SHA:603950 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	389.15	230.37	218.63	100.06	249.41
Depreciation & Amortization	294.08	251.46	206.7	205.86	191.17
Other Amortization	2.1	1.06	0.89	0.54	0.02
Loss (Gain) From Sale of Assets	-0.01	0.18	-0.05	-0.02	-0.27
Asset Writedown & Restructuring Costs	0.28	-7.65	-10.52	-0.68	0.25
Loss (Gain) From Sale of Investments	-2.69	-3.19	-7.54	-6.4	-7.02
Provision & Write-off of Bad Debts	-	22.48	5.71	0.77	-8.68
Other Operating Activities	-10.36	10.14	27.58	31.19	23.25
Change in Accounts Receivable	-26.27	-440.42	-95.13	-99.33	196.9
Change in Inventory	-308.35	-93.99	-82.13	-51.14	-74.58
Change in Accounts Payable	147.52	338.31	-17.95	103.2	75.6
Change in Other Net Operating Assets	36.13	37.41	35.08	28.8	10.11
Operating Cash Flow	528.53	363	270.5	288.54	631.38
Operating Cash Flow Growth	45.60%	34.20%	-6.25%	-54.30%	45.48%
Capital Expenditures	-580.97	-402.17	-670.86	-256.52	-374.84
Sale of Property, Plant & Equipment	0.1	0.05	0.09	0.08	-
Investment in Securities	50.76	-17.43	-12	36.99	-10
Other Investing Activities	0.84	-	-	-	0
Investing Cash Flow	-529.27	-419.54	-682.77	-219.45	-384.84
Short-Term Debt Issued	-	-	-	2.5	-
Long-Term Debt Issued	1,051	376	530	80	90
Total Debt Issued	1,051	376	530	82.5	90
Long-Term Debt Repaid	-755.6	-242	-451	-50	-250.42
Net Debt Issued (Repaid)	295.4	134	79	32.5	-160.42
Issuance of Common Stock	7.04	-	-	-	-
Common Dividends Paid	-95.42	-28.16	-18.86	-110.22	-21.41
Other Financing Activities	-6.2	1.62	2.05	12.25	-18.06
Financing Cash Flow	200.83	107.46	62.19	-65.47	-199.89
Foreign Exchange Rate Adjustments	-	-0	0	-0	-0
Net Cash Flow	200.09	50.92	-350.07	3.62	46.65
Free Cash Flow	-52.44	-39.17	-400.36	32.02	256.54
Free Cash Flow Growth	-	-	-	-87.52%	366.59%
Free Cash Flow Margin	-2.33%	-2.04%	-27.19%	2.87%	16.22%
Free Cash Flow Per Share	-0.16	-0.13	-1.23	0.10	0.79
Cash Income Tax Paid	75.65	46.07	94.66	77.25	85.64
Levered Free Cash Flow	-111.84	2.11	-393.66	-144.41	-21.47
Unlevered Free Cash Flow	-111.84	8.52	-391.51	-144.41	-18.37
Change in Working Capital	-144.03	-141.21	-169.94	-43.52	183.26

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