SHE:000011 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Jan '24 Jan 1, 2024	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	1.64	33.89	-1,115	464.01	537.29	1,025
Depreciation & Amortization	55.31	55.31	65.68	73.42	111.98	67.47
Other Amortization	9.01	9.01	9.32	8.11	8.01	5.6
Loss (Gain) From Sale of Assets	-0.14	-0.14	-0.09	-0.83	-170.56	-0
Asset Writedown & Restructuring Costs	3.52	3.52	0.19	0.13	0.2	0.07
Loss (Gain) From Sale of Investments	-0.93	-0.93	-185.62	-705.76	-2.1	-6.8
Provision & Write-off of Bad Debts	0.4	0.4	9.48	13.45	17.4	29.19
Other Operating Activities	134.52	104.37	1,286	259.58	61.83	61.46
Change in Accounts Receivable	26.06	26.06	-79.18	-69.3	611.49	-541.4
Change in Inventory	-256.52	-256.52	-495.13	-485.8	-1,729	-3,692
Change in Accounts Payable	-3,082	-3,082	-962.12	64.91	761.69	1,551
Operating Cash Flow	-2,088	-2,086	-1,424	-264.09	105.23	-1,829
Capital Expenditures	-68.5	-40.43	-10.34	-7.64	-17.73	-24.85
Sale of Property, Plant & Equipment	18.55	65.1	55.9	0.09	197.19	0.11
Cash Acquisitions	-	-	-	-	-	-4.29
Divestitures	-	-	-	634.58	-	-
Investment in Securities	-316.6	-316.6	-57.32	0.06	-27.08	-
Other Investing Activities	-0.04	-	-	-	-	0.12
Investing Cash Flow	-366.59	-291.94	-11.76	627.09	152.38	-28.91
Long-Term Debt Issued	-	4,530	1,240	1,485	285.59	-
Long-Term Debt Repaid	-	-2,026	-537.8	-219.46	-92.98	-51.05
Net Debt Issued (Repaid)	1,468	2,504	702.15	1,265	192.61	-51.05
Common Dividends Paid	-257.89	-238.5	-387.06	-402.73	-593.99	-482.14
Other Financing Activities	552.54	546.15	-2.72	-2.06	-259.07	-40.59
Financing Cash Flow	1,763	2,811	312.37	860.33	-660.45	-573.78
Foreign Exchange Rate Adjustments	-3.51	-2.1	1.05	0.12	4.79	-1.49
Net Cash Flow	-695.76	431.25	-1,122	1,223	-398.05	-2,433
Free Cash Flow	-2,157	-2,127	-1,434	-271.73	87.5	-1,854
Free Cash Flow Margin	-88.17%	-89.23%	-52.46%	-9.16%	2.36%	-37.75%
Free Cash Flow Per Share	-3.62	-3.57	-2.41	-0.46	0.15	-3.11
Cash Income Tax Paid	2,509	2,509	1,032	262.74	678.85	1,491
Levered Free Cash Flow	297.08	-3,266	-796.97	-362.96	-377.09	-1,577
Unlevered Free Cash Flow	381.2	-3,188	-754.22	-328	-336.5	-1,530
Change in Working Capital	-2,291	-2,291	-1,494	-376.2	-458.81	-3,011

Source: S&P Global Market Intelligence. Standard template. Financial Sources.