SHA:603990 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	39.16	-279.47	-269.42	33.56	41.95
Depreciation & Amortization	20.19	79.48	33.72	16.84	16.1
Other Amortization	11.84	17.7	6.29	1.37	0.71
Loss (Gain) From Sale of Assets	-0.16	0.21	0.03	0.06	-0.09
Asset Writedown & Restructuring Costs	0.09	31.44	0.02	0	0.05
Loss (Gain) From Sale of Investments	-23.06	0.44	-0.87	-4.84	-3.68
Provision & Write-off of Bad Debts	-5.13	6.8	16.39	21.38	20.75
Other Operating Activities	15.42	98.29	66	5.47	6.13
Change in Accounts Receivable	33.54	75.09	-303.28	-8.24	-48.47
Change in Inventory	8.82	13.59	-51.58	3.95	-3.6
Change in Accounts Payable	-35.94	-76.82	180.37	-12.75	9.63
Change in Other Net Operating Assets	-0.17	4.91	9.51	-	-0.38
Operating Cash Flow	65.41	-11.39	-316.65	50.51	36.04
Operating Cash Flow Growth	-	-	-	40.17%	-64.13%
Capital Expenditures	-68.58	-252.29	-599.84	-24.58	-40.99
Sale of Property, Plant & Equipment	1.4	0.03	0	0.41	0.13
Cash Acquisitions	-	-	-2.86	-	-101.23
Divestitures	274.04	-0.29	-	-	-
Investment in Securities	39.81	105.3	-269.77	222	-338.07
Other Investing Activities	0.96	2.14	9.93	7.48	10.19
Investing Cash Flow	247.62	-145.12	-862.53	205.32	-467.24
Short-Term Debt Issued	-	-	-	-	105.82
Long-Term Debt Issued	222.19	611.22	1,543	233.5	-
Total Debt Issued	222.19	611.22	1,543	233.5	105.82
Short-Term Debt Repaid	-	-	-	-	-170.82
Long-Term Debt Repaid	-396.69	-942.72	-907.84	-152.39	-2.33
Total Debt Repaid	-396.69	-942.72	-907.84	-152.39	-173.15
Net Debt Issued (Repaid)	-174.5	-331.5	635.09	81.11	-67.33
Issuance of Common Stock	-	5.4	13.72	232.14	-
Repurchase of Common Stock	-5.49	-30	-	-	-70.69
Common Dividends Paid	-10.22	-26.33	-17.57	-3.58	-16.51
Other Financing Activities	55.24	225.79	78.92	-2.25	0.29
Financing Cash Flow	-134.97	-156.63	710.16	307.42	-154.24
Foreign Exchange Rate Adjustments	-	-	-0.01	-	-
Net Cash Flow	178.06	-313.15	-469.03	563.25	-585.45
Free Cash Flow	-3.17	-263.69	-916.49	25.93	-4.95
Free Cash Flow Margin	-1.05%	-56.82%	-148.27%	8.49%	-1.40%
Free Cash Flow Per Share	-0.01	-0.87	-2.99	0.09	-0.02
Cash Income Tax Paid	16.69	-117.61	36.46	30.3	24.35
Levered Free Cash Flow	237.57	-1,500	-15.36	15.45	1.54
Unlevered Free Cash Flow	245.62	-1,455	14.84	17.93	5.72
Change in Working Capital	7.07	33.72	-168.81	-23.33	-45.89

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