SHE:000498 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	2,227	2,323	2,289	2,697	2,135
Depreciation & Amortization	744.33	687.78	669.92	740.07	599.95
Other Amortization	229.32	146.9	262.45	237.77	94.13
Loss (Gain) From Sale of Assets	-4.07	-7.22	-6.26	-16.48	-96.6
Asset Writedown & Restructuring Costs	1,676	1,380	14.2	-5.25	0.47
Loss (Gain) From Sale of Investments	-216.42	-309.68	-200.32	-213.11	-152.77
Provision & Write-off of Bad Debts	-	-	1,020	485.61	342.29
Other Operating Activities	2,315	1,936	1,971	1,669	1,266
Change in Accounts Receivable	-15,014	-22,988	-22,640	-16,193	1,741
Change in Inventory	60.64	177.36	-160.99	35.78	-14,825
Change in Accounts Payable	8,429	11,745	12,871	10,805	6,640
Operating Cash Flow	257.05	-5,145	-3,957	164.95	-2,356
Capital Expenditures	-1,015	-111.51	-1,568	-487.72	-532.94
Sale of Property, Plant & Equipment	12.06	1.59	31.13	7.97	0.64
Cash Acquisitions	-	-	-	-	-484.61
Divestitures	3.05	-	-	26.66	-
Investment in Securities	-2,219	-2,178	-4,399	-3,605	-2,118
Other Investing Activities	264.13	176.32	69.64	171.38	189.41
Investing Cash Flow	-2,955	-2,111	-5,866	-3,887	-2,945
Long-Term Debt Issued	34,124	27,865	28,530	17,851	17,959
Long-Term Debt Repaid	-33,880	-19,484	-20,625	-13,613	-11,849
Net Debt Issued (Repaid)	244.17	8,382	7,905	4,239	6,110
Issuance of Common Stock	835.99	-	5,602	16.03	6.84
Repurchase of Common Stock	-300	-500	-600	-8	-450
Common Dividends Paid	-2,179	-1,969	-1,564	-1,286	-795.05
Other Financing Activities	6,298	349.39	-77.14	-66.78	106.75
Financing Cash Flow	4,899	6,262	11,266	2,893	4,978
Foreign Exchange Rate Adjustments	2.28	4.7	-30.16	27.07	-22.93
Net Cash Flow	2,204	-989.27	1,413	-801.48	-346.35
Free Cash Flow	-757.56	-5,256	-5,524	-322.77	-2,889
Free Cash Flow Margin	-1.10%	-7.37%	-7.56%	-0.46%	-5.02%
Free Cash Flow Per Share	-0.30	-2.13	-2.61	-0.20	-1.85
Cash Income Tax Paid	1,766	1,475	1,255	981.17	1,153
Levered Free Cash Flow	2,078	-2,445	-4,601	1,370	-2,120
Unlevered Free Cash Flow	2,823	-1,664	-3,900	1,956	-1,682
Change in Working Capital	-6,714	-11,302	-9,977	-5,430	-6,545

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