SHA:688156 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	-69.93	-56.55	26.97	25.93	75.54
Depreciation & Amortization	73.09	45.82	35.04	26.37	24.94
Other Amortization	1.94	1.58	0.25	7.2	7.55
Loss (Gain) From Sale of Assets	0.19	0.36	0	-0.87	-1.1
Asset Writedown & Restructuring Costs	7.27	-0.39	0.15	0.34	0.01
Loss (Gain) From Sale of Investments	-0.07	-0.66	-2.22	-5.29	-5.08
Provision & Write-off of Bad Debts	-	32.17	27.02	16.57	7.19
Other Operating Activities	48.81	3.96	8.59	16.51	5.22
Change in Accounts Receivable	-2.61	60.44	-11.74	-41.12	-94.43
Change in Inventory	4.36	-20.94	-44.21	-23.3	-12.89
Change in Accounts Payable	-15.91	5.76	-54.98	-15.07	33.54
Change in Other Net Operating Assets	-1.7	-0.67	-0.52	0.09	6.05
Operating Cash Flow	33.39	53.45	-19.13	3.49	44.81
Operating Cash Flow Growth	-37.52%	-	-	-92.21%	90.46%
Capital Expenditures	-165.45	-341.39	-322.67	-149.21	-59.29
Sale of Property, Plant & Equipment	0.71	3.13	4.15	1.87	2.11
Divestitures	-	-	-	1.89	-
Investment in Securities	-0.01	89.08	29.93	-54.28	-60.82
Other Investing Activities	3.05	2.81	25.29	-13.09	4.97
Investing Cash Flow	-161.71	-246.38	-263.3	-212.81	-113.03
Long-Term Debt Issued	328.72	413.79	214.19	167.5	45.11
Total Debt Issued	328.72	413.79	214.19	167.5	45.11
Long-Term Debt Repaid	-276.77	-186	-100	-33.61	-30
Total Debt Repaid	-276.77	-186	-100	-33.61	-30
Net Debt Issued (Repaid)	51.96	227.8	114.19	133.89	15.11
Issuance of Common Stock	-	-	109.58	6.3	-
Common Dividends Paid	-19.87	-22.14	-18.71	-31.17	-19.89
Dividends Paid	-19.87	-22.14	-18.71	-31.17	-19.89
Other Financing Activities	182.79	34.15	-7.42	-0.3	-1.12
Financing Cash Flow	214.87	239.8	197.64	108.72	-5.9
Net Cash Flow	86.55	46.87	-84.79	-100.6	-74.12
Free Cash Flow	-132.06	-287.95	-341.8	-145.72	-14.48
Free Cash Flow Margin	-34.73%	-103.72%	-97.36%	-42.60%	-3.79%
Free Cash Flow Per Share	-1.32	-2.85	-3.55	-1.57	-0.16
Cash Income Tax Paid	16.45	-2.75	19.25	17.55	15.99
Levered Free Cash Flow	80.88	-348.8	-203.16	-112.25	-30.8
Unlevered Free Cash Flow	80.88	-341.47	-198.91	-110.92	-29.94
Change in Working Capital	-27.9	27.17	-114.92	-83.26	-69.45

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