SHA:688108 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	47.47	1.5	-39.63	-162.38	-130.77
Depreciation & Amortization	75.4	76.82	62.81	63.17	65.41
Other Amortization	18.37	25.74	24.55	24.11	15.48
Loss (Gain) From Sale of Assets	-	-0.29	1.41	-0	-0.19
Asset Writedown & Restructuring Costs	3.99	0.09	0.14	2.22	0.08
Loss (Gain) From Sale of Investments	-	-11.19	4.67	4.11	0.29
Provision & Write-off of Bad Debts	-	-0.43	-1.41	1.33	-0.54
Other Operating Activities	6.95	18.47	5.37	6.78	11.62
Change in Accounts Receivable	-16.59	10.31	18.86	7.73	100.12
Change in Inventory	4.14	18.7	-14.53	-18.38	-27.79
Change in Accounts Payable	0.21	0.34	3.03	8.04	-59.48
Change in Other Net Operating Assets	0.99	3.27	7.62	-	-
Operating Cash Flow	161.87	131.24	56.84	-111.31	-60.13
Operating Cash Flow Growth	23.34%	130.89%	-	-	-
Capital Expenditures	-45.8	-70.02	-67.67	-110.76	-158.45
Sale of Property, Plant & Equipment	0.03	0.83	1.39	0.02	0.66
Cash Acquisitions	-	-20.35	-127.05	-	-25.84
Investment in Securities	-	-	-	21.19	-5
Other Investing Activities	-	0.07	0.29	0.62	2.04
Investing Cash Flow	-45.77	-89.46	-193.04	-88.93	-186.59
Short-Term Debt Issued	-	-	-	55.5	5
Long-Term Debt Issued	67.4	141.48	159.5	-	-
Total Debt Issued	67.4	141.48	159.5	55.5	5
Short-Term Debt Repaid	-	-	-	-25	-
Long-Term Debt Repaid	-76.5	-93.79	-44.68	-16.2	-14.4
Total Debt Repaid	-76.5	-93.79	-44.68	-41.2	-14.4
Net Debt Issued (Repaid)	-9.1	47.69	114.82	14.3	-9.4
Issuance of Common Stock	11.53	15.38	-	103.5	-
Common Dividends Paid	-4.19	-4.11	-2.01	-0.94	-0.03
Other Financing Activities	-7.98	2.51	9.5	-	-
Financing Cash Flow	-9.74	61.47	122.32	116.86	-9.43
Foreign Exchange Rate Adjustments	-1.64	-0.21	-0.9	-0.95	-0.75
Net Cash Flow	104.73	103.03	-14.78	-84.33	-256.91
Free Cash Flow	116.07	61.22	-10.83	-222.07	-218.58
Free Cash Flow Growth	89.59%	-	-	-	-
Free Cash Flow Margin	22.09%	13.35%	-3.16%	-115.15%	-112.46%
Free Cash Flow Per Share	0.27	0.16	-0.03	-0.55	-0.54
Cash Income Tax Paid	53.15	29.68	22.67	-3.27	1.14
Levered Free Cash Flow	96.64	95.15	-29.66	-162.62	-163.59
Unlevered Free Cash Flow	96.64	98.66	-27.31	-161.02	-162.22
Change in Working Capital	9.71	20.55	-1.07	-50.64	-21.52

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