SHA:688733 Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	12	24.52	146.89	108.21
Depreciation & Amortization	109.66	86.29	47.67	31.69
Other Amortization	4.72	0.91	0.53	0.16
Loss (Gain) From Sale of Assets	0.07	-0.17	0.42	0.45
Asset Writedown & Restructuring Costs	-	-	0.06	-
Loss (Gain) From Sale of Investments	-20.34	-20.22	-13.09	-5.3
Provision & Write-off of Bad Debts	2.06	-3.4	4.17	3.81
Other Operating Activities	18.97	13.21	2.52	1.46
Change in Accounts Receivable	-210.68	-109.41	-249.14	-240.19
Change in Inventory	-43.17	12.86	-52.29	-38.2
Change in Accounts Payable	64.9	-11.88	152.97	102.22
Change in Other Net Operating Assets	-	24.26	22.6	3.33
Operating Cash Flow	-67.27	5.68	50.48	-34.06
Operating Cash Flow Growth	-	-88.75%	-	-
Capital Expenditures	-230.6	-414.01	-404.38	-159.5
Sale of Property, Plant & Equipment	-	-	0.12	0.07
Investment in Securities	150	436	-723	55.93
Other Investing Activities	19.1	23.27	9.11	5.03
Investing Cash Flow	-61.5	45.27	-1,118	-98.46
Short-Term Debt Issued	-	9.95	17.35	-
Long-Term Debt Issued	429.5	230	343.71	20
Total Debt Issued	429.5	239.95	361.06	20
Long-Term Debt Repaid	-282.2	-200.03	-75.76	-15.74
Net Debt Issued (Repaid)	147.3	39.92	285.31	4.26
Issuance of Common Stock	11.75	-	950.99	649.09
Repurchase of Common Stock	-5.04	-29.99	-29.99	-
Common Dividends Paid	-33.36	-52.27	-46.37	-1.03
Dividends Paid	-33.36	-52.27	-46.37	-1.03
Other Financing Activities	3.79	11.69	-43.06	-17.45
Financing Cash Flow	124.45	-30.65	1,117	634.88
Foreign Exchange Rate Adjustments	-0.34	0.14	2.19	-0.35
Net Cash Flow	-4.66	20.44	51.39	502
Free Cash Flow	-297.87	-408.33	-353.9	-193.56
Free Cash Flow Margin	-59.04%	-87.90%	-58.69%	-45.79%
Free Cash Flow Per Share	-1.49	-2.00	-1.90	-1.27
Cash Income Tax Paid	17.32	1.63	26.07	20.78
Levered Free Cash Flow	-241.32	-278.75	-179.73	-140.7
Unlevered Free Cash Flow	-233.16	-272.3	-177.22	-140.27
Change in Working Capital	-194.42	-95.46	-138.69	-174.54

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