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Price: 35.78 CNY -2.4% Market Closed

Market Cap: ¥65.2B

Cash Flow Statement

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Currency: CNY

		Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Stock-Based Compensation		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	46	0	0	0	18	0	0	0	0	0	0	0	0	0	0	0
Cash Taxes Paid		(145)	(101)	(128)	(132)	(141)	(126)	(119)	(129)	(126)	(149)	(147)	(147)	(145)	(203)	(213)	(220)	(249)	(257)	(281)	(331)	(385)	(385)	(340)	(303)	(257)	(239)	(304)	(345)	(396)	(459)	(463)	(460)	(491)	(456)	(479)	(1 058)	(1 489)	(508)	(718)	(446)	(297)	(1 679)	(1 600)	(1 447)	(1 260)	(1 210)	(1 273)	(1 683)	(1 804)	(1 552)	(1 578)	(1 227)	(1 282)	(1 216)	(1 330)	(1 425)	(1 415)	(1 243)	(1 289)	(1 128)	(718)	(1 353)	(1 288)	(1 390)	(1 647)	(1 477)	(1 373)	(1 390)	(1 431)	(1 351)	(1 321)	(1 546)	(1 624)	(1 932)	(2 369)	(2 841)	(3 601)	(2 907)	(2 964)	(2 796)	(2 280)	(2 874)	(2 970)	(2 990)	(3 215)	(3 185)	(3 129)	(2 911)	(2 900)
Change in Working Capital		(42)	(27)	(29)	(29)	(45)	(79)	(92)	(106)	(129)	(133)	(140)	(164)	(169)	(193)	(239)	(236)	(272)	(179)	(144)	(157)	(83)	(162)	(166)	(153)	(204)	(179)	(126)	(141)	(133)	(148)	(210)	(268)	(319)	(425)	(533)	(920)	(1 422)	(1 324)	(1 427)	(1 842)	(2 197)	(3 718)	(3 215)	(3 168)	(3 147)	(2 992)	(2 909)	(2 983)	(2 873)	(2 318)	(2 222)	(2 364)	(2 388)	(2 110)	(2 129)	(2 158)	(2 099)	(3 547)	(3 553)	(3 512)	(3 573)	(2 200)	(2 192)	(2 182)	(1 997)	(1 980)	(1 974)	(1 801)	(1 876)	(1 861)	(2 420)	(1 941)	(1 600)	(2 130)	(1 752)	(1 684)	(2 375)	(3 275)	(3 303)	(3 895)	(3 015)	(2 643)	(2 624)	(2 641)	(2 737)	(3 069)	(3 010)	(2 832)	(3 137)
Cash from Operating Activities		561 N/A	427 -24%	507 +19%	584 +15%	765 +31%	703 -8%	901 +28%	983 +9%	868 -12%	952 +10%	752 -21%	661 -12%	782 +18%	728 -7%	753 +3%	918 +22%	646 -30%	1 035 +60%	1 048 +1%	1 022 -2%	1 127 +10%	961 -15%	1 109 +15%	1 287 +16%	1 440 +12%	1 228 -15%	1 070 -13%	871 -19%	1 081 +24%	1 213 +12%	710 -41%	893 +26%	333 -63%	137 -59%	782 +471%	751 -4%	2 181 +190%	1 273 -42%	978 -23%	(1 280) N/A	(2 328) -82%	(2 434) -5%	(4 552) -87%	(979) +78%	(2 508) -156%	(403) +84%	2 598 N/A	3 867 +49%	5 428 +40%	2 821 -48%	1 516 -46%	(385) N/A	270 N/A	1 895 +602%	2 374 +25%	1 487 -37%	1 358 -9%	2 738 +102%	3 047 +11%	4 138 +36%	3 682 -11%	3 192 -13%	3 822 +20%	3 410 -11%	4 155 +22%	4 179 +1%	4 224 +1%	4 171 -1%	4 128 -1%	4 565 +11%	4 794 +5%	5 160 +8%	6 366 +23%	7 749 +22%	8 018 +3%	8 575 +7%	8 412 -2%	10 551 +25%	10 558 +0%	10 507 0%	12 092 +15%	9 437 -22%	10 394 +10%	10 770 +4%	9 917 -8%	10 752 +8%	11 109 +3%	10 335 -7%	11 097 +7%
Investing Cash Flow
Capital Expenditures		(802)	(405)	(360)	(247)	(303)	(654)	(748)	(1 058)	(1 291)	(1 607)	(1 949)	(2 099)	(2 588)	(2 503)	(2 808)	(3 107)	(3 040)	(3 372)	(3 277)	(3 213)	(3 347)	(3 329)	(3 216)	(3 049)	(2 990)	(2 372)	(2 383)	(2 334)	(2 401)	(2 433)	(2 297)	(2 178)	(2 092)	(2 140)	(2 197)	(3 083)	(3 221)	(1 498)	(1 685)	(891)	(622)	(2 232)	(1 806)	(1 736)	(1 225)	(1 567)	(1 556)	(1 327)	(1 489)	(1 422)	(1 333)	(1 452)	(1 273)	(1 075)	(1 016)	(745)	(846)	(920)	(871)	(934)	(854)	(1 352)	(1 364)	(1 540)	(1 558)	(762)	(785)	(573)	(594)	(619)	(671)	(820)	(990)	(2 124)	(2 832)	(3 748)	(3 871)	(4 217)	(3 791)	(2 953)	(2 733)	(1 943)	(1 691)	(1 554)	(1 566)	(1 759)	(2 056)	(2 303)	(2 606)
Other Items		(118)	11	(8)	(25)	(71)	(37)	(32)	(11)	39	(18)	3	(9)	(3)	5	(1)	23	27	38	36	(93)	(350)	(363)	(374)	(259)	7	10	13	(120)	(120)	(216)	(254)	(692)	(600)	(1 044)	(1 032)	(431)	(1 401)	(937)	(1 333)	(1 378)	(498)	(998)	(566)	(649)	(723)	(1)	(371)	(435)	(250)	606	1 022	1 268	1 063	270	365	299	448	574	580	575	566	74	(117)	(184)	(224)	126	181	271	(170)	(782)	(796)	(778)	(313)	301	316	263	245	336	(232)	(747)	(731)	(975)	(533)	432	508	471	543	458	273
Cash from Investing Activities		(919) N/A	(394) +57%	(367) +7%	(272) +26%	(375) -38%	(691) -85%	(780) -13%	(1 069) -37%	(1 252) -17%	(1 625) -30%	(1 946) -20%	(2 107) -8%	(2 592) -23%	(2 498) +4%	(2 809) -12%	(3 084) -10%	(3 013) +2%	(3 334) -11%	(3 241) +3%	(3 306) -2%	(3 697) -12%	(3 692) +0%	(3 590) +3%	(3 308) +8%	(2 982) +10%	(2 362) +21%	(2 370) 0%	(2 454) -4%	(2 521) -3%	(2 649) -5%	(2 551) +4%	(2 870) -13%	(2 692) +6%	(3 184) -18%	(3 229) -1%	(3 514) -9%	(4 622) -32%	(2 435) +47%	(3 018) -24%	(2 268) +25%	(1 119) +51%	(3 230) -189%	(2 372) +27%	(2 385) -1%	(1 948) +18%	(1 568) +19%	(1 927) -23%	(1 762) +9%	(1 739) +1%	(817) +53%	(311) +62%	(184) +41%	(210) -14%	(805) -283%	(652) +19%	(447) +31%	(399) +11%	(346) +13%	(291) +16%	(359) -23%	(289) +20%	(1 278) -343%	(1 481) -16%	(1 724) -16%	(1 782) -3%	(636) +64%	(604) +5%	(302) +50%	(765) -153%	(1 401) -83%	(1 467) -5%	(1 599) -9%	(1 303) +18%	(1 823) -40%	(2 516) -38%	(3 485) -38%	(3 626) -4%	(3 880) -7%	(4 022) -4%	(3 700) +8%	(3 464) +6%	(2 917) +16%	(2 224) +24%	(1 122) +50%	(1 058) +6%	(1 287) -22%	(1 513) -18%	(1 846) -22%	(2 334) -26%
Financing Cash Flow
Net Issuance of Debt		435	250	199	109	29	239	220	381	412	642	970	1 402	1 980	1 401	975	2 203	2 204	1 998	3 070	2 532	2 580	4 095	3 353	2 932	3 965	1 635	1 565	1 194	156	1 702	2 546	2 864	2 661	926	(9)	2 177	2 479	1 401	3 756	1 177	2 158	5 027	3 746	4 994	3 096	430	(544)	(4 791)	(7 174)	(6 356)	(7 222)	(5 435)	(3 414)	2 758	1 346	1 654	3 091	3 211	5 267	2 585	(109)	(1 088)	23	1 902	4 186	(3 368)	(6 008)	(7 372)	(6 152)	(4 215)	(5 895)	(434)	(3 154)	(3 504)	1 407	(2 149)	(211)	(5 341)	(7 513)	(3 583)	(5 421)	288	620	(3 599)	(3 773)	(3 978)	(4 415)	(3 817)	(4 795)
Cash Paid for Dividends		(206)	(191)	(196)	(204)	(72)	(104)	(106)	(305)	(312)	(296)	(307)	(643)	(662)	(682)	(682)	(383)	(466)	(415)	(492)	(568)	(556)	(695)	(736)	(632)	(773)	(801)	(797)	(761)	(628)	(614)	(674)	(683)	(845)	(983)	(1 000)	(1 712)	(2 215)	(1 048)	(1 396)	(1 193)	(1 410)	(2 531)	(2 599)	(2 488)	(2 153)	(2 504)	(2 574)	(2 581)	(2 597)	(2 460)	(2 194)	(2 584)	(2 362)	(2 236)	(2 217)	(1 917)	(2 157)	(2 645)	(2 944)	(2 858)	(3 061)	(2 696)	(2 824)	(2 865)	(2 390)	(2 452)	(2 229)	(2 144)	(2 098)	(1 809)	(1 666)	(1 473)	(1 388)	(1 468)	(1 428)	(1 403)	(1 061)	(1 222)	(1 140)	(2 932)	(3 116)	(2 592)	(2 542)	(2 552)	(2 431)	(2 437)	(2 393)	(2 904)	(3 319)
Other		590	449	457	448	80	246	236	325	346	264	260	698	658	596	1 851	364	355	1 262	5	969	963	2	949	949	960	947	30	38	35	287	96	1 890	1 888	2 801	2 999	1 189	1 925	192	1 164	1 730	1 851	2 353	3 575	2 625	2 262	3 357	1 913	1 271	3 923	4 857	5 424	7 850	5 120	(1 285)	(1 653)	(1 128)	(1 446)	(2 839)	(3 073)	(3 439)	(2 518)	2 860	1 675	1 551	(1 711)	1 460	3 279	2 886	3 021	4 360	4 921	861	2 980	(103)	(3 233)	(1 154)	(1 802)	(1 815)	(146)	(583)	(406)	(3 929)	(4 286)	(4 244)	(4 489)	(2 522)	(2 602)	(735)	(561)
Cash from Financing Activities		818 N/A	507 -38%	459 -9%	352 -23%	37 -90%	381 +930%	349 -8%	401 +15%	446 +11%	610 +37%	923 +51%	1 456 +58%	1 976 +36%	1 315 -33%	2 144 +63%	2 184 +2%	2 093 -4%	2 845 +36%	2 584 -9%	2 933 +14%	2 987 +2%	3 401 +14%	3 566 +5%	3 249 -9%	4 152 +28%	1 780 -57%	799 -55%	470 -41%	(438) N/A	1 375 N/A	1 968 +43%	4 071 +107%	3 705 -9%	2 744 -26%	1 990 -27%	1 654 -17%	2 189 +32%	545 -75%	3 524 +546%	1 714 -51%	2 599 +52%	4 849 +87%	4 722 -3%	5 131 +9%	3 205 -38%	1 283 -60%	(1 206) N/A	(6 100) -406%	(5 848) +4%	(3 958) +32%	(3 992) -1%	(169) +96%	(657) -288%	(762) -16%	(2 524) -231%	(1 391) +45%	(513) +63%	(2 273) -344%	(750) +67%	(3 712) -395%	(5 688) -53%	(923) +84%	(1 126) -22%	588 N/A	86 -85%	(4 360) N/A	(4 957) -14%	(6 630) -34%	(5 229) +21%	(1 663) +68%	(2 641) -59%	(1 047) +60%	(1 562) -49%	(5 074) -225%	(3 255) +36%	(4 706) -45%	(3 073) +35%	(8 377) -173%	(8 800) -5%	(7 097) +19%	(8 942) -26%	(6 233) +30%	(6 209) +0%	(10 395) -67%	(10 692) -3%	(8 936) +16%	(9 410) -5%	(7 456) +21%	(8 675) -16%
Change in Cash
Effect of Foreign Exchange Rates		1	1	2	(0)	0	6	2	3	(3)	(8)	(6)	(3)	(4)	3	2	(3)	7	(5)	(9)	(10)	(19)	(26)	(22)	(17)	(15)	(5)	(12)	(24)	(22)	(28)	(24)	(16)	(23)	(17)	(9)	3	1	(2)	(17)	(21)	(50)	(71)	(60)	(57)	(19)	0	(5)	(5)	32	76	71	75	76	62	41	20	12	(37)	(21)	(8)	45	59	113	116	63	25	(19)	(6)	(30)	(13)	(40)	(47)	(46)	(11)	20	41	118	54	46	20	(60)	(37)	(38)	(49)	(49)	6	8	12	20
Net Change in Cash		461 N/A	540 +17%	601 +11%	664 +11%	427 -36%	399 -7%	472 +18%	317 -33%	59 -81%	(71) N/A	(276) -290%	6 N/A	162 +2 505%	(452) N/A	91 N/A	15 -83%	(268) N/A	541 N/A	381 -29%	639 +67%	398 -38%	644 +62%	1 063 +65%	1 211 +14%	2 595 +114%	641 -75%	(513) N/A	(1 136) -122%	(1 900) -67%	(89) +95%	103 N/A	2 078 +1 910%	1 323 -36%	(321) N/A	(467) -46%	(1 106) -137%	(251) +77%	(620) -147%	1 468 N/A	(1 854) N/A	(899) +52%	(887) +1%	(2 263) -155%	1 710 N/A	(1 270) N/A	(688) +46%	(539) +22%	(4 000) -642%	(2 127) +47%	(1 878) +12%	(2 716) -45%	(664) +76%	(521) +22%	389 N/A	(761) N/A	(330) +57%	459 N/A	83 -82%	1 985 +2 301%	58 -97%	(2 251) N/A	1 050 N/A	1 328 +26%	2 389 +80%	2 522 +6%	(792) N/A	(1 356) -71%	(2 767) -104%	(1 897) +31%	1 488 N/A	646 -57%	2 467 +282%	3 454 +40%	840 -76%	2 267 +170%	426 -81%	1 831 +330%	(1 653) N/A	(2 217) -34%	(270) +88%	(375) -39%	250 N/A	1 923 +670%	(795) N/A	(1 883) -137%	535 N/A	194 -64%	1 046 +439%	108 -90%
Free Cash Flow
Free Cash Flow		(241) N/A	22 N/A	147 +573%	337 +130%	461 +37%	49 -89%	153 +209%	(76) N/A	(423) -458%	(655) -55%	(1 197) -83%	(1 438) -20%	(1 806) -26%	(1 775) +2%	(2 055) -16%	(2 189) -7%	(2 394) -9%	(2 337) +2%	(2 229) +5%	(2 191) +2%	(2 220) -1%	(2 368) -7%	(2 107) +11%	(1 762) +16%	(1 550) +12%	(1 144) +26%	(1 313) -15%	(1 462) -11%	(1 320) +10%	(1 221) +8%	(1 587) -30%	(1 285) +19%	(1 759) -37%	(2 003) -14%	(1 415) +29%	(2 332) -65%	(1 040) +55%	(225) +78%	(706) -213%	(2 171) -207%	(2 950) -36%	(4 667) -58%	(6 358) -36%	(2 716) +57%	(3 732) -37%	(1 970) +47%	1 043 N/A	2 540 +144%	3 939 +55%	1 399 -64%	183 -87%	(1 837) N/A	(1 003) +45%	820 N/A	1 358 +66%	742 -45%	512 -31%	1 818 +255%	2 177 +20%	3 204 +47%	2 827 -12%	1 841 -35%	2 457 +34%	1 870 -24%	2 597 +39%	3 417 +32%	3 440 +1%	3 598 +5%	3 533 -2%	3 946 +12%	4 124 +5%	4 339 +5%	5 375 +24%	5 625 +5%	5 186 -8%	4 827 -7%	4 541 -6%	6 334 +39%	6 768 +7%	7 554 +12%	9 360 +24%	7 494 -20%	8 703 +16%	9 217 +6%	8 351 -9%	8 993 +8%	9 053 +1%	8 032 -11%	8 490 +6%

Income Statement Balance Sheet Cash Flow Statement

Income Statement Balance Sheet Cash Flow Statement

See Also

Relative Valuation

Wall Street Estimates

Profitability Analysis

Solvency Analysis

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