SHA:688720 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	53.49	51.63	33.48	32.66	23.28	34.99
Depreciation & Amortization	34.1	34.1	24.11	19.16	10.93	3.48
Other Amortization	1.9	1.9	0.77	0.18	0.02	-
Loss (Gain) From Sale of Assets	-0.05	-0.05	-0.08	0.01	0	-0.02
Asset Writedown & Restructuring Costs	1.69	1.69	0.01	-	0.55	0.36
Loss (Gain) From Sale of Investments	-2.35	-2.35	-4.07	-0.63	-1.47	-2.48
Provision & Write-off of Bad Debts	-	-	1.99	2.49	0.46	1.07
Other Operating Activities	-15.28	-4.27	-5.45	-3.37	1.42	1.06
Change in Accounts Receivable	-203.02	-203.02	-234.02	-249.9	-270.44	-158.57
Change in Inventory	-9.88	-9.88	-13.68	-5.06	5.36	-24.46
Change in Accounts Payable	210.18	210.18	171.69	121.73	181.24	36.61
Change in Other Net Operating Assets	4.49	4.49	1	-2.09	4.34	-0.38
Operating Cash Flow	71.92	81.08	-24.72	-84.53	-48.5	-108.63
Capital Expenditures	-139.67	-144.81	-92.21	-62.49	-88.74	-67.03
Sale of Property, Plant & Equipment	0.02	0.1	-	-	0.19	0.13
Divestitures	-	-	-	-	0.46	-
Investment in Securities	-7.42	31.17	-122.01	-218.2	-4.3	-53.89
Other Investing Activities	11.8	4.47	9.66	3.36	2.58	1.36
Investing Cash Flow	-135.27	-109.06	-204.57	-277.34	-89.8	-119.43
Long-Term Debt Issued	-	337.84	262.33	262.47	240.21	93.86
Total Debt Issued	271.21	337.84	262.33	262.47	240.21	93.86
Long-Term Debt Repaid	-	-261.5	-227.77	-89.95	-100.69	-5.67
Total Debt Repaid	-224.05	-261.5	-227.77	-89.95	-100.69	-5.67
Net Debt Issued (Repaid)	47.16	76.34	34.56	172.52	139.52	88.2
Issuance of Common Stock	7.93	7.93	-	571.32	-	150.5
Repurchase of Common Stock	-	-	-60.02	-	-	-
Common Dividends Paid	-4.51	-4.55	-18.9	-2.93	-8.71	-8.24
Other Financing Activities	-1.23	-1.04	-20.63	-	-	-0.12
Financing Cash Flow	49.35	78.67	-64.99	740.9	130.81	230.34
Foreign Exchange Rate Adjustments	-0.7	-0.6	-0	0.02	0.27	-0.07
Net Cash Flow	-14.7	50.09	-294.28	379.06	-7.22	2.22
Free Cash Flow	-67.75	-63.73	-116.93	-147.03	-137.24	-175.65
Free Cash Flow Margin	-10.79%	-10.75%	-27.06%	-40.84%	-42.39%	-55.85%
Free Cash Flow Per Share	-0.76	-0.73	-1.33	-2.21	-2.06	-2.76
Cash Income Tax Paid	8.21	5.79	4.25	14.93	9.88	10.76
Levered Free Cash Flow	-229.63	-163.07	-165.41	-44.54	-65.33	-54.41
Unlevered Free Cash Flow	-229.63	-163.07	-164.04	-43.12	-64	-53.82
Change in Working Capital	-1.58	-1.58	-75.47	-135.02	-83.69	-147.09

Updated Mar 31, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.