SHE:000028 Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	642.49	1,599	1,487	1,336
Depreciation & Amortization	1,513	1,426	1,307	1,242
Other Amortization	230.52	163.56	180.31	188.65
Loss (Gain) From Sale of Assets	-11.87	-45.31	-6.26	-2.7
Asset Writedown & Restructuring Costs	971.84	0.63	55.64	236.84
Loss (Gain) From Sale of Investments	-356.87	-309.08	-28.87	-
Provision & Write-off of Bad Debts	94.15	71.36	29.77	44.22
Other Operating Activities	-119.54	630.83	357.4	131.94
Change in Accounts Receivable	-965.33	-3,992	1,227	-2,121
Change in Inventory	559.6	-170.13	-217.84	-1,260
Change in Accounts Payable	463.05	3,688	-1,949	2,135
Change in Other Net Operating Assets	305.42	-79.9	193.22	-203.6
Operating Cash Flow	3,271	2,937	2,560	1,655
Operating Cash Flow Growth	11.38%	14.71%	54.69%	10.14%
Capital Expenditures	-282.7	-322.21	-322.19	-370.43
Sale of Property, Plant & Equipment	1.2	37.88	4.94	1.02
Cash Acquisitions	-71.4	-	-126.35	-109.95
Divestitures	-	3.23	-	-
Investment in Securities	6.58	-3.72	89.66	-144.03
Other Investing Activities	195.63	149.38	11.12	167.86
Investing Cash Flow	-150.69	-135.43	-342.82	-455.53
Short-Term Debt Issued	1,560	1,873	-	81.45
Long-Term Debt Issued	-	4	1,520	932.68
Total Debt Issued	1,560	1,877	1,520	1,014
Short-Term Debt Repaid	-1,575	-2,363	-72.45	-65.7
Long-Term Debt Repaid	-1,224	-1,272	-2,629	-2,100
Total Debt Repaid	-2,799	-3,635	-2,701	-2,165
Net Debt Issued (Repaid)	-1,239	-1,758	-1,181	-1,151
Issuance of Common Stock	-	31.6	-	-
Common Dividends Paid	-603.77	-559.07	-574.19	-610.54
Other Financing Activities	11.29	-121.87	247.65	-109.86
Financing Cash Flow	-1,831	-2,408	-1,508	-1,872
Foreign Exchange Rate Adjustments	-1.2	-0.94	-1.19	0.39
Net Cash Flow	1,288	393.12	708.66	-671.6
Free Cash Flow	2,989	2,615	2,238	1,285
Free Cash Flow Growth	14.30%	16.83%	74.22%	6.27%
Free Cash Flow Margin	4.02%	3.46%	3.05%	1.88%
Free Cash Flow Per Share	5.37	4.69	4.02	2.31
Cash Income Tax Paid	1,771	1,887	1,782	1,564
Levered Free Cash Flow	1,966	877.02	2,410	135.8
Unlevered Free Cash Flow	2,127	1,032	2,573	315.83
Change in Working Capital	307.52	-599.77	-821.69	-1,523

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.