Consolidated Statement of Cash Flows
| For the year ended 31 December | ||||
|---|---|---|---|---|
| Notes | 2025 RMB'000 |
2024 RMB'000 |
||
| Operating activities | ||||
| Profit before tax | 4,121,195 | 4,110,833 | ||
| Adjustments for: | ||||
| Depreciation and amortisation | 1,630,324 | 1,675,378 | ||
| Impairment losses on accounts receivables, other receivables, contract assets and others, net |
142,913 | 514,792 | ||
| Impairment loss on right-of-use assets | – | 4 | ||
| Impairment losses on investment | 2,185 | – | ||
| Write-down of inventories, net | 30,143 | 11,839 | ||
| Interest income | (519,724) | (665,373) | ||
| Finance costs | 86,836 | 105,515 | ||
| Share of profits of associates and joint ventures | (125,917) | (149,149) | ||
| Dividend income | (309,543) | (192,751) | ||
| Investment income and fair value gains of financial instruments at fair value through profit or loss |
(36,997) | (25,091) | ||
| Gain on disposal of an associate and other investments | (26,202) | (49) | ||
| Gain on disposal of property, plant and equipment, intangible assets, construction in progress and termination of lease, net |
(32,259) | (5,714) | ||
| Foreign exchange loss/(gain), net | 6,967 | (8,449) | ||
| Write-back of non-payable liabilities | (74,750) | (64,612) | ||
| Operating profit before changes in working capital | 4,895,171 | 5,307,173 | ||
| Increase in inventories | (112,659) | (135,669) | ||
| Decrease/(increase) in accounts and bills receivables | 533,211 | (2,801,114) | ||
| Increase in contract assets | (3,347,186) | (9,394,874) | ||
| (Increase)/decrease in prepayments and other current assets | (644,403) | 42,917 | ||
| (Decrease)/increase in accounts and bills payables | (464,229) | 13,607,063 | ||
| Increase/(decrease) in contract liabilities | 324,547 | (337,240) | ||
| Decrease in accrued expenses and other payables | (131,823) | (113,220) | ||
| Net cash inflow from operations | 1,052,629 | 6,175,036 | ||
| Interest paid | (97,103) | (105,781) | ||
| Interest received | 448,622 | 623,160 | ||
| Income tax paid | (466,432) | (471,425) | ||
| Net cash generated from operating activities | 937,716 | 6,220,990 | ||
| Investing activities | ||||
| Payments for purchase of property, plant and equipment, construction in progress and intangible assets |
(758,418) | (1,160,888) | ||
| Proceeds from disposal of property, plant and equipment, construction in progress and intangible assets |
25,093 | 25,231 | ||
| Dividends received | 413,776 | 283,135 | ||
| Proceeds from disposal of equity instruments | 116,998 | 38,645 | ||
| Payments for acquisition of equity investments | (16,177) | (14,540) | ||
| Proceeds from disposal of associates and joint ventures | 87,915 | – | ||
| Payments for acquisition of associates and joint ventures | (1,985) | (8,354) | ||
| Payments for acquisition of structured deposits and term deposits at financial institutions |
(7,323,307) | (9,600,300) | ||
| Proceeds from structured deposits and term deposits at financial institutions |
3,334,739 | 3,271,722 | ||
| Net cash used in investing activities | (4,121,366) | (7,165,349) | ||
| Financing activities | ||||
| Proceeds from bank and other loans | 472,723 | 403,904 | ||
| Repayments of bank and other loans | (462,402) | (538,656) | ||
| Repayments of lease liabilities | (522,502) | (634,472) | ||
| Dividends paid | (1,602,184) | (1,572,562) | ||
| Other cash flows generated from financing activities | 589 | – | ||
| Net cash used in financing activities | (2,113,776) | (2,341,786) | ||
| Net decrease in cash and cash equivalents | (5,297,426) | (3,286,145) | ||
| Cash and cash equivalents at the beginning of year | 19,638,036 | 22,914,865 | ||
| Effect of foreign exchange rate changes | 655 | 9,316 | ||
| Cash and cash equivalents at the end of year | 33 | 14,341,265 | 19,638,036 | |
The notes on pages 190 to 262 form part of these financial statements.
