SHA:688071 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-63.26	-61.65	-46.74	-16.01	36.8	58.01
Depreciation & Amortization	119.48	119.48	117.81	57.62	44.26	31.22
Other Amortization	28.2	28.2	23.48	12.52	7.03	5.07
Loss (Gain) From Sale of Assets	1.26	1.26	-1.38	1.58	-0.05	-0.08
Asset Writedown & Restructuring Costs	0.34	0.34	0.43	-0	-	-
Loss (Gain) From Sale of Investments	-	-	-	0.3	0	-0
Provision & Write-off of Bad Debts	23.12	23.12	6.27	22.77	15.21	15.03
Other Operating Activities	90.22	35.47	43.02	34.14	26	18.17
Change in Accounts Receivable	-157.8	-157.8	-48.71	-49.38	-51.78	-133.95
Change in Inventory	17.35	17.35	-31.27	-18.03	-19.47	-18.56
Change in Accounts Payable	55.54	55.54	4.03	-62.75	10.71	-21.66
Change in Other Net Operating Assets	2.65	2.65	-1.97	0.65	2.31	-
Operating Cash Flow	87.4	34.26	46.37	-25.27	65.35	-52.7
Operating Cash Flow Growth	192.62%	-26.13%	-	-	-	-
Capital Expenditures	-65.53	-71.03	-162.24	-565.33	-242.19	-144.09
Sale of Property, Plant & Equipment	3.88	5.68	0.01	2.52	0.05	0.28
Investment in Securities	-10	-7	-	0.68	-	-
Investing Cash Flow	-71.65	-72.35	-162.23	-562.13	-242.13	-143.81
Long-Term Debt Issued	-	787.36	699.89	752.7	498.49	394.01
Long-Term Debt Repaid	-	-828.09	-632.13	-591.09	-359.47	-273.09
Net Debt Issued (Repaid)	27.87	-40.73	67.77	161.61	139.02	120.93
Issuance of Common Stock	3.7	5.99	-	566.07	-	212.94
Repurchase of Common Stock	-	-	-7.61	-2.99	-	-
Common Dividends Paid	-28.5	-28.53	-29.75	-20.95	-15.38	-11.93
Other Financing Activities	-11.03	91.82	0.91	-15.89	-2.65	-18.96
Financing Cash Flow	-7.96	28.54	31.32	687.85	120.99	302.98
Foreign Exchange Rate Adjustments	-0.51	-0.45	0.1	-0.24	0.02	-
Net Cash Flow	7.28	-10	-84.44	100.22	-55.77	106.48
Free Cash Flow	21.87	-36.77	-115.86	-590.59	-176.84	-196.79
Free Cash Flow Margin	4.17%	-7.21%	-27.36%	-167.87%	-52.51%	-61.36%
Free Cash Flow Per Share	0.26	-0.43	-1.36	-7.38	-2.45	-3.15
Cash Income Tax Paid	0.42	7.61	-43.83	14.16	-4.73	14.77
Levered Free Cash Flow	-50.43	-98.95	-108.38	-594.4	-222.23	-263.79
Unlevered Free Cash Flow	-28.11	-76.63	-82.76	-573.06	-206.73	-253.58
Change in Working Capital	-111.96	-111.96	-96.52	-138.18	-63.9	-180.12

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