SHE:000768 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	1,151	1,023	860.97	523.67	652.91
Depreciation & Amortization	1,007	1,133	1,180	1,233	1,220
Other Amortization	64.06	1.51	0.72	0.31	0.33
Loss (Gain) From Sale of Assets	-0.01	-0.59	0.01	-0.92	-0.6
Asset Writedown & Restructuring Costs	2.54	2.21	6.47	-0.76	5.14
Loss (Gain) From Sale of Investments	-75.85	-26.72	-56.01	127.54	-80.48
Provision & Write-off of Bad Debts	100.9	7.32	168.19	-0.59	6.95
Other Operating Activities	54.9	71.07	-103.88	157.57	176.68
Change in Accounts Receivable	-14,931	4,788	-8,937	11,516	-14,899
Change in Inventory	3,072	698.61	2,844	-1,392	-4,742
Change in Accounts Payable	1,138	-7,816	-1,702	17,120	2,570
Change in Other Net Operating Assets	49	58.36	193.61	34.71	163.58
Operating Cash Flow	-8,354	-57.65	-5,515	29,287	-14,955
Capital Expenditures	-908.99	-1,404	-1,171	-874.98	-666.01
Sale of Property, Plant & Equipment	12.37	6.8	1.95	3.96	21.94
Divestitures	-	-	-	-	223.29
Investment in Securities	-	42.17	-	-	-
Other Investing Activities	49.66	51.82	41.79	48.08	44.94
Investing Cash Flow	-846.96	-1,303	-1,128	-822.95	-375.83
Long-Term Debt Issued	3,320	2,918	1,356	8,339	10,246
Long-Term Debt Repaid	-1,249	-3,269	-2,072	-16,819	-1,521
Net Debt Issued (Repaid)	2,071	-351.29	-715.54	-8,481	8,725
Issuance of Common Stock	-	-	176.13	-	-
Repurchase of Common Stock	-7.95	-	-	-	-
Common Dividends Paid	-347.94	-317.5	-320.05	-433.06	-396.74
Other Financing Activities	247.33	604.59	449.1	209.03	220.77
Financing Cash Flow	1,963	-64.19	-410.36	-8,705	8,549
Foreign Exchange Rate Adjustments	-18.07	12.19	1.37	10.77	1.96
Net Cash Flow	-7,257	-1,412	-7,051	19,770	-6,780
Free Cash Flow	-9,263	-1,461	-6,686	28,412	-15,621
Free Cash Flow Margin	-22.59%	-3.38%	-16.59%	75.44%	-47.77%
Free Cash Flow Per Share	-3.34	-0.53	-2.41	10.26	-5.64
Cash Income Tax Paid	1,217	425.79	-1,328	4,871	295.39
Levered Free Cash Flow	-10,397	-289.59	-5,657	28,990	-13,486
Unlevered Free Cash Flow	-10,387	-268.61	-5,632	29,114	-13,392
Change in Working Capital	-10,659	-2,269	-7,571	27,247	-16,936

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