SHA:688685 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	9.48	45.54	15.25	42.47	50.96
Depreciation & Amortization	140.04	48.95	31.65	30.3	25.56
Other Amortization	5.05	6.66	1.22	1.56	0.44
Loss (Gain) From Sale of Assets	-0.15	0.66	1.52	-0.07	-0.4
Asset Writedown & Restructuring Costs	4.56	0.07	0.08	-	2.29
Loss (Gain) From Sale of Investments	-0.05	0.04	0.04	-	0.4
Provision & Write-off of Bad Debts	-	31.73	0.32	1.2	1.46
Other Operating Activities	34.56	37.8	5.75	3.82	1.96
Change in Accounts Receivable	266.76	-549.39	8.53	-30.7	20.01
Change in Inventory	-119.16	16.21	-38.77	2.75	0.29
Change in Accounts Payable	301.91	145.91	3.27	11.47	16.34
Change in Other Net Operating Assets	54.45	10.93	-1.35	-0.79	-1.01
Operating Cash Flow	682.17	-216.55	26.78	62.42	118.3
Operating Cash Flow Growth	-	-	-57.10%	-47.23%	94.94%
Capital Expenditures	-759.3	-613.51	-176.3	-76.6	-38.05
Sale of Property, Plant & Equipment	1.24	2.09	6.88	23.11	5.55
Cash Acquisitions	-8	-	-	-9.55	-
Investment in Securities	0.05	-	9.48	46.45	-69
Other Investing Activities	10	-	-3.29	-1	1.22
Investing Cash Flow	-756.01	-611.42	-163.23	-17.59	-100.27
Long-Term Debt Issued	1,444	1,063	11.3	6	8
Long-Term Debt Repaid	-1,215	-264.75	-22.6	-25.3	-62.33
Net Debt Issued (Repaid)	228.85	797.76	-11.3	-19.3	-54.33
Issuance of Common Stock	18.53	40.12	-	-	220.26
Common Dividends Paid	-52.45	-24.64	-34.88	-1.3	-2.3
Other Financing Activities	14.45	-4.28	-	-10.2	-14.9
Financing Cash Flow	209.38	808.96	-46.18	-30.8	148.73
Foreign Exchange Rate Adjustments	0	-0	-0	-0.32	-0.45
Net Cash Flow	135.54	-19.02	-182.63	13.72	166.31
Free Cash Flow	-77.13	-830.07	-149.52	-14.18	80.26
Free Cash Flow Margin	-16.77%	-174.10%	-50.91%	-4.38%	25.02%
Free Cash Flow Per Share	-0.53	-5.65	-0.98	-0.10	0.62
Cash Income Tax Paid	85.4	11.07	15.17	35.1	5.48
Levered Free Cash Flow	-577.32	-632.96	-166.56	-48.67	50.26
Unlevered Free Cash Flow	-577.32	-622.24	-166.23	-47.87	51.66
Change in Working Capital	488.67	-387.99	-29.03	-16.87	35.62

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