SHE:000039 Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	220.82	2,972	421.25	3,219	6,665
Depreciation & Amortization	4,100	3,551	3,250	3,343	3,147
Other Amortization	379.62	501.1	335.45	171.31	188.26
Loss (Gain) From Sale of Assets	96.22	-25.71	37.82	-110.46	180
Asset Writedown & Restructuring Costs	221.89	157.84	106.93	238.84	3,293
Loss (Gain) From Sale of Investments	1,418	519.37	267.7	654.82	-1,280
Stock-Based Compensation	-85.44	171.56	88.69	137.57	72.91
Provision & Write-off of Bad Debts	898.1	484.75	339.31	279.68	427.46
Other Operating Activities	3,506	3,838	4,053	1,899	4,396
Change in Accounts Receivable	6,459	-11,788	-8,255	-1,081	-250.38
Change in Inventory	923.15	-760.26	-1,088	980.05	-5,290
Change in Accounts Payable	396.37	9,871	3,221	7,890	8,890
Operating Cash Flow	18,514	9,264	2,703	14,617	20,575
Operating Cash Flow Growth	99.86%	242.70%	-81.51%	-28.95%	60.61%
Capital Expenditures	-4,719	-3,569	-5,476	-3,561	-6,683
Sale of Property, Plant & Equipment	381.39	427.05	409.55	580.51	858.8
Cash Acquisitions	-17.9	-215.5	-182.27	-62.59	-22.78
Divestitures	16.89	14.18	-122.34	-254.86	1,537
Investment in Securities	740.58	-2,500	-1,536	-2,770	-270.48
Other Investing Activities	-168.76	-786.67	-1,268	-189.92	1,738
Investing Cash Flow	-3,767	-6,630	-8,175	-6,258	-2,843
Long-Term Debt Issued	36,661	47,652	39,710	12,567	21,535
Total Debt Issued	36,661	47,652	39,710	12,567	21,535
Long-Term Debt Repaid	-42,373	-46,291	-27,947	-20,203	-32,150
Net Debt Issued (Repaid)	-5,711	1,361	11,763	-7,636	-10,615
Repurchase of Common Stock	-913.1	-200.1	-	-	-21.8
Common Dividends Paid	-2,378	-2,095	-2,990	-3,608	-2,234
Other Financing Activities	-1,318	-3,310	931.65	1,480	683.84
Financing Cash Flow	-10,320	-4,244	9,705	-9,763	-12,187
Foreign Exchange Rate Adjustments	-621.76	244.75	204.87	785.78	-224.91
Net Cash Flow	3,806	-1,366	4,439	-617.69	5,320
Free Cash Flow	13,796	5,695	-2,773	11,057	13,891
Free Cash Flow Growth	142.24%	-	-	-20.41%	46.36%
Free Cash Flow Margin	8.81%	3.21%	-2.17%	7.81%	8.49%
Free Cash Flow Per Share	2.58	1.06	-0.51	2.05	2.58
Cash Income Tax Paid	-1,704	-2,014	2,394	-847.06	-1,790
Levered Free Cash Flow	9,389	3,642	-7,328	15,112	8,560
Unlevered Free Cash Flow	10,333	4,924	-6,109	15,947	9,415
Change in Working Capital	7,759	-2,905	-6,197	4,786	3,485

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