SHE:000531 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	253.85	166.63	293.11	-57.31	160.48
Depreciation & Amortization	489.62	412.47	405.3	414.71	327.56
Other Amortization	14.81	14.76	11.96	10.53	9.52
Loss (Gain) on Sale of Assets	-0.84	-	0.04	-0.04	-0.31
Loss (Gain) on Sale of Investments	-474.63	-312.39	-387.68	-543	-337.14
Asset Writedown	212.65	1.63	24.11	21.73	-3.13
Change in Accounts Receivable	23.89	102.2	-194.96	-194.26	-137.64
Change in Inventory	-9.65	68.93	-14.71	-77.71	-249.43
Change in Accounts Payable	44.13	10.3	106.39	74.08	-312.88
Other Operating Activities	260.82	331.16	355.91	340.82	260.83
Operating Cash Flow	847.18	760.01	560.62	-239.4	-392.9
Operating Cash Flow Growth	11.47%	35.57%	-	-	-
Capital Expenditures	-819.9	-1,233	-2,206	-1,949	-1,025
Sale of Property, Plant & Equipment	0.23	0.02	0	0.98	2.56
Divestitures	1.67	-	-	11.87	-
Investment in Securities	-220.1	-35.57	-48.21	382.7	-668.22
Other Investing Activities	1,024	161.76	176.94	315.48	128.95
Investing Cash Flow	-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)	-947.52	-579.67	2,259	-113	2,145
Issuance of Common Stock	-	-	1,351	-	-
Common Dividends Paid	-379.74	-453.28	-363.17	-424.53	-405.78
Other Financing Activities	189.22	-65.9	14.46	137.6	5.14
Financing Cash Flow	-1,138	-1,099	3,261	-399.93	1,744
Net Cash Flow	-305.32	-1,445	1,744	-1,878	-210.47
Free Cash Flow	27.28	-472.67	-1,646	-2,189	-1,418
Free Cash Flow Margin	0.66%	-11.00%	-34.12%	-55.66%	-36.10%
Free Cash Flow Per Share	0.03	-0.45	-1.97	-2.66	-1.73
Cash Income Tax Paid	129.38	109.46	134.72	3.95	291.43
Levered Free Cash Flow	-288.83	-777.88	-1,376	-1,840	-1,462
Unlevered Free Cash Flow	-288.83	-589.57	-1,187	-1,654	-1,313
Change in Working Capital	90.9	145.74	-142.14	-426.85	-810.7

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