SHA:688111 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	1,836	1,645	1,318	1,118	1,041
Depreciation & Amortization	102.98	106.36	115.86	123.35	92.23
Other Amortization	24.78	8.49	8.66	7	3.31
Loss (Gain) From Sale of Assets	-0.5	-0.18	-5.24	-0.16	-0.19
Asset Writedown & Restructuring Costs	-0.07	-	-0.09	-0.02	-
Loss (Gain) From Sale of Investments	-446.83	-347.01	-218.33	-287.9	-203.69
Provision & Write-off of Bad Debts	-0.54	15.88	16.2	-1.93	11.7
Other Operating Activities	2.53	22.42	14.86	29.17	33.19
Change in Accounts Receivable	-163.69	15.77	-104.25	-107.99	-52.51
Change in Inventory	0.28	0.61	-0.23	1.14	-0.95
Change in Accounts Payable	890.07	512.79	698.89	545.37	843.98
Change in Other Net Operating Assets	223.53	202.94	212.74	168.54	97.66
Operating Cash Flow	2,502	2,196	2,058	1,603	1,864
Operating Cash Flow Growth	13.93%	6.71%	28.36%	-14.02%	23.10%
Capital Expenditures	-97.89	-174.99	-165.85	-175.96	-148.85
Sale of Property, Plant & Equipment	0.14	0.37	0.31	0.07	0.14
Investment in Securities	-1,973	-4,361	-5,171	4,444	-1,422
Other Investing Activities	103.48	261.86	126.82	228.12	206.89
Investing Cash Flow	-1,967	-4,274	-5,210	4,502	-1,364
Long-Term Debt Repaid	-42.87	-56.31	-69.73	-41.69	-20.73
Net Debt Issued (Repaid)	-42.87	-56.31	-69.73	-41.69	-20.73
Issuance of Common Stock	66.36	62.05	21.92	9.87	-
Repurchase of Common Stock	-	-100.03	-	-	-
Common Dividends Paid	-431.38	-406.29	-336.73	-322.7	-276.6
Other Financing Activities	-327.47	-	-	0.17	50
Financing Cash Flow	-735.36	-500.58	-384.54	-354.35	-247.33
Foreign Exchange Rate Adjustments	-2.7	-0.15	-2.03	11.05	-1.81
Net Cash Flow	-203.37	-2,579	-3,539	5,762	251.25
Free Cash Flow	2,404	2,021	1,892	1,427	1,715
Free Cash Flow Growth	18.96%	6.81%	32.57%	-16.82%	17.57%
Free Cash Flow Margin	40.54%	39.46%	41.52%	36.73%	52.30%
Free Cash Flow Per Share	5.18	4.37	4.09	3.09	3.72
Cash Income Tax Paid	458.68	387.22	290.32	251.68	251.55
Levered Free Cash Flow	1,513	1,332	1,175	1,001	1,325
Unlevered Free Cash Flow	1,514	1,338	1,181	1,008	1,328
Change in Working Capital	982.68	744.53	807.89	615.89	886.49

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