SHA:688079 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	-156.55	-101.85	-84.45	22.09	99.92
Depreciation & Amortization	221.53	156.49	118.42	91.32	66.97
Other Amortization	2.23	1.5	1.76	1.72	-
Loss (Gain) From Sale of Assets	-0.04	1.69	-0.34	-0.45	-1.25
Asset Writedown & Restructuring Costs	14.23	2.89	1.55	7.13	9.25
Loss (Gain) From Sale of Investments	0.26	10.87	16.08	2.95	-2.86
Provision & Write-off of Bad Debts	1.71	3.68	0.19	-	-
Other Operating Activities	64.03	40.62	27.3	9.63	14.63
Change in Accounts Receivable	-36.34	-114.52	-17.38	24.52	51.92
Change in Inventory	-20.97	-54.5	-16.77	-14.25	-20.79
Change in Accounts Payable	41.04	148.08	99.54	45.33	-26.98
Change in Other Net Operating Assets	44.25	5.16	1.91	1.77	0.71
Operating Cash Flow	135.91	76.73	128.19	187.22	191.01
Operating Cash Flow Growth	77.14%	-40.14%	-31.53%	-1.99%	18.49%
Capital Expenditures	-341.29	-769.2	-640.07	-539.3	-297.22
Sale of Property, Plant & Equipment	1.95	3.26	6.99	3.75	3.4
Cash Acquisitions	-13.07	-	-	-	-
Investment in Securities	-49.53	-53.79	-27.5	186.4	360
Other Investing Activities	0.76	-9.99	5.91	-25.03	-554.9
Investing Cash Flow	-401.18	-829.73	-654.67	-374.18	-488.72
Long-Term Debt Issued	866.66	854.15	559.78	325.83	47.49
Total Debt Issued	866.66	854.15	559.78	325.83	47.49
Long-Term Debt Repaid	-757.77	-327.48	-188.79	-221.53	-286.69
Total Debt Repaid	-757.77	-327.48	-188.79	-221.53	-286.69
Net Debt Issued (Repaid)	108.88	526.66	370.99	104.31	-239.2
Issuance of Common Stock	23.5	32.54	-	-	962.43
Repurchase of Common Stock	-	-5.79	-4.21	-22.67	-
Common Dividends Paid	-25.83	-23.31	-11.29	-39.69	-52.09
Other Financing Activities	192.84	187.57	-	17.44	-1.26
Financing Cash Flow	299.39	717.67	355.49	59.39	669.88
Foreign Exchange Rate Adjustments	-0.17	-0.36	-9.58	10.42	-13.64
Net Cash Flow	33.95	-35.69	-180.56	-117.15	358.54
Free Cash Flow	-205.37	-692.47	-511.88	-352.08	-106.2
Free Cash Flow Margin	-30.94%	-142.63%	-159.60%	-85.10%	-24.17%
Free Cash Flow Per Share	-0.51	-1.77	-1.27	-0.96	-0.28
Cash Income Tax Paid	-4.94	-73.16	-46.26	-74.14	-81.11
Levered Free Cash Flow	-211.27	-674.09	-518.26	-400.82	-182.83
Unlevered Free Cash Flow	-185.9	-657.45	-513.95	-398.89	-181.83
Change in Working Capital	-11.58	-39.17	47.68	52.83	4.35

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