SHE:000537 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	635.45	800.71	1,009	919.58	633.57	-314.96
Depreciation & Amortization	2,097	2,097	1,395	1,390	1,325	1,547
Other Amortization	1.04	1.04	1.04	0.91	0.73	3.76
Loss (Gain) on Sale of Assets	28.58	28.58	-79.09	-1.25	0.01	-1.91
Loss (Gain) on Sale of Investments	2.81	2.81	10.88	-28.66	-1.17	-126.82
Asset Writedown	37.71	37.71	16.51	-0.13	-	2,366
Change in Accounts Receivable	640.98	640.98	-516.95	-1,320	177.65	1,007
Change in Inventory	-	-	1.74	0.87	0.15	-2,042
Change in Accounts Payable	278.53	278.53	-828.51	887.34	-11,179	555.6
Other Operating Activities	1,214	1,113	700.99	619.39	827.06	2,095
Operating Cash Flow	4,845	4,909	1,800	2,539	-8,207	4,993
Operating Cash Flow Growth	129.66%	172.67%	-29.09%	-	-	-
Capital Expenditures	-9,642	-11,395	-21,046	-24,947	-3,109	-2,934
Sale of Property, Plant & Equipment	0.01	0.01	1,694	0.14	-	0.19
Cash Acquisitions	-	-	-191.3	-7.51	-	-931.33
Divestitures	-	-	-	-	11,673	5.53
Investment in Securities	124.24	124.24	-30	-	-29.95	2,584
Other Investing Activities	42.7	42.7	9.91	50.47	3,163	666.3
Investing Cash Flow	-9,475	-11,228	-19,563	-24,904	11,697	-608.68
Long-Term Debt Issued	-	10,266	29,433	30,621	2,473	28,845
Long-Term Debt Repaid	-	-1,926	-15,988	-5,369	-8,693	-27,592
Net Debt Issued (Repaid)	6,658	8,340	13,445	25,253	-6,220	1,253
Issuance of Common Stock	-	-	1,800	-	-	-
Repurchase of Common Stock	-55.42	-55.42	-	-	-	-
Common Dividends Paid	-1,820	-1,787	-1,582	-797.91	-848.74	-3,234
Other Financing Activities	395.77	619.28	1,588	2,036	-2.4	-138.53
Financing Cash Flow	5,178	7,117	15,252	26,491	-7,071	-2,119
Net Cash Flow	548.33	797.54	-2,511	4,126	-3,581	2,265
Free Cash Flow	-4,797	-6,486	-19,246	-22,408	-11,316	2,059
Free Cash Flow Margin	-95.09%	-132.56%	-501.17%	-607.17%	-329.93%	10.52%
Free Cash Flow Per Share	-2.31	-3.16	-9.54	-11.94	-6.07	1.11
Cash Income Tax Paid	294.76	292.44	374.53	238.85	20.38	2,602
Levered Free Cash Flow	-5,205	-7,678	-19,935	-20,097	10,985	18,194
Unlevered Free Cash Flow	-4,724	-7,245	-19,606	-19,771	11,441	19,436
Change in Working Capital	920.5	920.5	-1,370	-450.77	-11,000	-647.22

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