SHA:603937 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	-35.83	-34.23	67.44	87.87	132.13
Depreciation & Amortization	105.58	67.65	24.48	30.83	26.3
Other Amortization	-	0.09	0.11	0.11	0.03
Loss (Gain) From Sale of Assets	-	0.03	-0.01	0.14	-0.12
Asset Writedown & Restructuring Costs	12.61	-0.15	0	-	-
Loss (Gain) From Sale of Investments	-0.45	-2.17	-2.34	-5.97	-6.2
Provision & Write-off of Bad Debts	-	24.33	3.72	13.98	9.73
Other Operating Activities	2.61	19.1	-1.54	-4.62	3.24
Change in Accounts Receivable	108.15	-130.06	-395.17	104.77	-55.05
Change in Inventory	-20.65	-100.85	-27.56	-7.15	-115.72
Change in Accounts Payable	-99.98	-30.5	327.9	-73.57	-11.18
Change in Other Net Operating Assets	0	-0.12	-	-	-
Operating Cash Flow	72.32	-195.83	-22.74	144.88	-17.16
Capital Expenditures	-59.99	-48.48	-239.17	-252.8	-39.63
Sale of Property, Plant & Equipment	0.02	0.45	0.07	0.03	0.18
Investment in Securities	-	229.68	-127.05	-64.82	131.29
Other Investing Activities	36.81	6.55	116.93	3.46	6.73
Investing Cash Flow	-23.16	188.2	-249.22	-314.13	98.58
Short-Term Debt Issued	-	-	296.04	31.89	10
Total Debt Issued	-	-	296.04	31.89	10
Short-Term Debt Repaid	-	-	-34.82	-10	-20
Long-Term Debt Repaid	-	-0.03	-0.03	-0.02	-0.03
Total Debt Repaid	-	-0.03	-34.85	-10.02	-20.03
Net Debt Issued (Repaid)	-	-0.03	261.19	21.86	-10.03
Common Dividends Paid	-1.2	-20.86	-27.63	-42.68	-104.83
Dividends Paid	-1.2	-20.86	-27.63	-42.68	-104.83
Other Financing Activities	-	-0.5	-1.96	-1.1	-
Financing Cash Flow	-1.2	-21.39	231.6	-21.92	-114.86
Foreign Exchange Rate Adjustments	-0.91	4.47	1.97	8.74	-2.86
Net Cash Flow	47.05	-24.55	-38.4	-182.44	-36.3
Free Cash Flow	12.33	-244.31	-261.91	-107.92	-56.78
Free Cash Flow Margin	0.63%	-15.47%	-18.61%	-6.73%	-3.26%
Free Cash Flow Per Share	0.02	-1.14	-1.24	-0.52	-0.27
Cash Income Tax Paid	26.55	-22.82	29.59	35.68	30.92
Levered Free Cash Flow	79.62	-171.33	29.59	-25.5	-108.09
Unlevered Free Cash Flow	79.62	-163.97	30.86	-24.91	-107.85
Change in Working Capital	-12.2	-270.48	-114.6	22.53	-182.27

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