SHE:000544 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	1,095	1,032	860.12	713.96	508.67
Depreciation & Amortization	499.85	470.25	402.72	475.65	263.13
Other Amortization	1.06	3.84	3.71	6.88	1.49
Loss (Gain) From Sale of Assets	0.02	-68.33	0.01	0.12	0.02
Asset Writedown & Restructuring Costs	137.17	87.25	18.18	0.9	31.9
Loss (Gain) From Sale of Investments	-1.6	-0.42	0.03	-0.5	-1.71
Provision & Write-off of Bad Debts	-	85.98	67.7	116.95	33.71
Other Operating Activities	862	823.7	824.5	605.43	400.32
Change in Accounts Receivable	-1,995	-3,197	-3,760	-5,824	-434.46
Change in Inventory	-9.25	17.01	9.44	7.11	-2.24
Change in Accounts Payable	24.02	157.47	-439.55	1,471	-3,532
Operating Cash Flow	565.69	-609.38	-2,022	-2,418	-2,685
Capital Expenditures	-2,479	-871.74	-1,344	-1,010	-459.6
Sale of Property, Plant & Equipment	2.68	0.02	1.17	1.57	0.72
Divestitures	-	-	-	-67.86	-
Investment in Securities	-	1.49	-	1.05	374.32
Other Investing Activities	0.22	-0.3	-4.01	-1.75	16.76
Investing Cash Flow	-2,476	-870.53	-1,347	-1,077	-67.8
Short-Term Debt Issued	-	-	-	-	5.96
Long-Term Debt Issued	8,475	5,968	8,969	7,508	5,197
Total Debt Issued	8,475	5,968	8,969	7,508	5,203
Short-Term Debt Repaid	-	-	-	-	-6
Long-Term Debt Repaid	-4,990	-2,934	-4,751	-3,427	-1,965
Total Debt Repaid	-4,990	-2,934	-4,751	-3,427	-1,971
Net Debt Issued (Repaid)	3,485	3,035	4,218	4,081	3,232
Issuance of Common Stock	499.37	1,498	-	24.2	-
Common Dividends Paid	-1,022	-957.62	-868.65	-792.61	-598.43
Other Financing Activities	-50.19	-2,201	-2,369	82.03	92.54
Financing Cash Flow	2,913	1,374	980.61	3,395	2,726
Net Cash Flow	1,002	-105.47	-2,389	-99.83	-26.96
Free Cash Flow	-1,913	-1,481	-3,366	-3,428	-3,145
Free Cash Flow Margin	-34.54%	-27.21%	-43.09%	-43.65%	-51.22%
Free Cash Flow Per Share	-1.89	-1.52	-3.45	-3.52	-3.21
Cash Interest Paid	-	93.01	-	-	-
Cash Income Tax Paid	168.2	179.97	157.87	0.67	211.96
Levered Free Cash Flow	-3,164	-4,867	-184.72	-538.64	317.58
Unlevered Free Cash Flow	-3,164	-4,386	295.67	-190.09	547.12
Change in Working Capital	-2,027	-3,044	-4,199	-4,337	-3,923

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