SHE:000488 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-8,296	-7,411	-1,281	189.29	2,066
Depreciation & Amortization	2,330	2,371	2,320	2,318	2,425
Other Amortization	57.74	17.8	4.58	4.68	3.96
Loss (Gain) From Sale of Assets	-9.61	-55.41	-14.61	-161.09	-51.56
Asset Writedown & Restructuring Costs	660.11	494.9	1.97	-4.97	0.75
Loss (Gain) From Sale of Investments	1,574	793.76	-476.33	116.57	148.21
Provision & Write-off of Bad Debts	300.49	738.7	96.45	-	-
Other Operating Activities	2,759	3,967	2,131	2,313	2,652
Change in Accounts Receivable	1,970	795.69	348.5	332.27	3,208
Change in Inventory	-682.56	1,877	741.33	-406.34	-156.41
Change in Accounts Payable	-175.86	-864.87	871.65	-1,025	-1,691
Operating Cash Flow	243.21	2,623	4,390	3,450	8,582
Operating Cash Flow Growth	-90.73%	-40.25%	27.25%	-59.80%	-23.78%
Capital Expenditures	-3.21	-69.44	-314.38	-885.44	-632.61
Sale of Property, Plant & Equipment	46.49	20.43	210.12	232.39	217.79
Cash Acquisitions	-508.96	-	-4.93	-368	-127.46
Divestitures	330.19	503.94	99.33	-	306.24
Investment in Securities	0.21	7.31	1.6	-1,461	320.33
Other Investing Activities	1.38	3.57	66.56	37.54	81.43
Investing Cash Flow	-133.9	465.8	58.29	-2,445	165.72
Short-Term Debt Issued	-	-	-	-	200
Long-Term Debt Issued	19,169	28,470	34,397	36,162	28,150
Total Debt Issued	19,169	28,470	34,397	36,162	28,350
Long-Term Debt Repaid	-23,916	-35,339	-37,323	-36,042	-34,511
Total Debt Repaid	-23,916	-35,339	-37,323	-36,042	-34,511
Net Debt Issued (Repaid)	-4,747	-6,869	-2,927	119.5	-6,162
Issuance of Common Stock	-	-	-	-	190.79
Repurchase of Common Stock	-	-67.39	-1,066	-11.76	-
Preferred Dividends Paid	-	-	-	-	-323.39
Common Dividends Paid	-1,001	-1,922	-2,080	-2,252	-3,290
Dividends Paid	-1,001	-1,922	-2,080	-2,252	-3,613
Other Financing Activities	5,626	5,133	289.44	162.83	4,144
Financing Cash Flow	-122.06	-3,725	-5,784	-1,981	-9,940
Foreign Exchange Rate Adjustments	-1.89	23.64	-59.72	-33.25	-27.37
Net Cash Flow	-14.65	-612.29	-1,395	-1,009	-1,220
Free Cash Flow	239.99	2,554	4,076	2,564	7,949
Free Cash Flow Growth	-90.60%	-37.34%	58.93%	-67.74%	-27.77%
Free Cash Flow Margin	3.88%	11.24%	15.32%	8.01%	24.07%
Free Cash Flow Per Share	0.08	0.87	1.34	0.77	2.69
Cash Income Tax Paid	188.13	417.99	698.61	407.34	1,367
Levered Free Cash Flow	4,512	6,108	4,667	1,908	2,215
Unlevered Free Cash Flow	5,514	7,277	5,859	3,209	3,683
Change in Working Capital	866.78	1,706	1,609	-1,325	1,337

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