SHA:688523 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	39.18	47.6	101.57	134.38	122.57	83.32
Depreciation & Amortization	45.57	45.57	37.35	30.01	22.26	19.2
Other Amortization	0.43	0.43	-	0.02	0.12	0.07
Loss (Gain) From Sale of Assets	-0.01	-0.01	-0.35	-	-	-
Asset Writedown & Restructuring Costs	0.02	0.02	0.01	0.01	0.02	0
Loss (Gain) From Sale of Investments	-6.79	-6.79	-11.95	-10.66	-0.12	-0.06
Provision & Write-off of Bad Debts	10.35	10.35	13.56	15.6	11.95	9.15
Other Operating Activities	45.86	12.22	17.55	7.7	10.74	2.74
Change in Accounts Receivable	67.75	67.75	-114.63	-162.34	-99.43	-62.88
Change in Inventory	-47.73	-47.73	-37.01	-45.05	-25.65	-13.11
Change in Accounts Payable	55.28	55.28	46.96	74.57	57.13	35.49
Change in Other Net Operating Assets	0.13	0.13	0.13	0.13	0.13	0.05
Operating Cash Flow	205.05	179.83	57.29	39.26	106.03	72.51
Operating Cash Flow Growth	324.84%	213.88%	45.93%	-62.97%	46.23%	-41.95%
Capital Expenditures	-375.01	-339.08	-286.89	-177.07	-153.18	-114.15
Sale of Property, Plant & Equipment	0.03	0.03	0.31	-	-	-
Investment in Securities	-52	168	188	-606	-	-
Other Investing Activities	5.97	6.9	12.27	9.92	0.12	0.06
Investing Cash Flow	-421.01	-164.14	-86.3	-773.15	-153.06	-114.1
Long-Term Debt Issued	-	245.16	175.92	75.53	197	132
Long-Term Debt Repaid	-	-175.87	-88.89	-41.44	-75.72	-74.2
Net Debt Issued (Repaid)	31.84	69.29	87.03	34.09	121.28	57.8
Issuance of Common Stock	-	-	-	893.64	-	2.5
Repurchase of Common Stock	-	-	-59.43	-	-	-
Common Dividends Paid	-11.14	-10.63	-89.56	-9.76	-29.19	-11.41
Other Financing Activities	1.36	1.36	-	-68.65	-6.1	-0.84
Financing Cash Flow	22.05	60.02	-61.96	849.31	85.99	48.05
Net Cash Flow	-193.9	75.71	-90.97	115.42	38.96	6.47
Free Cash Flow	-169.95	-159.24	-229.59	-137.81	-47.15	-41.64
Free Cash Flow Margin	-36.78%	-34.75%	-45.19%	-30.21%	-11.75%	-13.61%
Free Cash Flow Per Share	-0.42	-0.39	-0.57	-0.35	-0.13	-0.11
Cash Income Tax Paid	5.39	21.88	50.15	48.71	21.47	32.31
Levered Free Cash Flow	-212.6	-200.02	-270.66	-219.16	-153.91	-23.3
Unlevered Free Cash Flow	-210.64	-198.23	-269.45	-218.86	-153.41	-22.14
Change in Working Capital	70.45	70.45	-100.44	-137.79	-61.51	-41.92

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