SHE:000550 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	1,187	1,537	1,476	915.05	574.17
Depreciation & Amortization	1,641	1,482	1,302	1,176	1,090
Other Amortization	55.66	-	-	-	-
Loss (Gain) From Sale of Assets	-59.56	-0.67	7.45	-389.25	-5.11
Asset Writedown & Restructuring Costs	182.77	36.57	271.55	0.76	3.64
Loss (Gain) From Sale of Investments	3.6	0.94	9.97	36.32	4.22
Provision & Write-off of Bad Debts	2.01	-9.48	6.2	12.45	-15.15
Other Operating Activities	-325.81	-468.45	-540.46	-224.44	-177.81
Change in Accounts Receivable	-2,054	-99.97	1,243	-2,217	196.01
Change in Inventory	-574.69	-1,197	356.81	-324.85	-134.81
Change in Accounts Payable	1,880	1,366	639.52	-521.15	413.37
Change in Other Net Operating Assets	-69.63	-67.81	25.58	36.43	-
Operating Cash Flow	2,412	2,633	4,568	-1,519	1,760
Operating Cash Flow Growth	-8.41%	-42.35%	-	-	-52.41%
Capital Expenditures	-1,088	-1,811	-1,297	-1,381	-1,169
Sale of Property, Plant & Equipment	46.9	28.54	2.19	783.32	37.46
Divestitures	-	-	60.9	191.1	84.62
Investment in Securities	-800	200	-200	100	700
Other Investing Activities	163.92	222.89	261.25	216.98	268.69
Investing Cash Flow	-1,677	-1,359	-1,172	-89.14	-78.64
Long-Term Debt Issued	4,879	3,078	4,279	4,683	1,484
Long-Term Debt Repaid	-4,557	-3,024	-4,142	-3,919	-1,715
Net Debt Issued (Repaid)	322.16	54.09	136.88	763.37	-230.33
Repurchase of Common Stock	-170.21	-	-	-	-
Common Dividends Paid	-622.71	-599.14	-377.73	-230.39	-3,002
Other Financing Activities	752.26	-0.33	48.8	48.87	-1.66
Financing Cash Flow	281.49	-545.38	-192.06	581.86	-3,234
Net Cash Flow	1,016	728.66	3,203	-1,026	-1,553
Free Cash Flow	1,324	822.61	3,271	-2,899	590.79
Free Cash Flow Growth	60.91%	-74.85%	-	-	-74.18%
Free Cash Flow Margin	3.38%	2.14%	9.86%	-9.63%	1.68%
Free Cash Flow Per Share	1.54	0.95	3.79	-3.36	0.68
Cash Income Tax Paid	2,197	2,406	1,594	2,022	-
Levered Free Cash Flow	1,001	256.65	2,802	-3,049	348.2
Unlevered Free Cash Flow	1,012	269.34	2,828	-3,018	362.97
Change in Working Capital	-275.69	55.01	2,036	-3,045	286.42

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