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Consolidated Statement of Cash Flows
¥ in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
CNY (¥)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
CNY (¥)
Dec. 31, 2021
CNY (¥)
Operating activities        
Profit before tax ¥ 571,352 $ 80,431 ¥ 394,726 ¥ 451,710
Adjustments:        
Amortization of intangible asset 109,913 15,473 64,939 38,957
Bad debt recovered 0 0 0 (5)
Depreciation of investment property 355 50 348 355
Depreciation of property, plant and equipment 508,726 71,615 516,276 492,826
Depreciation of right-of-use assets 46,071 6,486 43,129 41,458
Dividend income from quoted equity securities 0 0 (13) (168)
Exchange loss /(gain) (2,260) (318) (273) 3,271
Fair value loss on quoted equity securities 0 0 0 (138)
Finance costs 100,175 14,102 95,472 115,928
(Gain)/loss on disposal of:        
- associate 0 0 (1,329) 0
- property, plant and equipment (778) (110) (6,535) (1,224)
- quoted equity securities 0 0 (2,291) (5,416)
- right-of-use assets (7,632) (1,074) (3,929) (14,714)
- subsidiary (113,042) (15,913) 0 0
Government grants (171,937) (24,204) (176,264) (152,932)
Interest income (154,129) (21,697) (131,879) (132,083)
(Reversal of impairment losses)/Impairment losses on:        
- investment in joint venture 0 0 990 0
- property, plant and equipment 44,667 6,288 17,278 7,227
- trade receivables 21,621 3,044 41 (7,987)
- non-trade receivables 2,237 315 (500) (538)
- inventories, net 50,019 7,041 54,885 (9,010)
Inventories written off 0 0 0 10,085
Property, plant and equipment written off 1,731 244 3,295 1,134
Provision for warranties 414,021 58,283 317,076 292,157
Reversal of provision for onerous contract, net 0   (4,829) (8,810)
Share of results of associates and joint ventures, net of tax (62,078) (8,739) 29,093 95,895
Profit before tax after adjustments 1,359,032 191,317 1,209,706 1,217,978
Changes in working capital        
Inventories 221,930 31,242 185,879 (740,835)
Trade and other receivables, and capitalized contract cost (959,703) (135,101) (7,411) 1,300,470
Trade and other payables, and contract liabilities 1,090,875 153,567 (1,141,397) (802,738)
Development properties (281) (40) (25) (202)
Provision utilized (375,910) (52,918) (345,161) (299,397)
Cash flows from/(used in) operations 1,335,943 188,067 (98,409) 675,276
Income taxes paid (109,905) (15,472) (21,010) (170,720)
Net cash flows from/(used in) operating activities 1,226,038 172,595 (119,419) 504,556
Investing activities        
Additional investment in a joint venture (6,500) (915) (1,950) (17,640)
Development costs (169,591) (23,874) (166,283) (287,480)
Dividend received from:        
- joint venture 2,795 393 0 0
- quoted equity securities 0 0 47 135
Interest received 155,179 21,845 131,331 125,004
Net cash inflow/(outflow) from disposal of:        
- associate  1,000 141 1,000 0
- property, plant and equipment 643 91 9,232 405
- quoted equity securities 0 0 641 6,485
- right-of-use assets 0 0 7,185 34,123
- subsidiary, net of cash disposed (32,056) (4,513) 0 0
Proceeds from government grants 257,449 36,242 193,156 51,862
Purchase of property, plant and equipment (237,842) (33,482) (430,966) (572,047)
(Placement)/withdrawal of fixed deposits with banks, net (84,333) (11,872) 123,559 (79,695)
Net cash flows used in investing activities (113,256) (15,944) (133,048) (738,848)
Dividends paid to:        
- equity holders of the Company (80,238) (11,295) (109,684) (448,712)
- non-controlling interests (35,008) (4,928) (102,299) (223,917)
Interest paid and discounting on bills (96,254) (13,550) (95,717) (115,813)
Contribution by non-controlling interests 20,000 2,815 53,500 0
Payment of principal portion of lease liabilities (41,104) (5,786) (24,597) (23,121)
Proceeds from borrowings 3,240,294 456,148 2,048,432 1,938,920
Repayment of borrowings (3,041,432) (428,154) (1,910,000) (1,965,920)
Net cash flows used in financing activities (33,742) (4,750) (140,365) (838,563)
Net (decrease)/increase in cash and cash equivalents 1,079,040 151,901 (392,832) (1,072,855)
Cash and cash equivalents at January 1 4,451,489 626,653 4,788,219 5,877,647
Effect of exchange rate changes on balances in foreign currencies 13,847 1,948 56,102 (16,573)
Cash and cash equivalents at December 31 ¥ 5,544,376 $ 780,502 ¥ 4,451,489 ¥ 4,788,219