SHE:000605 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	Jan '22 Jan 1, 2022
Net Income	36.53	16.09	20.12	15.6	11.44
Depreciation & Amortization	206.03	202.24	195.91	188.03	205.52
Other Amortization	18.2	22.92	18.76	19.99	16.92
Loss (Gain) on Sale of Assets	0.89	0.04	0.47	-0.07	4.44
Loss (Gain) on Sale of Investments	-21.82	-12.54	-7.52	-36.93	-79.12
Asset Writedown	30.51	0.16	0.57	0.07	0.25
Change in Accounts Receivable	-44.8	-82.08	-4.33	-107.94	51.88
Change in Inventory	-1.53	4.2	62.69	5.44	-30.14
Change in Accounts Payable	-298.83	-77.82	-150.82	-143.21	-261.12
Change in Other Net Operating Assets	0.15	2.27	-	-	-
Other Operating Activities	129.56	130.2	153.41	145.41	214.58
Operating Cash Flow	47.92	254.75	305.23	121.56	160.59
Operating Cash Flow Growth	-81.19%	-16.54%	151.09%	-24.30%	11.48%
Capital Expenditures	-251.13	-236.78	-196.78	-359.75	-275.26
Sale of Property, Plant & Equipment	4.02	1.1	7.75	10.06	72.15
Cash Acquisitions	-	-10.21	-	-	-163.04
Divestitures	-	-	-	-	142.28
Investment in Securities	-10	-	-13.19	-11.01	-23.11
Other Investing Activities	0.62	0.49	5.98	10.63	1.85
Investing Cash Flow	-256.5	-245.4	-196.25	-350.06	-245.13
Long-Term Debt Issued	2,461	2,040	2,386	2,372	2,073
Long-Term Debt Repaid	-1,996	-1,720	-2,189	-1,968	-1,970
Net Debt Issued (Repaid)	464.42	319.23	196.25	404.27	103.59
Common Dividends Paid	-105.02	-116.18	-125.42	-139.94	-192.61
Other Financing Activities	-177.96	-169.15	-119.72	-74.9	38.16
Financing Cash Flow	181.44	33.9	-48.89	189.42	-50.87
Foreign Exchange Rate Adjustments	-0	0	0	-3.14	-3.56
Net Cash Flow	-27.14	43.25	60.09	-42.22	-138.97
Free Cash Flow	-203.22	17.97	108.45	-238.19	-114.67
Free Cash Flow Growth	-	-83.43%	-	-	-
Free Cash Flow Margin	-10.85%	1.02%	5.88%	-13.58%	-6.33%
Free Cash Flow Per Share	-0.58	0.05	0.31	-0.68	-0.33
Cash Interest Paid	-	21.96	15.56	3.18	5.23
Cash Income Tax Paid	128.85	136.58	99.19	93.82	140.64
Levered Free Cash Flow	-351.92	-144.74	-47.36	-106.94	436.5
Unlevered Free Cash Flow	-351.92	-58.67	34.62	-24.28	551.22
Change in Working Capital	-351.99	-154.01	-110.17	-250.57	-237.44

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