SHE:000652 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	-286.11	114.11	182.84	178.17	250.1
Depreciation & Amortization	392.4	264.7	232.62	175.74	152.47
Other Amortization	9.29	7.97	6.85	6.37	4.52
Loss (Gain) From Sale of Assets	-0.08	0.02	-0.49	-1.67	0.62
Asset Writedown & Restructuring Costs	255.72	-17.82	-9.59	24.78	-16.3
Loss (Gain) From Sale of Investments	-92.44	-231.27	-87.51	-31.02	-234.02
Provision & Write-off of Bad Debts	39.68	9.5	20.61	41.61	19.09
Other Operating Activities	676.17	573.58	693.65	726.35	696.81
Change in Accounts Receivable	-2,301	-1,758	-1,422	-1,614	-1,429
Change in Inventory	702.72	-201.23	758.98	396.98	-402.56
Change in Accounts Payable	-220.35	1,553	9.27	422.97	201.77
Change in Unearned Revenue	7.14	-208.22	-24.6	78.56	-480.59
Change in Other Net Operating Assets	653.38	-274.96	196.05	-169.78	335.3
Operating Cash Flow	-166.47	-143.89	562.92	221.8	-922.74
Operating Cash Flow Growth	-	-	153.80%	-	-
Capital Expenditures	-441.72	-415.31	-715.21	-946.88	-1,299
Sale of Property, Plant & Equipment	4.67	0.2	0.18	15.03	1.12
Cash Acquisitions	-	-665.31	-	-	-
Divestitures	2,578	-	26.4	65.92	8.64
Investment in Securities	-24.45	-	1.01	1.54	-
Other Investing Activities	5.72	-28.73	-23.91	-6.39	250.93
Investing Cash Flow	2,122	-1,109	-711.52	-870.78	-1,038
Long-Term Debt Issued	16,423	22,253	21,222	20,339	24,812
Long-Term Debt Repaid	-14,692	-20,329	-19,949	-18,842	-21,283
Net Debt Issued (Repaid)	1,731	1,924	1,272	1,497	3,529
Issuance of Common Stock	1,000	-	-	-	-
Common Dividends Paid	-1,207	-1,259	-1,170	-1,169	-1,016
Other Financing Activities	-2,646	320	119.22	-465.53	223.11
Financing Cash Flow	-1,122	985.1	221.37	-137.68	2,737
Foreign Exchange Rate Adjustments	-0.01	0.02	-0.13	0.21	-1.06
Net Cash Flow	833.64	-267.91	72.64	-786.45	774.88
Free Cash Flow	-608.19	-559.2	-152.29	-725.08	-2,222
Free Cash Flow Margin	-3.40%	-2.93%	-0.72%	-3.58%	-10.48%
Free Cash Flow Per Share	-0.41	-0.38	-0.10	-0.49	-1.51
Cash Income Tax Paid	-	246.56	268.63	119.47	131.37
Levered Free Cash Flow	2,682	-1,178	-3,698	-1,020	-1,407
Unlevered Free Cash Flow	3,226	-752.02	-3,179	-593.34	-932.45
Change in Working Capital	-1,161	-864.68	-476.06	-898.54	-1,796

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