SHA:603985 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	83.48	-138.29	-34.99	94.8	441.91
Depreciation & Amortization	271.37	177.63	106.37	49.06	56.87
Other Amortization	1.85	0.59	-	1.55	1.56
Loss (Gain) From Sale of Assets	1.32	1.89	0.72	0.24	-0.06
Asset Writedown & Restructuring Costs	1.79	-	-	-	-
Loss (Gain) From Sale of Investments	7.24	6.34	-32.73	-34.08	-182.7
Provision & Write-off of Bad Debts	14.16	-2.55	4.36	7.8	0.23
Other Operating Activities	49.48	83.68	73.87	-0.74	33.54
Change in Accounts Receivable	-451.41	126.32	-188.59	-235.09	-128.6
Change in Inventory	-544.56	-105.25	29.47	-218.66	75.57
Change in Accounts Payable	492.33	-230.54	-45.22	179.69	41.22
Change in Other Net Operating Assets	2.24	-	-	-	-
Operating Cash Flow	-63.7	-106.13	-114.44	-158	325.51
Operating Cash Flow Growth	-	-	-	-	34.24%
Capital Expenditures	-79.26	-203.78	-1,086	-545.25	-336.19
Sale of Property, Plant & Equipment	0.15	0.74	1.18	0.93	1.29
Cash Acquisitions	-	-	-0	-	-
Divestitures	-	50.61	44.66	-	124.65
Investment in Securities	4.2	1.86	-30	1,059	-581.93
Other Investing Activities	3.49	85.02	-26.53	-94.17	13.93
Investing Cash Flow	-74.3	-65.55	-1,097	420.08	-778.24
Short-Term Debt Issued	-	-	120	190.23	-
Long-Term Debt Issued	1,265	838.41	940	-	414
Total Debt Issued	1,265	838.41	1,060	190.23	414
Short-Term Debt Repaid	-	-	-	-110	-
Long-Term Debt Repaid	-956.17	-933.66	-211.83	-	-899
Total Debt Repaid	-956.17	-933.66	-211.83	-110	-899
Net Debt Issued (Repaid)	309.09	-95.25	848.17	80.23	-485
Issuance of Common Stock	28.95	-	-	-	1,454
Repurchase of Common Stock	-50.01	-	-	-	-
Common Dividends Paid	-25.46	-26.04	-32.36	-36.21	-106.1
Other Financing Activities	-	-	5	-	2.76
Financing Cash Flow	262.57	-121.29	820.81	44.02	866.06
Foreign Exchange Rate Adjustments	5.72	1.73	5.55	7.72	-9.08
Net Cash Flow	130.29	-291.24	-385.05	313.82	404.24
Free Cash Flow	-142.96	-309.92	-1,201	-703.26	-10.69
Free Cash Flow Margin	-3.61%	-17.96%	-64.95%	-36.16%	-0.47%
Free Cash Flow Per Share	-0.33	-0.70	-2.73	-1.59	-0.03
Cash Income Tax Paid	9.89	1.15	-45.14	-5.78	168.11
Levered Free Cash Flow	248.83	-277.93	-1,383	-595.79	231.77
Unlevered Free Cash Flow	276.88	-259.93	-1,372	-594.03	245.26
Change in Working Capital	-494.39	-235.44	-232.05	-276.64	-25.83

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