SHE:000042 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	-1,153	-2,025	-1,845	79.66	205.93
Depreciation & Amortization	227.98	196.63	186.31	177.56	178.69
Other Amortization	6.32	45.38	57.35	6.61	13.41
Loss (Gain) From Sale of Assets	-1.67	-0.66	-0.67	-0.47	-0.49
Asset Writedown & Restructuring Costs	999.49	48.65	-0.05	15.59	22.23
Loss (Gain) From Sale of Investments	-277.07	221.08	-115.24	-45.58	-40.03
Provision & Write-off of Bad Debts	-	0.95	2.53	1.23	-2.86
Other Operating Activities	566.79	1,838	2,406	517.01	991.04
Change in Accounts Receivable	-547.85	-971.47	-454.57	-444.13	-1,401
Change in Inventory	-1,330	1,129	2,885	3,165	2,671
Change in Accounts Payable	6,701	4,622	-1,902	-2,351	-2,224
Operating Cash Flow	5,440	5,656	1,352	978.79	143.89
Operating Cash Flow Growth	-3.82%	318.39%	38.12%	580.24%	-88.28%
Capital Expenditures	-3.63	-8.01	-14.08	-47.81	-3.74
Sale of Property, Plant & Equipment	0.77	0.67	44.46	0.69	0.65
Divestitures	209.58	44.98	-53.6	-	-1.94
Investment in Securities	13.16	12.6	36.27	-70.32	-26.28
Other Investing Activities	20.37	29.83	32.99	46.15	7.85
Investing Cash Flow	240.25	80.08	46.05	-71.28	-23.47
Long-Term Debt Issued	16.2	1,032	-	481	3,526
Short-Term Debt Repaid	-	-2,000	-	-	-
Long-Term Debt Repaid	-773.1	-1,147	-4,334	-2,987	-2,812
Total Debt Repaid	-773.1	-3,147	-4,334	-2,987	-2,812
Net Debt Issued (Repaid)	-756.9	-2,115	-4,334	-2,506	713.58
Common Dividends Paid	-413.63	-781.9	-942.78	-1,017	-1,501
Other Financing Activities	-1,787	21.37	3,758	1,070	-824.88
Financing Cash Flow	-2,958	-2,875	-1,518	-2,453	-1,612
Foreign Exchange Rate Adjustments	-0.02	0.04	0.03	0.17	-0.05
Net Cash Flow	2,722	2,861	-120.31	-1,546	-1,492
Free Cash Flow	5,437	5,648	1,338	930.98	140.15
Free Cash Flow Growth	-3.75%	322.19%	43.70%	564.29%	-88.46%
Free Cash Flow Margin	209.55%	130.64%	17.56%	13.14%	1.62%
Free Cash Flow Per Share	8.18	8.50	2.01	1.40	0.21
Cash Interest Paid	-	0.5	8.01	32.37	46.03
Cash Income Tax Paid	1,183	925.99	570.84	617.52	2,340
Levered Free Cash Flow	-	6,707	1,888	348.17	-481.86
Unlevered Free Cash Flow	-	7,144	2,248	656.85	-199.97
Change in Working Capital	5,071	5,331	660.9	227.17	-1,224

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