SHA:688425 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	1,483	1,508	1,593	1,844	1,735
Depreciation & Amortization	892.62	888.82	802.55	695.07	586.13
Other Amortization	6.16	-	-	-	-
Loss (Gain) From Sale of Assets	-	-1.11	-	-	0.09
Asset Writedown & Restructuring Costs	-0.41	0.13	0.32	0.09	-
Loss (Gain) From Sale of Investments	-196.59	-189.31	-237.33	-213.28	-187.75
Provision & Write-off of Bad Debts	91.7	22.66	74.2	35.32	20.43
Other Operating Activities	16.43	92.93	71.2	63.62	89.83
Change in Accounts Receivable	-677.1	284.75	-879.3	-184.12	-1,450
Change in Inventory	-622.3	-765.44	-58.92	-1,060	-1,222
Change in Accounts Payable	118.1	209.54	-669.32	-121.3	-1,053
Operating Cash Flow	1,101	2,045	703.53	1,071	-1,484
Operating Cash Flow Growth	-46.16%	190.62%	-34.29%	-	-
Capital Expenditures	-82.92	-273.25	-1,630	-892.97	-476.26
Sale of Property, Plant & Equipment	0.04	0.56	0.04	0	-
Investment in Securities	-	-6.8	-1.32	-	-
Other Investing Activities	1.32	-	-	-	62.75
Investing Cash Flow	-81.56	-279.49	-1,631	-892.97	-413.51
Long-Term Debt Issued	115.61	2,620	3,560	2,953	3,181
Long-Term Debt Repaid	-600.48	-2,577	-3,115	-3,011	-4,079
Net Debt Issued (Repaid)	-484.88	43.25	445.47	-57.5	-897.88
Issuance of Common Stock	-	-	-	-	4,174
Common Dividends Paid	-485.18	-539.35	-628.91	-588.22	-86.06
Other Financing Activities	-	-	-	2.66	-
Financing Cash Flow	-970.05	-496.1	-183.44	-643.06	3,190
Foreign Exchange Rate Adjustments	15.67	-4.43	3.38	13.58	1.77
Net Cash Flow	64.96	1,265	-1,108	-451.73	1,294
Free Cash Flow	1,018	1,771	-926.48	177.75	-1,960
Free Cash Flow Growth	-42.53%	-	-	-	-
Free Cash Flow Margin	10.13%	17.63%	-9.24%	1.76%	-20.60%
Free Cash Flow Per Share	0.19	0.33	-0.17	0.03	-0.43
Cash Income Tax Paid	456.24	381.88	489.69	707.52	488.52
Levered Free Cash Flow	876.33	1,361	-665.91	-494.9	-1,107
Unlevered Free Cash Flow	896.33	1,398	-619.4	-455.19	-1,051
Change in Working Capital	-1,192	-277.46	-1,601	-1,354	-3,728

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