SHE:000158 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	33.45	-593.47	-116.63	-207.76	131
Depreciation & Amortization	343.61	366.32	367.29	315.43	285.59
Other Amortization	8.52	8.82	9.26	7.58	6.63
Loss (Gain) From Sale of Assets	54.77	-0.3	0.88	239.86	2.85
Asset Writedown & Restructuring Costs	40.95	62.46	58.87	56.5	49.99
Loss (Gain) From Sale of Investments	-5.87	-59.84	-1.16	10.75	-6.61
Provision & Write-off of Bad Debts	47.96	71.61	63.82	60.69	46.26
Other Operating Activities	266	371.97	272.71	328.26	238.75
Change in Accounts Receivable	667.36	-1,843	94.46	-197.33	-1,113
Change in Inventory	421.35	-446.7	18.25	-38.09	-619.28
Change in Accounts Payable	-1,437	1,225	339.38	-341.6	1,452
Change in Other Net Operating Assets	-	-	-2.1	-	-
Operating Cash Flow	417.89	-867.78	1,089	192.45	458.7
Operating Cash Flow Growth	-	-	465.91%	-58.05%	-54.45%
Capital Expenditures	-1,088	-295.3	-213.63	-282.96	-292.16
Sale of Property, Plant & Equipment	54.23	0.21	2.44	15.06	1.85
Cash Acquisitions	-	-	0.17	0.32	-
Divestitures	983.4	-46.44	-	-	-3.8
Investment in Securities	12.77	-16	-9.38	-19.75	-71.84
Other Investing Activities	48.49	0.55	-38.33	-	-
Investing Cash Flow	11.08	-356.98	-258.73	-287.32	-365.95
Long-Term Debt Issued	6,615	5,442	5,021	5,383	3,861
Long-Term Debt Repaid	-6,650	-5,342	-4,624	-4,872	-3,865
Net Debt Issued (Repaid)	-34.42	99.59	396.9	511.23	-3.5
Issuance of Common Stock	-	-	1.47	-	-
Common Dividends Paid	-248.23	-269.47	-261.77	-241.41	-237.12
Other Financing Activities	95.6	4.36	-0.37	-4.75	2.22
Financing Cash Flow	-187.05	-165.53	136.23	265.07	-238.39
Foreign Exchange Rate Adjustments	-1.2	-3.71	1.75	0.05	-1.47
Net Cash Flow	240.73	-1,394	968.34	170.25	-147.11
Free Cash Flow	-669.93	-1,163	875.46	-90.51	166.54
Free Cash Flow Growth	-	-	-	-	-76.24%
Free Cash Flow Margin	-8.89%	-13.19%	9.68%	-0.94%	1.53%
Free Cash Flow Per Share	-0.40	-0.72	0.53	-0.06	0.10
Cash Income Tax Paid	147.39	230.98	180.87	177.41	183.04
Levered Free Cash Flow	533.2	-1,454	614.88	-178.16	23.87
Unlevered Free Cash Flow	701.36	-1,260	787.16	-31.66	175.5
Change in Working Capital	-371.49	-1,095	434.05	-618.86	-295.76

Source: S&P Global Market Intelligence. Standard template. Financial Sources.