Gain) From Sale of Assets	-1.33	3.09	-0.91	0.54	1.52
Asset Writedown & Restructuring Costs	141.04	8.05	0.15	0.02	0.23
Loss (Gain) From Sale of Investments	-10.77	22.96	58.11	6.53	-6.97
Provision & Write-off of Bad Debts	-	-1.58	15.86	0.46	1.42
Other Operating Activities	68.76	109.28	94.55	67.61	64.69
Change in Accounts Receivable	-187.58	-292.37	-321.62	75.93	17.51
Change in Inventory	-144.56	-136.41	-42.78	-131.7	-117.99
Change in Accounts Payable	-189.66	285.18	114.46	-148.66	51.17
Change in Other Net Operating Assets	6.38	7.33	6.87	6.21	106.13
Operating Cash Flow	308.99	611.39	321.17	281.61	476.35
Operating Cash Flow Growth	-49.46%	90.36%	14.05%	-40.88%	83.53%
Capital Expenditures	-1,008	-714.78	-626.28	-525.15	-597.17
Sale of Property, Plant & Equipment	17.63	0.52	4.38	7.92	13.62
Cash Acquisitions	-	-	-67.15	-53.72	-120
Investment in Securities	-92.46	-132.27	80	-79.69	-131.49
Other Investing Activities	130.72	0.02	0.67	-1.67	6.81
Investing Cash Flow	-951.62	-846.51	-608.38	-652.31	-828.73
Long-Term Debt Issued	1,690	1,045	1,347	1,416	825.22
Long-Term Debt Repaid	-1,099	-691.75	-889.82	-695.24	-413.61
Net Debt Issued (Repaid)	591.27	352.78	457.62	721.19	411.61
Issuance of Common Stock	2	4	-	-	-
Repurchase of Common Stock	-	-	-3.65	-	-
Common Dividends Paid	-182.69	-135.31	-126.29	-173.44	-97.21
Other Financing Activities	44.11	78.52	-0.35	-137.92	22.46
Financing Cash Flow	454.69	299.99	327.33	409.83	336.86
Foreign Exchange Rate Adjustments	1.21	0.2	1.27	1.4	-0.05
Net Cash Flow	-186.72	65.07	41.39	40.53	-15.56
Free Cash Flow	-698.52	-103.39	-305.1	-243.54	-120.82
Free Cash Flow Margin	-25.97%	-4.38%	-15.68%	-16.55%	-8.37%
Free Cash Flow Per Share	-0.81	-0.15	-0.41	-0.32	-0.16
Cash Income Tax Paid	122.99	147.42	159.67	40.5	73.95
Levered Free Cash Flow	-578.15	-153.24	-685.5	-223.13	-326.73
Unlevered Free Cash Flow	-578.15	-99.42	-634.78	-202.59	-312.61
Change in Working Capital	-521.11	-131.37	-258.83	-206.78	59.19

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