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 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	114.25	109.19	95.61	65.92	56.66	40.43
Depreciation & Amortization	25.21	25.21	25.74	24.92	24.72	23.84
Other Amortization	6.62	6.62	7.09	6.01	5.49	7.38
Loss (Gain) From Sale of Assets	-0.2	-0.2	-0.51	1.51	-0.21	-0.09
Asset Writedown & Restructuring Costs	0.09	0.09	0.04	0.11	5.57	0.97
Loss (Gain) From Sale of Investments	-5.07	-5.07	-5.68	-1.87	-4.11	-0.01
Provision & Write-off of Bad Debts	27.93	27.93	38.57	54.52	37.98	42.02
Other Operating Activities	183.64	24.83	28.4	19.45	12.41	14.36
Change in Accounts Receivable	-1,145	-1,145	-1,102	-899.35	-181.99	-83.14
Change in Inventory	35.57	35.57	-152.1	-9.04	-5.3	6.77
Change in Accounts Payable	1,340	1,340	1,538	1,190	258.92	40.82
Change in Other Net Operating Assets	4.62	4.62	4.62	4.62	4.62	4.62
Operating Cash Flow	584.85	420.98	470.65	445.33	210.26	88.73
Operating Cash Flow Growth	97.16%	-10.55%	5.69%	111.79%	136.96%	-0.61%
Capital Expenditures	-13.45	-12.88	-14.85	-17.64	-18.78	-38.82
Sale of Property, Plant & Equipment	0.56	0.05	1.35	0.53	0.74	0.54
Cash Acquisitions	0	0	-	-	-7.49	-
Divestitures	-	-	-	-	-1.78	-
Investment in Securities	-2.18	-2.18	-	-0.93	12.98	-
Other Investing Activities	6.84	6.53	6.2	2.31	0.7	0.01
Investing Cash Flow	-8.22	-8.48	-7.31	-15.73	-13.63	-38.27
Short-Term Debt Issued	-	4.08	-	1.68	110.6	-
Long-Term Debt Issued	-	-	-	-	-	168.45
Total Debt Issued	4.08	4.08	-	1.68	110.6	168.45
Short-Term Debt Repaid	-	-	-	-84.87	-279.05	-
Long-Term Debt Repaid	-	-6.92	-8.21	-7.4	-7.26	-128.33
Total Debt Repaid	-13.08	-6.92	-8.21	-92.28	-286.31	-128.33
Net Debt Issued (Repaid)	-9	-2.84	-8.21	-90.6	-175.71	40.12
Issuance of Common Stock	-	-	-	-	36.55	1.26
Common Dividends Paid	-31.31	-31.31	-20.85	-13.08	-15.27	-18.65
Other Financing Activities	0.76	-	-12.82	0.28	-	-
Financing Cash Flow	-39.55	-34.16	-41.88	-103.4	-154.43	22.74
Net Cash Flow	537.08	378.35	421.46	326.19	42.21	73.2
Free Cash Flow	571.41	408.11	455.8	427.69	191.49	49.91
Free Cash Flow Growth	101.57%	-10.46%	6.57%	123.35%	283.63%	-31.75%
Free Cash Flow Margin	7.24%	5.34%	6.90%	10.84%	15.19%	5.93%
Free Cash Flow Per Share	2.19	1.57	1.75	1.64	0.73	0.19
Cash Income Tax Paid	138.59	125.97	132.78	105.87	57.45	46.74
Levered Free Cash Flow	530.94	375.4	446.19	416.18	184.04	4.32
Unlevered Free Cash Flow	531.37	375.83	447.12	417.3	188.53	10.42
Change in Working Capital	232.39	232.39	281.39	274.75	71.75	-40.17

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