SHE:000792 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	8,476	4,663	7,914	15,568	4,478
Depreciation & Amortization	1,007	826.63	774.53	704.75	727.14
Other Amortization	15.59	6.61	6.9	5.63	6.05
Loss (Gain) From Sale of Assets	3.06	-1.14	-0.09	-1.68	-2.29
Asset Writedown & Restructuring Costs	114.84	43.25	18.65	79.07	141.77
Loss (Gain) From Sale of Investments	-198.7	-329.01	-162.49	-85.07	-738.44
Provision & Write-off of Bad Debts	-26.86	-140.17	-44.38	-146.63	636.32
Other Operating Activities	556.84	437.2	1,647	4,406	1,516
Change in Accounts Receivable	2,475	2,034	1,861	-4,199	-1,773
Change in Inventory	-225.48	188.88	512.57	-597.94	100.14
Change in Accounts Payable	10.07	-612.99	-1,101	1,705	-365.05
Change in Other Net Operating Assets	-	-	-	-27.35	59.05
Operating Cash Flow	10,161	7,819	12,105	17,487	4,769
Operating Cash Flow Growth	29.95%	-35.40%	-30.78%	266.66%	-
Capital Expenditures	-1,641	-1,222	-942.97	-701.79	-808.33
Sale of Property, Plant & Equipment	13.86	14.35	14.18	3.27	2.21
Cash Acquisitions	-	-	-102.6	-181.94	-
Divestitures	-	0.03	-	-	-0.01
Investment in Securities	-2,663	-5,386	-5,769	-910.05	-1,174
Other Investing Activities	13.46	156.3	160.18	34.45	14.41
Investing Cash Flow	-4,277	-6,437	-6,640	-1,756	-1,965
Long-Term Debt Issued	796.72	111.14	142.17	18.41	-
Long-Term Debt Repaid	-37.61	-4,317	-2,838	-1,883	-414.82
Net Debt Issued (Repaid)	759.11	-4,206	-2,696	-1,865	-414.82
Issuance of Common Stock	-	-	-	665.21	736.55
Repurchase of Common Stock	-	-5	-1,199	-294.59	-
Common Dividends Paid	-12.31	-586.24	-253.23	-261.59	-291
Other Financing Activities	-619.89	-102.7	-1,450	-2,989	295.92
Financing Cash Flow	126.91	-4,900	-5,599	-4,745	326.64
Foreign Exchange Rate Adjustments	-0.29	0.09	-	-	-
Net Cash Flow	6,010	-3,518	-134	10,987	3,131
Free Cash Flow	8,519	6,597	11,162	16,786	3,961
Free Cash Flow Growth	29.13%	-40.89%	-33.50%	323.76%	-
Free Cash Flow Margin	54.96%	43.59%	51.73%	54.61%	26.91%
Free Cash Flow Per Share	1.61	1.25	2.10	3.16	0.75
Cash Income Tax Paid	1,920	2,270	3,898	5,517	1,865
Levered Free Cash Flow	7,061	4,078	6,895	10,640	2,227
Unlevered Free Cash Flow	7,073	4,163	7,029	10,819	2,408
Change in Working Capital	213.52	2,313	1,951	-3,043	-1,996

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