SHA:688501 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	183.31	92.97	86.68	58.56	55.89	47.75
Depreciation & Amortization	28.07	28.07	18.32	14.12	10.08	8.06
Other Amortization	5.48	5.48	3.36	0.7	0.16	0.01
Loss (Gain) From Sale of Assets	0.15	0.15	-0.08	0.01	-0.73	-0.02
Asset Writedown & Restructuring Costs	6.34	6.34	-4.44	4.58	7.99	0.77
Loss (Gain) From Sale of Investments	-0.68	-0.68	-1.47	-2.96	-1.21	0.28
Provision & Write-off of Bad Debts	25.39	25.39	25.96	13.94	4.03	8.59
Other Operating Activities	160.24	26.54	20.64	28.67	16.9	17.02
Change in Accounts Receivable	-343.65	-343.65	-196.32	-122.67	-140.87	-69.89
Change in Inventory	-586.62	-586.62	-12.52	-130.48	-21.04	-26.58
Change in Accounts Payable	550.88	550.88	61.39	204.29	28.46	-29.46
Change in Other Net Operating Assets	12.94	12.94	1.94	-	-	-
Operating Cash Flow	38.22	-185.81	0.14	65.22	-41.79	-45.08
Operating Cash Flow Growth	-	-	-99.78%	-	-	-
Capital Expenditures	-87.61	-329.61	-57.44	-60.97	-31.98	-10.77
Sale of Property, Plant & Equipment	-3.32	0.11	0.12	0.07	-	0.04
Cash Acquisitions	-	-	-0.37	-1.51	-	-
Investment in Securities	51.75	-20	74	51	-134.73	-
Other Investing Activities	-80.59	0.68	1.47	3.03	-0	3.9
Investing Cash Flow	-119.77	-348.82	17.78	-8.38	-166.71	-6.83
Short-Term Debt Issued	-	-	-	305.5	359.67	260.68
Long-Term Debt Issued	-	1,147	423.24	-	-	-
Total Debt Issued	1,053	1,147	423.24	305.5	359.67	260.68
Short-Term Debt Repaid	-	-	-	-289	-311	-160
Long-Term Debt Repaid	-	-644.6	-312.45	-2.74	-7.88	-13.6
Total Debt Repaid	-703.26	-644.6	-312.45	-291.74	-318.88	-173.6
Net Debt Issued (Repaid)	349.74	502.64	110.79	13.76	40.79	87.09
Issuance of Common Stock	13.27	2.6	-	-	223.32	-
Common Dividends Paid	-49.76	-47.65	-22.26	-28.69	-11.19	-11.13
Other Financing Activities	-188.88	-33.47	-	-	-21.03	0.17
Financing Cash Flow	124.37	424.12	88.53	-14.93	231.89	76.13
Foreign Exchange Rate Adjustments	0.28	0.5	0.15	0.04	0.09	-0.22
Net Cash Flow	43.1	-110.01	106.6	41.95	23.48	23.99
Free Cash Flow	-49.39	-515.42	-57.29	4.25	-73.77	-55.86
Free Cash Flow Margin	-2.45%	-39.22%	-5.57%	0.56%	-11.75%	-10.02%
Free Cash Flow Per Share	-0.41	-4.21	-0.46	0.04	-0.70	-0.60
Cash Income Tax Paid	74.44	98.57	64.47	46.42	42.02	29.32
Levered Free Cash Flow	225.19	-461.19	-97.72	7.61	-105.49	30.31
Unlevered Free Cash Flow	237.82	-448.06	-89.49	15	-98.46	37.33
Change in Working Capital	-370.08	-370.08	-148.83	-52.4	-134.9	-127.54

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.