Shanxi Hi-speed Group Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Net Income	474.28	466.01	458.73	458.76	406.03	-133.79
Depreciation & Amortization	543.33	543.33	589.05	558.04	542.21	522.81
Other Amortization	2.54	2.54	-	-	-	-
Loss (Gain) From Sale of Assets	-	-	-0.05	-	-	-
Asset Writedown & Restructuring Costs	0.02	0.02	-	-	-	-
Loss (Gain) From Sale of Investments	-	-	-0.38	-	-	-
Provision & Write-off of Bad Debts	-	-	0.25	0.1	0.1	0.03
Other Operating Activities	104.21	209.69	256.36	304.72	411.41	487.82
Change in Accounts Receivable	35.6	35.6	93.9	19.29	114.02	903.18
Change in Inventory	-0	-0	-0.93	0.41	0.29	-0.72
Change in Accounts Payable	3.35	3.35	-214.23	-62.68	-85.54	-409.58
Change in Other Net Operating Assets	0.01	0.01	-	-	-	-
Operating Cash Flow	1,166	1,263	1,171	1,271	1,412	1,342
Operating Cash Flow Growth	-5.41%	7.88%	-7.94%	-9.97%	5.23%	180.45%
Capital Expenditures	-15.67	-22.02	-26.37	-28.45	-24.6	-318.09
Sale of Property, Plant & Equipment	0.27	0	-	-	-	-
Investment in Securities	-	-	-	-	-435.66	-
Other Investing Activities	-	-	0.38	-	-	-
Investing Cash Flow	-15.4	-22.02	-25.99	-28.45	-460.26	-318.09
Long-Term Debt Issued	-	3,870	-	237	8,637	100
Long-Term Debt Repaid	-	-4,570	-422.34	-1,351	-10,021	-532.17
Net Debt Issued (Repaid)	-566.67	-699.67	-422.34	-1,114	-1,384	-432.17
Issuance of Common Stock	-	-	-	-	460.26	302.7
Repurchase of Common Stock	-5	-	-178.53	-	-	-
Common Dividends Paid	-460.03	-274.58	-345.72	-301.22	-392.84	-465.9
Other Financing Activities	-60.26	-	-	-	-	-
Financing Cash Flow	-1,092	-974.25	-946.59	-1,415	-1,316	-595.37
Net Cash Flow	58.23	266.51	197.98	-172.09	-364.44	428.63
Free Cash Flow	1,150	1,241	1,144	1,243	1,388	1,024
Free Cash Flow Growth	-4.86%	8.44%	-7.95%	-10.43%	35.52%	413.60%
Free Cash Flow Margin	72.37%	77.10%	66.85%	74.08%	83.52%	94.09%
Free Cash Flow Per Share	0.78	0.85	0.78	0.85	1.02	0.77
Cash Income Tax Paid	211.82	217.76	215.5	208.78	58.52	60.83
Levered Free Cash Flow	956.25	929.72	802.69	805.31	414.01	18.59
Unlevered Free Cash Flow	1,059	1,059	960.61	992.24	666.09	317.19
Change in Working Capital	41.21	41.21	-133.4	-50.16	52.55	465.23

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.