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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	398.57	302.5	166.63	293.11	-57.31	160.48
Depreciation & Amortization	487.95	487.95	413.8	405.3	414.71	327.56
Other Amortization	16.47	16.47	13.43	11.96	10.53	9.52
Loss (Gain) on Sale of Assets	-0.84	-0.84	-	0.04	-0.04	-0.31
Loss (Gain) on Sale of Investments	-474.63	-474.63	-312.39	-387.68	-543	-337.14
Asset Writedown	214.86	214.86	1.63	24.11	21.73	-3.13
Change in Accounts Receivable	23.89	23.89	102.2	-194.96	-194.26	-137.64
Change in Inventory	-9.65	-9.65	68.93	-14.71	-77.71	-249.43
Change in Accounts Payable	44.13	44.13	10.3	106.39	74.08	-312.88
Other Operating Activities	375.86	209.96	331.16	355.91	340.82	260.83
Operating Cash Flow	1,109	847.18	760.01	560.62	-239.4	-392.9
Operating Cash Flow Growth	110.89%	11.47%	35.57%	-	-	-
Capital Expenditures	-855.12	-819.9	-1,233	-2,206	-1,949	-1,025
Sale of Property, Plant & Equipment	0.58	0.23	0.02	0	0.98	2.56
Divestitures	-	1.67	-	-	11.87	-
Investment in Securities	-263.47	-220.1	-35.57	-48.21	382.7	-668.22
Other Investing Activities	1,075	1,024	161.76	176.94	315.48	128.95
Investing Cash Flow	-42.98	-14.46	-1,106	-2,077	-1,238	-1,562
Long-Term Debt Issued	-	3,635	5,142	3,844	5,444	7,605
Long-Term Debt Repaid	-	-4,582	-5,722	-1,585	-5,557	-5,460
Net Debt Issued (Repaid)	-781.75	-947.52	-579.67	2,259	-113	2,145
Issuance of Common Stock	-	-	-	1,351	-	-
Common Dividends Paid	-376.24	-379.74	-453.28	-363.17	-424.53	-405.78
Other Financing Activities	244.51	189.22	-65.9	14.46	137.6	5.14
Financing Cash Flow	-913.48	-1,138	-1,099	3,261	-399.93	1,744
Net Cash Flow	152.69	-305.32	-1,445	1,744	-1,878	-210.47
Free Cash Flow	254.03	27.28	-472.67	-1,646	-2,189	-1,418
Free Cash Flow Margin	6.38%	0.66%	-11.00%	-34.12%	-55.66%	-36.10%
Free Cash Flow Per Share	0.25	0.03	-0.45	-1.97	-2.66	-1.73
Cash Income Tax Paid	134.51	129.38	109.46	134.72	3.95	291.43
Levered Free Cash Flow	801.32	-460.89	-785.28	-1,376	-1,840	-1,462
Unlevered Free Cash Flow	962.95	-299.26	-596.97	-1,187	-1,654	-1,313
Change in Working Capital	90.9	90.9	145.74	-142.14	-426.85	-810.7

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