SHA:688188 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	1,174	1,113	882.71	728.91	479.52	550.2
Depreciation & Amortization	36.97	36.97	32.36	23.64	16.91	10.28
Other Amortization	2.26	2.26	1.44	1.71	0.99	1.9
Loss (Gain) From Sale of Assets	0.23	0.23	-0	-0.17	-0.01	-
Asset Writedown & Restructuring Costs	-44.52	-44.52	-23.58	-18.08	1.91	0.3
Loss (Gain) From Sale of Investments	-5.71	-5.71	-23.21	-32.12	-19.32	-32.92
Provision & Write-off of Bad Debts	3.88	3.88	2.23	2.63	-0.45	0.74
Other Operating Activities	-40.94	18.91	48.44	24.7	12.81	-0.96
Change in Accounts Receivable	-118.41	-118.41	-102.4	-73.64	5.31	-12.83
Change in Inventory	-85.29	-85.29	-11.26	-33.55	16.43	-96.02
Change in Accounts Payable	128.3	128.3	70.44	132.55	62.1	14.53
Change in Other Net Operating Assets	61.2	61.2	82.95	124.77	29.75	69.8
Operating Cash Flow	1,105	1,104	952.44	860.94	619.28	498.73
Operating Cash Flow Growth	12.83%	15.95%	10.63%	39.02%	24.17%	37.59%
Capital Expenditures	-36.48	-35.2	-113.22	-151.52	-96.76	-163.45
Sale of Property, Plant & Equipment	0.19	0.18	0.01	-	0.01	-
Investment in Securities	-605.94	-660.6	-789.71	-256	-1,511	1,785
Other Investing Activities	53.13	47.57	44.79	44	18.86	33.01
Investing Cash Flow	-589.11	-648.06	-858.13	-363.53	-1,589	1,655
Long-Term Debt Repaid	-	-1.87	-3.52	-3.34	-6.58	-6.26
Net Debt Issued (Repaid)	-1.87	-1.87	-3.52	-3.34	-6.58	-6.26
Issuance of Common Stock	46.64	46.64	27.25	2.61	967.04	11.2
Common Dividends Paid	-637.24	-637.24	-515.86	-165.31	-192.4	-129
Other Financing Activities	44.08	44.09	-18	-0.83	-1.95	1.28
Financing Cash Flow	-548.39	-548.39	-510.13	-166.87	766.11	-122.78
Foreign Exchange Rate Adjustments	-0.9	-0.49	0.41	0.14	0.06	-0
Net Cash Flow	-32.95	-92.62	-415.41	330.68	-203.69	2,031
Free Cash Flow	1,069	1,069	839.23	709.42	522.53	335.28
Free Cash Flow Growth	17.75%	27.39%	18.30%	35.77%	55.85%	5.58%
Free Cash Flow Margin	47.55%	48.69%	48.36%	50.42%	58.16%	36.70%
Free Cash Flow Per Share	3.69	3.69	2.91	2.46	1.83	1.21
Cash Income Tax Paid	253.04	258.85	214.31	160.27	74.11	134.92
Levered Free Cash Flow	717.17	-2,479	502.38	442.24	319.7	149.16
Unlevered Free Cash Flow	717.17	-2,478	502.51	442.39	319.88	149.36
Change in Working Capital	-20.25	-20.25	32.04	129.71	126.92	-30.81

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