SHE:000429 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	Jan '24 Jan 1, 2024	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-	1,562	1,634	1,276	1,700
Depreciation & Amortization	-	1,070	1,159	1,052	1,276
Other Amortization	-	2.42	0.35	0.35	0.35
Loss (Gain) From Sale of Assets	-	0.72	-	-0.48	-3.02
Asset Writedown & Restructuring Costs	-	-0.03	22.58	0.42	3.27
Loss (Gain) From Sale of Investments	-	-305.48	-314.82	-265.29	-277.06
Provision & Write-off of Bad Debts	-	-0.18	-0.19	0.65	2.03
Other Operating Activities	-	843.71	966.94	852.72	1,009
Change in Accounts Receivable	-	-80.52	-161.41	-102.79	8.32
Change in Inventory	-	-	-	-	-0.59
Change in Accounts Payable	-	74.29	452.54	-156.03	-123.08
Change in Other Net Operating Assets	-	94.77	1.62	-	-
Operating Cash Flow	-	3,256	3,832	2,752	3,670
Operating Cash Flow Growth	-	-15.02%	39.23%	-25.01%	39.21%
Capital Expenditures	-	-2,037	-1,539	-875.18	-513.66
Sale of Property, Plant & Equipment	-	1.47	0.12	0.81	4.79
Divestitures	-	-	-	28.51	-
Investment in Securities	-	-85.28	-17.18	-199.93	-89.65
Other Investing Activities	-	83.12	71.67	47.29	174.74
Investing Cash Flow	-	-2,037	-1,485	-998.5	-423.79
Long-Term Debt Issued	-	1,351	675.53	2,320	2,125
Long-Term Debt Repaid	-	-1,282	-1,052	-1,308	-2,512
Net Debt Issued (Repaid)	-	69.27	-376.23	1,012	-386.91
Common Dividends Paid	-	-1,391	-1,158	-1,437	-911.52
Dividends Paid	-	-1,391	-1,158	-1,437	-911.52
Other Financing Activities	-	-334.72	-395.58	-0.5	-1,838
Financing Cash Flow	-	-1,656	-1,929	-425.01	-3,137
Foreign Exchange Rate Adjustments	-	-4.59	-0.69	0.99	-0.37
Net Cash Flow	-	-442	416.97	1,330	109.01
Free Cash Flow	-	1,220	2,292	1,877	3,156
Free Cash Flow Growth	-	-46.79%	22.14%	-40.53%	59.71%
Free Cash Flow Margin	-	26.69%	46.98%	45.02%	59.68%
Free Cash Flow Per Share	-	0.59	1.09	0.90	1.50
Cash Income Tax Paid	-	861.5	732.38	695.59	901.81
Levered Free Cash Flow	-	722.8	786.54	1,839	1,059
Unlevered Free Cash Flow	-	833.14	920.5	1,988	1,236
Change in Working Capital	-	83.43	364.32	-164.69	-41.61

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