SHE:000690 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	1,024	705.54	888.54	183.14	824.37
Depreciation & Amortization	595.28	644.83	702.37	756.5	776.4
Other Amortization	4.18	3.83	3.85	3.85	6.05
Loss (Gain) on Sale of Assets	-	-	-0.13	-0.19	-
Loss (Gain) on Sale of Investments	-241.56	-69.08	-107.36	-38.93	-147.26
Asset Writedown	69.12	-	-	-	0.01
Change in Accounts Receivable	-215.42	6.57	-237.21	44.39	984.85
Change in Inventory	24.58	-24.93	222.64	-171.78	-163.99
Change in Accounts Payable	364.15	252.06	299.07	152.41	-1,138
Change in Other Net Operating Assets	11.17	-	-	-	-
Other Operating Activities	146.19	157.37	230.93	267.44	289.48
Operating Cash Flow	1,774	1,679	2,007	1,196	1,435
Operating Cash Flow Growth	5.62%	-16.32%	67.81%	-16.65%	-59.21%
Capital Expenditures	-738.44	-1,678	-1,983	-251.17	-281.22
Sale of Property, Plant & Equipment	-	-	0.17	0.3	-
Investment in Securities	-602.53	44.68	-66.82	24.86	-4.76
Other Investing Activities	-173.87	46.36	48.88	122.63	292.05
Investing Cash Flow	-1,515	-1,587	-2,000	-103.38	6.06
Long-Term Debt Issued	2,686	3,860	3,469	3,166	1,283
Long-Term Debt Repaid	-2,566	-3,838	-3,718	-2,590	-1,300
Net Debt Issued (Repaid)	119.98	21.66	-249.02	576.28	-17.79
Common Dividends Paid	-616.02	-877.22	-310.88	-357.37	-955.07
Other Financing Activities	-24.67	339.72	-648.38	-14.92	-
Financing Cash Flow	-520.71	-515.84	-1,208	203.99	-972.86
Foreign Exchange Rate Adjustments	-1.12	1.48	-0.19	-2.51	-0.49
Net Cash Flow	-262.9	-422.2	-1,202	1,294	467.5
Free Cash Flow	1,035	1.11	24.37	944.77	1,154
Free Cash Flow Growth	93174.98%	-95.45%	-97.42%	-18.10%	-63.67%
Free Cash Flow Margin	11.99%	0.01%	0.24%	10.04%	12.26%
Free Cash Flow Per Share	0.47	0.00	0.01	0.41	0.53
Cash Interest Paid	-	1.09	2.28	0.67	2.19
Cash Income Tax Paid	580.13	608.27	395.09	127.56	695.31
Levered Free Cash Flow	189.07	-76.42	-670.33	28.7	-295.92
Unlevered Free Cash Flow	189.07	23.04	-526	196.8	-113.37
Change in Working Capital	176.08	234.97	285.34	27.05	-317.63

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