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 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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	470.31	465.23	467.27	458.73	458.76	406.03
Depreciation & Amortization	519.23	519.23	544.32	589.05	558.04	542.21
Other Amortization	3.82	3.82	2.31	-	-	-
Loss (Gain) From Sale of Assets	-	-	-	-0.05	-	-
Asset Writedown & Restructuring Costs	-0.21	-0.21	0.02	-	-	-
Loss (Gain) From Sale of Investments	-	-	-	-0.38	-	-
Provision & Write-off of Bad Debts	-	-	-	0.25	0.1	0.1
Other Operating Activities	164.95	155.88	209.69	256.36	304.72	411.41
Change in Accounts Receivable	-14.73	-14.73	35.51	93.9	19.29	114.02
Change in Inventory	0.22	0.22	-0	-0.93	0.41	0.29
Change in Accounts Payable	40.51	40.51	10.22	-214.23	-62.68	-85.54
Change in Other Net Operating Assets	0.98	0.98	0.01	-	-	-
Operating Cash Flow	1,193	1,179	1,272	1,171	1,271	1,412
Operating Cash Flow Growth	-1.10%	-7.29%	8.63%	-7.94%	-9.97%	5.23%
Capital Expenditures	-27.44	-22.71	-24.74	-26.37	-28.45	-24.6
Sale of Property, Plant & Equipment	0.27	0.27	0	-	-	-
Investment in Securities	-74.8	-	-	-	-	-435.66
Other Investing Activities	-500	-	-	0.38	-	-
Investing Cash Flow	-601.97	-22.44	-24.74	-25.99	-28.45	-460.26
Long-Term Debt Issued	-	-	3,870	-	237	8,637
Long-Term Debt Repaid	-	-525.72	-4,570	-422.34	-1,351	-10,021
Net Debt Issued (Repaid)	-524.59	-525.72	-699.67	-422.34	-1,114	-1,384
Issuance of Common Stock	-	-	5	-	-	460.26
Repurchase of Common Stock	-60.26	-60.26	-	-178.53	-	-
Common Dividends Paid	-441.57	-449.34	-274.58	-345.72	-301.22	-392.84
Other Financing Activities	60.26	-	-	-	-	-
Financing Cash Flow	-966.16	-1,035	-969.25	-946.59	-1,415	-1,316
Net Cash Flow	-375.08	121.15	277.62	197.98	-172.09	-364.44
Free Cash Flow	1,166	1,156	1,247	1,144	1,243	1,388
Free Cash Flow Growth	-1.35%	-7.27%	8.97%	-7.95%	-10.43%	35.52%
Free Cash Flow Margin	71.47%	70.96%	77.30%	66.85%	74.08%	83.52%
Free Cash Flow Per Share	0.80	0.79	0.85	0.78	0.85	1.02
Cash Income Tax Paid	217.13	213.41	218.62	215.5	208.78	58.52
Levered Free Cash Flow	463.95	943.96	935.25	802.69	805.31	414.01
Unlevered Free Cash Flow	555.16	1,041	1,065	960.61	992.24	666.09
Change in Working Capital	34.96	34.96	48	-133.4	-50.16	52.55

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