SHE:000539 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	599.94	964.24	974.66	-2,980	-2,928
Depreciation & Amortization	6,605	5,890	5,367	5,039	4,300
Other Amortization	38.27	13.22	12.49	21.08	6.92
Loss (Gain) on Sale of Assets	-20.34	-0.1	-9.2	-30.8	-184.59
Loss (Gain) on Sale of Investments	-791.68	-810.23	-957.63	-	-
Asset Writedown	342.36	357.85	1,630	199.4	-40.06
Change in Accounts Receivable	-542.56	-456.26	-1,412	-1,246	-1,721
Change in Inventory	261.62	78.39	661.94	-377.92	-1,284
Change in Accounts Payable	922.55	1,497	-1,038	1,418	3,318
Change in Other Net Operating Assets	8.19	-10.14	-2.47	1.48	-9.31
Other Operating Activities	2,699	3,210	3,078	-347.3	-665.79
Operating Cash Flow	10,233	10,975	8,466	1,480	122.17
Operating Cash Flow Growth	-6.76%	29.64%	472.06%	1111.27%	-98.42%
Capital Expenditures	-12,355	-15,162	-21,716	-14,599	-10,732
Sale of Property, Plant & Equipment	185.43	269.39	225.69	1,734	1,657
Cash Acquisitions	-	-	-	-93.9	-76.57
Divestitures	-	-159.95	-363.9	2.51	2.48
Investment in Securities	-56.28	-674.2	-235.5	-397.72	-343.85
Other Investing Activities	1,342	1,469	-4,092	202.08	200.06
Investing Cash Flow	-10,884	-14,257	-26,182	-13,152	-9,294
Long-Term Debt Issued	35,580	42,007	59,316	50,746	39,374
Long-Term Debt Repaid	-35,756	-36,483	-42,175	-31,359	-25,838
Net Debt Issued (Repaid)	-175.45	5,523	17,141	19,387	13,536
Common Dividends Paid	-2,947	-2,806	-2,605	-2,232	-3,087
Other Financing Activities	4,284	441.87	3,701	-2,072	-2,660
Financing Cash Flow	1,161	3,160	18,236	15,083	7,790
Foreign Exchange Rate Adjustments	0.01	-0.08	0	0	-0
Net Cash Flow	510.91	-122.66	520.36	3,411	-1,382
Free Cash Flow	-2,122	-4,187	-13,250	-13,119	-10,610
Free Cash Flow Margin	-4.12%	-7.32%	-22.19%	-24.91%	-23.87%
Free Cash Flow Per Share	-0.39	-0.78	-2.52	-2.50	-2.02
Cash Income Tax Paid	1,790	2,565	2,663	-714.24	1,580
Levered Free Cash Flow	-2,482	-4,736	-13,670	-14,703	-8,683
Unlevered Free Cash Flow	-1,078	-3,218	-12,174	-13,293	-7,746
Change in Working Capital	753.77	1,340	-1,655	-421.79	-366.39

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.