SHE:000157 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	4,858	3,520	3,506	2,306	6,270
Depreciation & Amortization	1,530	1,341	1,390	1,153	1,001
Other Amortization	14.29	11.94	8.43	8.2	4.58
Loss (Gain) From Sale of Assets	-547.6	-662.72	-232.66	7.6	-185.55
Asset Writedown & Restructuring Costs	62.5	-	50.54	0.02	749.14
Loss (Gain) From Sale of Investments	-308.54	53.53	39.98	-298.19	-545.88
Provision & Write-off of Bad Debts	490.84	546.05	736.68	392.61	-
Other Operating Activities	928	1,100	1,041	1,652	1,098
Change in Accounts Receivable	-5,962	4,789	-3,363	-1,035	-10,538
Change in Inventory	-502.95	647	-7,383	-564.31	1,148
Change in Accounts Payable	4,268	-8,757	7,322	-897.09	3,382
Operating Cash Flow	4,874	2,142	2,713	2,425	2,625
Operating Cash Flow Growth	127.53%	-21.03%	11.88%	-7.62%	-64.63%
Capital Expenditures	-4,655	-4,035	-1,900	-1,530	-2,914
Sale of Property, Plant & Equipment	103.08	101.97	97.15	89.09	162.06
Cash Acquisitions	-1,043	-	-	-723.79	-
Divestitures	42.12	-	-	-	1,445
Investment in Securities	135.18	215.81	1,893	2,516	-2,657
Other Investing Activities	-223.69	796.01	-368.46	216.27	2,130
Investing Cash Flow	-5,641	-2,922	-278.4	567.37	-1,834
Long-Term Debt Issued	18,252	14,291	16,538	19,993	62,949
Long-Term Debt Repaid	-13,302	-10,546	-16,485	-17,412	-62,977
Net Debt Issued (Repaid)	4,950	3,746	53.52	2,581	-28.78
Issuance of Common Stock	-	-	-	-	6,225
Repurchase of Common Stock	-96.12	-53.72	-1,085	-1,556	-
Common Dividends Paid	-3,472	-3,428	-3,323	-3,705	-3,948
Other Financing Activities	-916.19	-943.64	1,711	185.9	172.41
Financing Cash Flow	465.41	-679.32	-2,643	-2,494	2,421
Foreign Exchange Rate Adjustments	18.36	8.36	23.99	103.16	-107.28
Net Cash Flow	-283.41	-1,450	-185.08	600.69	3,104
Free Cash Flow	219.01	-1,893	812.52	894.84	-288.88
Free Cash Flow Growth	-	-	-9.20%	-	-
Free Cash Flow Margin	0.42%	-4.16%	1.73%	2.15%	-0.43%
Free Cash Flow Per Share	0.03	-0.22	0.10	0.10	-0.03
Cash Income Tax Paid	1,361	133.96	652.05	867.77	2,795
Levered Free Cash Flow	-3,723	-9,410	148.55	-4,130	9,665
Unlevered Free Cash Flow	-3,350	-9,053	580.24	-3,544	10,252
Change in Working Capital	-2,159	-3,766	-3,838	-2,802	-5,766

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