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Consolidated Statement of Cash Flows
¥ in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
CNY (¥)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
CNY (¥)
Dec. 31, 2019
CNY (¥)
Operating activities        
Profit before tax ¥ 451,710 $ 71,447 ¥ 971,864 ¥ 1,033,319
Adjustments:        
Amortization of intangible asset 38,957 6,162 1,012 1,012
Bad debt written off/(recovered) (5) (1) 40 0
Depreciation of investment property 355 56 376 380
Depreciation of property, plant and equipment 492,826 77,952 450,092 422,859
Depreciation of right-of-use assets 41,458 6,558 43,127 [1] 40,958 [1]
Dividend income from quoted equity securities (168) (26) (166) (959)
Exchange (gain)/loss 3,271 518 (1,827) (4,679)
Fair value loss/(gain) on foreign exchange forward contract 0 0 (999) 5,529
Fair value (gain)/loss on quoted equity securities (138) (22) 1,196 (1,118)
Finance costs 115,928 18,337 151,170 131,796
(Gain)/loss on disposal of:        
- property, plant and equipment (1,224) (194) 4,183 645
- quoted equity securities (5,416) (857) (874) (11,528)
- right-of-use assets (14,714) (2,327) (2,574) (9,237)
Government grants (152,932) (24,190) (209,793) (122,371)
Interest income (132,083) (20,892) (166,970) (177,261)
Impairment losses on development property 0 0 0 3,039
Impairment losses on property, plant and equipment 7,227 1,143 3,920 3,950
Impairment losses /(reversal of impairment losses) on trade receivables (7,987) (1,263) (13,849) 32,340
Impairment losses /(reversal of impairment losses) on non-trade receivables (538) (85) 638  
Property, plant and equipment written off 1,134 179 7,417 4,137
Provision for onerous contract (8,810) (1,394) 11,323 2,316
Impairment losses/(Reversal of write-down) of inventories, net (9,010) (1,425) 27,978 17,022
Inventories written off 10,085 1,595 0 0
Share of (profit)/loss of associates and joint ventures, net of tax 95,895 15,168 58,970 (19,034)
Write-back of trade and other payables 0 0 (1,052) (2,087)
Profit before tax after adjustments 925,821 146,439 1,335,202 1,351,028
Changes in working capital        
Increase in inventories (740,835) (117,179) (1,687,639) (314,904)
(Increase)/decrease in trade and other receivables and capitalized contract cost 1,105,093 174,796 (238,571) (514,163)
Increase/(decrease) in trade and other payables and contract liabilities (614,601) (97,213) 2,241,327 1,294,214
Increase in development properties (202) (31) (75) (71)
Cash flows from operating activities 675,276 106,812 1,650,244 1,816,104
Income taxes paid (170,720) (27,003) (234,876) (233,088)
Net cash flows from operating activities 504,556 79,809 1,415,368 1,583,016
Investing activities        
Payment for trademark usage fee 0 0 0 (169,811)
Additional investment in subsidiaries 0 0 0 (114)
Additional investment in a joint ventures (17,640) (2,790) 0 (41,160)
Development costs (287,480) (45,472) (500,147) (345,128)
Dividend received from:        
- joint ventures 0 0 0 821
- quoted equity securities 135 21 166 959
Interest received 125,004 19,772 171,556 173,745
Proceeds from disposal of:        
- property, plant and equipment 405 64 2,385 1,178
- quoted equity securities 6,500 1,026 1,354 16,429
- right-of-use assets 34,123 5,397 5,772 11,008
Proceeds from government grants 51,862 8,203 123,178 191,491
Purchase of property, plant and equipment (572,047) (90,482) (584,676) (749,087)
Tax and relevant expenses in relation to disposal of subsidiary 0 0 0 (38,887) [2]
Withdrawal/(placement) of fixed deposits with banks, net (79,695) (12,606) (5,341) 138,079
Net cash flows used in investing activities (738,848) (116,867) (785,753) (810,477)
Dividends paid to:        
- equity holders of the company (448,712) (70,974) (245,871) (238,758)
- non-controlling interests (223,917) (35,418) (205,525) (203,167)
Interest paid and discounting on bills receivable (115,813) (18,318) (148,793) (139,118)
Payment of principal portion of lease liabilities (23,121) (3,657) (35,363) (48,365)
Proceeds from borrowings 1,938,920 306,684 2,230,000 2,040,752
Repayment of borrowings (1,965,920) (310,955) (2,056,280) (2,000,773)
Net cash flows used in financing activities (838,563) (132,638) (461,832) (589,429)
Net increase/(decrease) in cash and cash equivalents (1,072,855) (169,696) 167,783 183,110
Cash and cash equivalents at January 1 5,877,647 929,684 5,753,268 5,559,890
Effect of exchange rate changes on balances in foreign currencies (16,573) (2,622) (43,404) 10,268
Cash and cash equivalents at December 31 ¥ 4,788,219 $ 757,366 ¥ 5,877,647 ¥ 5,753,268
[1] In 2020, COVID-19 related rent rebate received from lessors of RMB 0.2 million has been offset against the depreciation of right-of-use assets.
[2] This relates to retention money deposited in a joint signatory account with the buyer of LKNII for payment of tax payable for the disposal of LKNII in 2018, which had been settled in 2019.