SHE:000069 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	-14,496	-8,662	-6,492	-10,905	3,799
Depreciation & Amortization	3,320	3,202	3,079	3,062	2,922
Other Amortization	527.75	338.98	367.52	312.58	238.38
Loss (Gain) From Sale of Assets	-26.93	-153.25	-9.44	-4.91	-1.58
Asset Writedown & Restructuring Costs	201.11	35.09	286.71	1,062	184.72
Loss (Gain) From Sale of Investments	2,408	2,019	1,687	2,503	126.16
Provision & Write-off of Bad Debts	33.87	36.82	9.52	29.79	-1.9
Other Operating Activities	9,358	5,286	5,116	13,130	7,725
Change in Accounts Receivable	3,602	4,290	-4,977	4,887	-8,530
Change in Inventory	22,954	26,144	18,575	14,516	5,972
Change in Accounts Payable	-16,619	-28,864	-14,985	-29,372	8,316
Change in Other Net Operating Assets	-	-	-	-107.75	-
Operating Cash Flow	12,501	5,362	3,423	-574.64	19,238
Operating Cash Flow Growth	133.13%	56.67%	-	-	-9.34%
Capital Expenditures	-960.83	-1,437	-4,522	-6,460	-15,135
Sale of Property, Plant & Equipment	3.98	39.37	2,036	3.98	61.86
Cash Acquisitions	-	-	-212.04	-778.37	-
Divestitures	-	-	-4.59	-2,799	1,225
Investment in Securities	102	-103.1	1,946	563	3,099
Other Investing Activities	153.42	138.76	1,949	3,400	6,804
Investing Cash Flow	-701.42	-1,362	1,191	-6,070	-3,945
Long-Term Debt Issued	63,709	44,416	73,849	64,140	72,624
Long-Term Debt Repaid	-77,363	-51,676	-68,093	-75,260	-73,553
Net Debt Issued (Repaid)	-13,654	-7,261	5,756	-11,120	-928.97
Issuance of Common Stock	0.25	-	-	-	2,300
Repurchase of Common Stock	-	-	-	-	-8.23
Common Dividends Paid	-4,756	-5,710	-6,384	-7,740	-9,038
Other Financing Activities	-1,244	-379.71	-6,104	-475.17	-220.35
Financing Cash Flow	-19,654	-13,351	-6,732	-19,336	-7,896
Foreign Exchange Rate Adjustments	-6.48	18.75	-13.28	7.92	-12.98
Net Cash Flow	-7,861	-9,331	-2,132	-25,973	7,385
Free Cash Flow	11,540	3,926	-1,100	-7,034	4,103
Free Cash Flow Growth	193.98%	-	-	-	-63.08%
Free Cash Flow Margin	36.77%	7.22%	-1.97%	-9.16%	4.00%
Free Cash Flow Per Share	1.47	0.50	-0.13	-0.86	0.51
Cash Income Tax Paid	4,292	8,113	14,510	16,059	19,636
Levered Free Cash Flow	12,717	9,186	-1,390	2,420	-4,058
Unlevered Free Cash Flow	15,535	12,101	1,554	5,232	-458.8
Change in Working Capital	11,175	3,260	-620.72	-9,764	4,246

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