SHE:000531 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Net Income	422.1	166.63	293.11	-57.31	160.48	779.94
Depreciation & Amortization	412.47	412.47	405.3	414.71	327.56	386.6
Other Amortization	14.76	14.76	11.96	10.53	9.52	7.9
Loss (Gain) on Sale of Assets	-	-	0.04	-0.04	-0.31	-30.94
Loss (Gain) on Sale of Investments	-312.39	-312.39	-387.68	-543	-337.14	-566.45
Asset Writedown	1.63	1.63	24.11	21.73	-3.13	24.79
Change in Accounts Receivable	102.2	102.2	-194.96	-194.26	-137.64	15.88
Change in Inventory	68.93	68.93	-14.71	-77.71	-249.43	-67.3
Change in Accounts Payable	10.3	10.3	106.39	74.08	-312.88	298.79
Other Operating Activities	216.01	331.16	355.91	340.82	260.83	304.52
Operating Cash Flow	900.33	760.01	560.62	-239.4	-392.9	812.86
Operating Cash Flow Growth	43.87%	35.57%	-	-	-	7.32%
Capital Expenditures	-913.72	-1,233	-2,206	-1,949	-1,025	-973.83
Sale of Property, Plant & Equipment	0.22	0.02	0	0.98	2.56	50.97
Divestitures	1.67	-	-	11.87	-	-
Investment in Securities	-241.72	-35.57	-48.21	382.7	-668.22	-678.55
Other Investing Activities	982.35	161.76	176.94	315.48	128.95	76.84
Investing Cash Flow	-171.21	-1,106	-2,077	-1,238	-1,562	-1,525
Long-Term Debt Issued	-	5,142	3,844	5,444	7,605	5,933
Long-Term Debt Repaid	-	-5,722	-1,585	-5,557	-5,460	-5,472
Net Debt Issued (Repaid)	-897.96	-579.67	2,259	-113	2,145	460.07
Issuance of Common Stock	-	-	1,351	-	-	-
Common Dividends Paid	-341.14	-453.28	-363.17	-424.53	-405.78	-245.13
Other Financing Activities	178.17	-65.9	14.46	137.6	5.14	153.62
Financing Cash Flow	-1,061	-1,099	3,261	-399.93	1,744	368.56
Net Cash Flow	-331.8	-1,445	1,744	-1,878	-210.47	-343.15
Free Cash Flow	-13.39	-472.67	-1,646	-2,189	-1,418	-160.97
Free Cash Flow Margin	-0.32%	-11.00%	-34.12%	-55.66%	-36.10%	-4.65%
Free Cash Flow Per Share	-0.01	-0.45	-1.97	-2.66	-1.73	-0.20
Cash Income Tax Paid	116.88	109.46	134.72	3.95	291.43	460.12
Levered Free Cash Flow	-406.12	-777.88	-1,376	-1,840	-1,462	-228.77
Unlevered Free Cash Flow	-240.27	-589.57	-1,187	-1,654	-1,313	-113.22
Change in Working Capital	145.74	145.74	-142.14	-426.85	-810.7	-93.49

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