SHA:603938 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	80	63.78	195.44	747.83	335.15
Depreciation & Amortization	157.78	134.8	111.33	76.63	52.77
Other Amortization	0.96	1.42	0.52	0.96	0.95
Loss (Gain) From Sale of Assets	-0.18	-0.65	-0.66	-1.46	-0.56
Asset Writedown & Restructuring Costs	9.7	0.82	54.9	1.24	5.61
Loss (Gain) From Sale of Investments	-7.39	-14.61	-14.07	-3.17	-2.96
Provision & Write-off of Bad Debts	-	-0.1	4.54	3.38	1.81
Other Operating Activities	4.52	15.09	22.95	8.54	0.3
Change in Accounts Receivable	-250.13	-98.78	261.43	-208.26	-360.88
Change in Inventory	3.41	-16.8	109.35	-136.39	-45.18
Change in Accounts Payable	87.43	84.92	-322.74	-3.59	267.37
Change in Other Net Operating Assets	1.48	-3.91	5.74	4.74	7.25
Operating Cash Flow	78.28	162.68	400.46	473.16	254.54
Operating Cash Flow Growth	-51.88%	-59.38%	-15.37%	85.89%	41.37%
Capital Expenditures	-39.41	-91.03	-144.41	-245.43	-333.89
Sale of Property, Plant & Equipment	0.46	0.46	8.27	4.35	0.08
Cash Acquisitions	-	-	-	-5	-45.5
Divestitures	-	-	5	-	-
Investment in Securities	-30	339	-409	-258	98
Other Investing Activities	7.39	12.33	13.97	3.46	3.14
Investing Cash Flow	-61.55	260.75	-526.16	-500.62	-278.17
Long-Term Debt Issued	81.75	11.82	78.68	242.58	98.3
Long-Term Debt Repaid	-3	-343.47	-66.6	-25.8	-
Net Debt Issued (Repaid)	78.75	-331.65	12.08	216.78	98.3
Issuance of Common Stock	-	-	-	-	2.11
Common Dividends Paid	-6.48	-29.76	-90.02	-48.98	-19.27
Other Financing Activities	-0.42	-19.84	-	-	-63.5
Financing Cash Flow	71.85	-381.25	-77.94	167.8	17.65
Foreign Exchange Rate Adjustments	-1.52	2.63	0.28	6.55	-1.12
Net Cash Flow	87.06	44.81	-203.37	146.89	-7.1
Free Cash Flow	38.87	71.65	256.05	227.73	-79.35
Free Cash Flow Growth	-45.75%	-72.02%	12.44%	-	-
Free Cash Flow Margin	1.85%	4.05%	12.03%	8.60%	-4.96%
Free Cash Flow Per Share	0.10	0.19	0.67	0.59	-0.21
Cash Income Tax Paid	47.06	-3.11	151.79	209.52	140.37
Levered Free Cash Flow	144.32	259.58	416.76	56.67	-81.13
Unlevered Free Cash Flow	144.32	265.94	424.66	60.43	-80.51
Change in Working Capital	-167.1	-37.85	25.5	-360.77	-138.54

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