SHA:900929 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	43.98	66.63	23.01	-76.65	1.41
Depreciation & Amortization	9.5	11.53	8.73	6.26	6.52
Other Amortization	3.2	3.43	2.62	3.74	2.46
Loss (Gain) From Sale of Assets	0.09	-1.07	0.04	-	-
Asset Writedown & Restructuring Costs	-	-	0.07	-	0.07
Loss (Gain) From Sale of Investments	-54.27	-36.91	-36.38	-34.32	-36.32
Provision & Write-off of Bad Debts	1.23	1.87	1.2	0.95	0.04
Other Operating Activities	-0.2	2.09	3.97	1.48	0.87
Change in Accounts Receivable	1.03	-38.28	-125.06	-4.64	-12.12
Change in Inventory	0.14	0.02	0.08	0.09	0.04
Change in Accounts Payable	-14.88	-55.45	90.65	9.64	1.07
Change in Other Net Operating Assets	-1.75	-8.76	0.62	-0.03	-0.32
Operating Cash Flow	-9.76	-58.75	-32.18	-92.88	-35.75
Capital Expenditures	-5.33	-4.69	-4.91	-4.27	-2.15
Sale of Property, Plant & Equipment	0.04	2.66	0.16	-	0.02
Investment in Securities	-3	-	-1.5	-	0.82
Other Investing Activities	59.82	41.38	41	39.1	34.86
Investing Cash Flow	51.53	39.34	34.75	34.83	33.22
Long-Term Debt Issued	51	20	-	-	-
Long-Term Debt Repaid	-15.27	-30.55	-0.29	-0.18	-0.18
Net Debt Issued (Repaid)	35.73	-10.55	-0.29	-0.18	-0.18
Common Dividends Paid	-20.53	-7.92	-0.66	-0.66	-1.75
Other Financing Activities	-	1	-4.22	-	-
Financing Cash Flow	15.2	-17.47	-5.17	-0.84	-1.93
Foreign Exchange Rate Adjustments	0.88	-1.42	0.12	0.51	-0.58
Net Cash Flow	57.84	-38.29	-2.48	-58.39	-5.05
Free Cash Flow	-15.08	-63.45	-37.09	-97.16	-37.91
Free Cash Flow Margin	-1.67%	-7.63%	-5.54%	-48.67%	-12.85%
Free Cash Flow Per Share	-0.11	-0.48	-0.28	-0.73	-0.29
Cash Income Tax Paid	20.46	18.96	14.57	7.11	14.44
Levered Free Cash Flow	-2.12	-14.18	-45.63	-53.31	-30.2
Unlevered Free Cash Flow	-1.63	-13.55	-45.55	-51.48	-27.9
Change in Working Capital	-13.3	-106.33	-35.44	5.65	-10.8

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