SHA:605123 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	252.37	263.91	492.08	485.62	304.29
Depreciation & Amortization	172.83	147	119.28	71.69	47.92
Other Amortization	6.35	0.66	-	-	-
Loss (Gain) From Sale of Assets	0.04	-0.07	-4.36	-7.28	-1.78
Asset Writedown & Restructuring Costs	0.07	0.2	0.54	39.6	28.6
Loss (Gain) From Sale of Investments	-5.91	-10.88	-32.92	-3.55	-7.37
Provision & Write-off of Bad Debts	-3.04	19.48	24.63	11.31	8.03
Other Operating Activities	35.86	41.65	68.36	10.57	9.26
Change in Accounts Receivable	-235.45	-16.45	-744.03	-546.36	-611.8
Change in Inventory	-263.71	-194.46	-58.7	-436.4	-244.21
Change in Accounts Payable	886.33	353.57	262.99	516.59	471.8
Change in Other Net Operating Assets	-	-	-	0	-
Operating Cash Flow	829.13	594.42	136.59	166.53	6.09
Operating Cash Flow Growth	39.48%	335.18%	-17.98%	2634.01%	-54.10%
Capital Expenditures	-737.54	-594.4	-239.4	-403.25	-179.45
Sale of Property, Plant & Equipment	1.01	1.2	7.06	11.92	3.72
Investment in Securities	556	-286	620.1	-980.16	411.55
Other Investing Activities	6.37	14.51	32.04	0.94	10.44
Investing Cash Flow	-174.17	-864.69	419.8	-1,371	246.26
Long-Term Debt Issued	1,090	755.59	390	420	30
Total Debt Issued	1,090	755.59	390	420	30
Long-Term Debt Repaid	-822.28	-575.72	-439.44	-95.53	-65.76
Total Debt Repaid	-822.28	-575.72	-439.44	-95.53	-65.76
Net Debt Issued (Repaid)	267.72	179.87	-49.44	324.47	-35.76
Issuance of Common Stock	-	-	-	1,586	-
Common Dividends Paid	-106.38	-230.02	-74.23	-40.8	-57.37
Other Financing Activities	-	-	-	-2.96	-
Financing Cash Flow	161.35	-50.15	-123.67	1,867	-93.13
Foreign Exchange Rate Adjustments	19.27	-9.43	4.56	3.2	-1.59
Net Cash Flow	835.58	-329.85	437.28	665.89	157.64
Free Cash Flow	91.59	0.02	-102.81	-236.72	-173.36
Free Cash Flow Growth	562679.85%	-	-	-	-
Free Cash Flow Margin	2.58%	0.00%	-2.84%	-8.51%	-10.00%
Free Cash Flow Per Share	0.76	-	-0.85	-2.13	-1.60
Cash Income Tax Paid	93.83	29.13	34.75	46.33	41.97
Levered Free Cash Flow	-257.63	-166.96	-171.87	-424.44	-188.19
Unlevered Free Cash Flow	-247.25	-158.13	-163.74	-417.35	-186.39
Change in Working Capital	370.56	132.47	-531.03	-441.42	-382.86

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