SHE:000048 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	Jan '23 Jan 1, 2023	Dec '21 Dec 31, 2021
Net Income	156.19	713.8	1,746	773.07	389.34
Depreciation & Amortization	544.07	539.95	561.03	445.89	227.86
Other Amortization	25.51	14.56	9.54	7.53	7.56
Loss (Gain) From Sale of Assets	19.57	26.33	100.47	75.96	61.13
Asset Writedown & Restructuring Costs	68	25.77	21.87	32.54	21.84
Loss (Gain) From Sale of Investments	-0.31	6.66	13.36	-21.58	-205.89
Provision & Write-off of Bad Debts	-	6.17	-0.6	-6.23	7.42
Other Operating Activities	85.63	243.34	262.1	99.88	106.86
Change in Accounts Receivable	28.81	-18.92	678.73	291.07	-230.7
Change in Inventory	36.14	1,212	3,168	-1,752	-1,742
Change in Accounts Payable	-366.06	-1,834	-7,569	1,750	4,004
Change in Other Net Operating Assets	11.15	37.41	7.36	-	-
Operating Cash Flow	597.31	997.45	-414.65	1,021	2,641
Operating Cash Flow Growth	-40.12%	-	-	-61.33%	46.21%
Capital Expenditures	-204.19	-240.75	-966.76	-1,924	-2,617
Sale of Property, Plant & Equipment	0.88	3.05	4.7	0.63	1.71
Divestitures	-	10.68	-	51.92	-
Investment in Securities	-	-37.4	25.18	-5,141	-18
Other Investing Activities	66.03	26.57	15.35	5,164	71.44
Investing Cash Flow	-137.28	-237.85	-921.53	-1,848	-2,562
Long-Term Debt Issued	822.32	581.03	1,380	712	1,388
Total Debt Issued	822.32	581.03	1,380	712	1,388
Long-Term Debt Repaid	-1,192	-1,110	-530.81	-528.06	-803.73
Total Debt Repaid	-1,192	-1,110	-530.81	-528.06	-803.73
Net Debt Issued (Repaid)	-370.14	-529.26	849.54	183.94	584.57
Issuance of Common Stock	6.99	-	78.36	-	-
Repurchase of Common Stock	-	-153.06	-	-	-
Common Dividends Paid	-447.29	-299.35	-624.21	-742.75	-689.99
Other Financing Activities	-45.3	-30.46	-41.94	0.06	2.45
Financing Cash Flow	-855.74	-1,012	261.74	-558.75	-102.96
Net Cash Flow	-395.71	-252.52	-1,074	-1,386	-24.28
Free Cash Flow	393.12	756.7	-1,381	-903.28	23.54
Free Cash Flow Growth	-48.05%	-	-	-	-78.94%
Free Cash Flow Margin	8.07%	12.70%	-11.13%	-15.07%	0.73%
Free Cash Flow Per Share	0.76	1.46	-2.63	-1.73	0.04
Cash Interest Paid	-	-	-	0.82	-
Cash Income Tax Paid	-5.5	618.47	1,040	370.08	1,394
Levered Free Cash Flow	-	980.6	-2,206	-506.27	480.97
Unlevered Free Cash Flow	-	1,044	-2,141	-464.85	510.38
Change in Working Capital	-301.36	-579.13	-3,129	-385.9	2,025

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