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Consolidated Statement of Cash Flows
¥ in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
CNY (¥)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
CNY (¥)
Dec. 31, 2020
CNY (¥)
Operating activities        
Profit before tax ¥ 394,726 $ 56,779 ¥ 451,710 ¥ 971,864
Adjustments:        
Amortization of intangible asset [1] 64,939 9,341 38,957 1,012
Bad debt written off/(recovered) 0 0 (5) 40
Depreciation of investment property 348 50 355 376
Depreciation of property, plant and equipment 516,276 74,264 492,826 450,092
Depreciation of right-of-use assets 43,129 6,204 41,458 [2] 43,127 [2]
Dividend income from quoted equity securities (13) (2) (168) (166)
Exchange (gain)/loss (273) (39) 3,271 (1,827)
Fair value gain on foreign exchange forward contract 0 0 0 (999)
Fair value loss/(gain) on quoted equity securities 0 0 (138) 1,196
Finance costs 95,472 13,733 115,928 151,170
(Gain)/loss on disposal of:        
- associate (i) (1,329) (191) 0 0
- property, plant and equipment (6,535) (940) (1,224) 4,183
- quoted equity securities (2,291) (330) (5,416) (874)
- right-of-use assets (3,929) (565) (14,714) (2,574)
Government grants (176,264) (25,355) (152,932) (209,793)
Interest income (131,879) (18,970) (132,083) (166,970)
Impairment losses on investment in joint venture 990 142 0 0
Impairment losses on property, plant and equipment 17,278 2,485 7,227 3,920
(Reversal of impairment losses)/impairment losses on trade receivables 41 6 (7,987) (13,849)
Impairment losses /(reversal of impairment losses) on non-trade receivables (500) (72) (538) 638
Impairment losses/(Reversal of write-down) of inventories, net 54,885 7,895 (9,010) 27,978
Inventories written off 0 0 10,085 0
Property, plant and equipment written off 3,295 474 1,134 7,417
Provision/(reversal) for onerous contract, net (4,829) (694) (8,810) 11,323
Share of loss of associates and joint ventures, net of tax 29,093 4,185 95,895 58,970
Write-back of trade and other payables 0 0 0 (1,052)
Profit before tax after adjustments 892,630 128,400 925,821 1,335,202
Changes in working capital        
(Increase)/decrease in inventories 185,879 26,738 (740,835) (1,687,639)
(Increase)/decrease in trade and other receivables and capitalized contract cost (7,411) (1,066) 1,300,470 (238,571)
Increase/(decrease) in trade and other payables and contract liabilities (1,169,482) (168,225) (809,978) 2,241,327
Increase in development properties (25) (4) (202) (75)
Cash flows from/(used in) operating activities (98,409) (14,157) 675,276 1,650,244
Income taxes paid (21,010) (3,022) (170,720) (234,876)
Net cash flows from/(used in) operating activities (119,419) (17,179) 504,556 1,415,368
Investing activities        
Additional investment in a joint venture (1,950) (280) (17,640) 0
Development costs (166,283) (23,919) (287,480) (500,147)
Dividend received from:        
- quoted equity securities 47 7 135 166
Interest received 131,331 18,891 125,004 171,556
Proceeds from disposal of:        
- property, plant and equipment 9,232 1,328 405 2,385
- quoted equity securities 600 100 6,485 1,354
- right-of-use assets 7,185 1,034 34,123 5,772
- associate (i) 1,000 144 0 0
Proceeds from government grants 193,156 27,785 51,862 123,178
Purchase of property, plant and equipment (430,966) (61,993) (572,047) (584,676)
(Placement)/withdrawal of fixed deposits with banks, net 123,559 17,773 (79,695) (5,341)
Net cash flows used in investing activities (133,048) (19,138) (738,848) (785,753)
Dividends paid to:        
- equity holders of the Company (109,684) (15,778) (448,712) (245,871)
- non-controlling interests (102,299) (14,715) (223,917) (205,525)
Interest paid and discounting on bills (95,717) (13,768) (115,813) (148,793)
Contribution by non-controlling interests 53,500 7,696 0 0
Payment of principal portion of lease liabilities (24,597) (3,538) (23,121) (35,363)
Proceeds from borrowings 2,048,432 294,658 1,938,920 2,230,000
Repayment of borrowings (1,910,000) (274,745) (1,965,920) (2,056,280)
Net cash flows used in financing activities (140,365) (20,190) (838,563) (461,832)
Net increase/(decrease) in cash and cash equivalents (392,832) (56,507) (1,072,855) 167,783
Cash and cash equivalents at January 1 4,788,219 688,764 5,877,647 5,753,268
Effect of exchange rate changes on balances in foreign currencies 56,102 8,070 (16,573) (43,404)
Cash and cash equivalents at December 31 ¥ 4,451,489 $ 640,327 ¥ 4,788,219 ¥ 5,877,647
[1] The higher amortization charges in 2021 and 2022 are mainly due to the amortization charged on additional Technology
Know-how
recognized during the year which are transferred from Group capitalized development cost upon completion and ready for use.
[2] 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.