SHE:000598 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	1,996	1,843	1,618	1,494
Depreciation & Amortization	1,525	1,324	1,233	1,055
Other Amortization	24.9	18.9	15.1	17.72
Loss (Gain) on Sale of Assets	-0.08	-0.12	-16.28	-0.03
Asset Writedown	-0.09	0.69	0.23	0.01
Change in Accounts Receivable	-968.17	-378.92	-1,045	-910.65
Change in Inventory	1.66	1.86	-26.75	195.9
Change in Accounts Payable	539.53	175.42	1,133	557.8
Other Operating Activities	484.31	357.07	370.52	241.32
Operating Cash Flow	3,681	3,389	3,315	2,730
Operating Cash Flow Growth	8.61%	2.23%	21.43%	-0.69%
Capital Expenditures	-4,595	-4,446	-4,197	-3,786
Sale of Property, Plant & Equipment	1.61	3.37	5.31	38.6
Cash Acquisitions	-148.79	-103.33	-	-
Investment in Securities	25.12	-68.25	30.89	16.77
Other Investing Activities	131.29	-59.03	46.59	38.23
Investing Cash Flow	-4,586	-4,673	-4,114	-3,693
Short-Term Debt Issued	-	48.4	-	-
Long-Term Debt Issued	5,152	3,627	3,944	3,734
Total Debt Issued	5,152	3,675	3,944	3,734
Short-Term Debt Repaid	-0.25	-46.89	-43.05	-2.22
Long-Term Debt Repaid	-2,851	-1,502	-2,156	-2,288
Total Debt Repaid	-2,851	-1,549	-2,199	-2,290
Net Debt Issued (Repaid)	2,301	2,126	1,744	1,444
Issuance of Common Stock	-	-	51.48	-
Repurchase of Common Stock	-1.64	-1.56	-	-
Common Dividends Paid	-1,044	-820.64	-755.53	-663.27
Other Financing Activities	30.89	162.87	266.26	-5.67
Financing Cash Flow	1,286	1,466	1,306	775
Net Cash Flow	381.39	181.93	507.59	-187.6
Free Cash Flow	-913.94	-1,057	-881.55	-1,056
Free Cash Flow Margin	-10.10%	-13.07%	-11.55%	-15.65%
Free Cash Flow Per Share	-0.31	-0.35	-0.29	-0.36
Cash Income Tax Paid	826.36	742.18	590.23	528.93
Levered Free Cash Flow	-1,592	-1,014	-2,256	-1,567
Unlevered Free Cash Flow	-1,258	-752.75	-2,012	-1,366
Change in Working Capital	-477.22	-242.52	37.59	-185.97

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