SHE:000056 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	Jan '22 Jan 1, 2022
Net Income	-2,730	-640.43	-1,127	-1,228	-1,157
Depreciation & Amortization	28.37	53.53	55.48	35.55	32.44
Other Amortization	13.93	12.94	26.48	19.85	22.79
Gain (Loss) on Sale of Assets	-665.71	-48	-6.75	-0.05	-0.12
Gain (Loss) on Sale of Investments	-84.05	1.85	4.38	-0.42	-1.21
Asset Writedown	3,646	271.18	562.6	805.99	827.01
Change in Accounts Receivable	-209.54	37.03	-769.86	-425.23	-57.49
Change in Other Net Operating Assets	460.58	-117.72	868.66	388.58	218.85
Other Operating Activities	586.11	742.75	644.3	1,015	779.63
Operating Cash Flow	152.34	334.83	313.3	385.29	408.37
Operating Cash Flow Growth	-54.50%	6.87%	-18.68%	-5.65%	-14.10%
Acquisition of Real Estate Assets	-0.99	-7.2	-9.57	-	-11.79
Sale of Real Estate Assets	0	0	0.81	-	4.42
Net Sale / Acq. of Real Estate Assets	-0.99	-7.2	-8.76	-	-7.37
Cash Acquisition	-	-	-41.5	-39.56	-
Investment in Marketable & Equity Securities	11	64	4.79	-2.1	-17.78
Other Investing Activities	15.39	-	-	-	-
Investing Cash Flow	25.4	56.8	-45.52	-41.66	-25.15
Long-Term Debt Issued	37.89	40	486.06	-	134.6
Long-Term Debt Repaid	-91.97	-190.79	-564.76	-85.51	-267.67
Net Debt Issued (Repaid)	-54.08	-150.79	-78.7	-85.51	-133.07
Issuance of Common Stock	-	-	88.9	-	-
Repurchase of Common Stock	-	-12.87	-25.9	-19.95	-9.11
Common Dividends Paid	-176.08	-302.02	-217.92	-180.39	-251.19
Other Financing Activities	24.65	16.79	37.06	-34.03	-72.71
Foreign Exchange Rate Adjustments	-0.01	0.01	0.06	-0.02	-0.01
Net Cash Flow	-27.79	-57.25	71.29	23.73	-82.86
Cash Income Tax Paid	-	43.26	58.42	60.23	67.15
Levered Free Cash Flow	1,190	472.12	-127.37	682.51	434.99
Unlevered Free Cash Flow	1,563	883.46	288.4	1,045	909.24
Change in Working Capital	-653.18	-111.21	108.76	-336.05	-131.34

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