SHA:603909 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	109.04	95.61	65.92	56.66	40.43	47.2
Depreciation & Amortization	25.74	25.74	24.92	24.72	23.84	18.62
Other Amortization	7.09	7.09	6.01	5.49	7.38	10.42
Loss (Gain) From Sale of Assets	-0.51	-0.51	1.51	-0.21	-0.09	-0.09
Asset Writedown & Restructuring Costs	0.04	0.04	0.11	5.57	0.97	5.36
Loss (Gain) From Sale of Investments	-5.68	-5.68	-1.87	-4.11	-0.01	0.33
Provision & Write-off of Bad Debts	38.57	38.57	54.52	37.98	42.02	46.86
Other Operating Activities	-39.04	28.4	19.45	12.41	14.36	15.81
Change in Accounts Receivable	-1,102	-1,102	-899.35	-181.99	-83.14	-91.55
Change in Inventory	-152.1	-152.1	-9.04	-5.3	6.77	-10.24
Change in Accounts Payable	1,538	1,538	1,190	258.92	40.82	53.16
Change in Other Net Operating Assets	4.62	4.62	4.62	4.62	4.62	2.85
Operating Cash Flow	416.65	470.65	445.33	210.26	88.73	89.28
Operating Cash Flow Growth	1.97%	5.69%	111.79%	136.96%	-0.61%	-2.72%
Capital Expenditures	-10.59	-14.85	-17.64	-18.78	-38.82	-16.15
Sale of Property, Plant & Equipment	0.09	1.35	0.53	0.74	0.54	0.74
Cash Acquisitions	-	-	-	-7.49	-	-0.33
Divestitures	-	-	-	-1.78	-	-
Investment in Securities	10.64	-	-0.93	12.98	-	16.24
Other Investing Activities	6.18	6.2	2.31	0.7	0.01	-
Investing Cash Flow	6.32	-7.31	-15.73	-13.63	-38.27	0.5
Short-Term Debt Issued	-	-	1.68	110.6	-	-
Long-Term Debt Issued	-	-	-	-	168.45	71.78
Total Debt Issued	3.59	-	1.68	110.6	168.45	71.78
Short-Term Debt Repaid	-	-	-84.87	-279.05	-	-
Long-Term Debt Repaid	-	-8.21	-7.4	-7.26	-128.33	-100.63
Total Debt Repaid	-8.21	-8.21	-92.28	-286.31	-128.33	-100.63
Net Debt Issued (Repaid)	-4.61	-8.21	-90.6	-175.71	40.12	-28.85
Issuance of Common Stock	-	-	-	36.55	1.26	-
Repurchase of Common Stock	-	-	-	-	-	-1.1
Common Dividends Paid	-31.31	-20.85	-13.08	-15.27	-18.65	-23.79
Other Financing Activities	-11.92	-12.82	0.28	-	-	-
Financing Cash Flow	-47.84	-41.88	-103.4	-154.43	22.74	-53.74
Net Cash Flow	375.13	421.46	326.19	42.21	73.2	36.04
Free Cash Flow	406.05	455.8	427.69	191.49	49.91	73.13
Free Cash Flow Growth	3.92%	6.57%	123.35%	283.63%	-31.75%	3.87%
Free Cash Flow Margin	5.71%	6.90%	10.84%	15.19%	5.93%	9.18%
Free Cash Flow Per Share	1.56	1.75	1.64	0.73	0.19	0.28
Cash Income Tax Paid	121.58	132.78	105.87	57.45	46.74	52.38
Levered Free Cash Flow	390.81	446.64	416.18	184.04	4.32	52.9
Unlevered Free Cash Flow	391.09	447.12	417.3	188.53	10.42	59.5
Change in Working Capital	281.39	281.39	274.75	71.75	-40.17	-55.23

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.