SHE:000833 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	479.96	278.57	66.33	295.45	259.82
Depreciation & Amortization	187.58	180.91	172.5	145.13	141.42
Other Amortization	5.2	0.34	0.08	1.36	2.62
Loss (Gain) From Sale of Assets	-	-	-	-	0.65
Asset Writedown & Restructuring Costs	9.36	2.02	1.49	0.39	7.64
Loss (Gain) From Sale of Investments	4.42	9.53	-1.15	-1.93	1.94
Provision & Write-off of Bad Debts	0.18	-0.66	-0.06	-0.33	0.04
Other Operating Activities	114.08	77.75	61.79	73.57	123.65
Change in Accounts Receivable	-342.93	45.74	17.83	120.27	-193.81
Change in Inventory	-25.92	-33.39	113.72	33.41	-60.78
Change in Accounts Payable	149.77	24.94	-46.13	176.05	-18.07
Operating Cash Flow	573.83	583.99	386.58	850.1	257.2
Operating Cash Flow Growth	-1.74%	51.07%	-54.53%	230.53%	-2.99%
Capital Expenditures	-1,030	-368.55	-496.76	-404.14	-510.56
Sale of Property, Plant & Equipment	0.22	-	-	-	0.13
Cash Acquisitions	-	-223.48	-	-	-
Investment in Securities	-15.76	44.67	-56.52	166.7	-54.68
Other Investing Activities	0.11	-1.58	2.67	3.27	6.76
Investing Cash Flow	-1,045	-548.94	-550.61	-234.17	-558.35
Short-Term Debt Issued	44	12	-	-	-
Long-Term Debt Issued	1,196	1,413	1,410	1,205	1,039
Total Debt Issued	1,240	1,425	1,410	1,205	1,039
Short-Term Debt Repaid	-7	-30.8	-	-	-
Long-Term Debt Repaid	-1,124	-1,827	-1,203	-1,262	-818.09
Total Debt Repaid	-1,131	-1,858	-1,203	-1,262	-818.09
Net Debt Issued (Repaid)	108.72	-432.19	207.05	-56.8	220.92
Common Dividends Paid	-131.03	-88.56	-86.41	-142.33	-55.97
Other Financing Activities	5	4	100	-1	-0.67
Financing Cash Flow	-17.31	-516.75	220.63	-200.13	164.28
Foreign Exchange Rate Adjustments	-0.08	0.05	0.03	0.41	-0.15
Net Cash Flow	-488.73	-481.66	56.62	416.22	-137.02
Free Cash Flow	-455.9	215.44	-110.19	445.96	-253.36
Free Cash Flow Margin	-14.91%	7.70%	-3.28%	13.05%	-8.28%
Free Cash Flow Per Share	-0.57	0.27	-0.14	0.56	-0.32
Cash Income Tax Paid	345.3	266.09	164.63	83.23	334.29
Levered Free Cash Flow	-475.57	-101.47	-455.46	268.63	-754.33
Unlevered Free Cash Flow	-453.13	-69.55	-415.29	308.76	-713.07
Change in Working Capital	-226.94	35.54	85.6	336.47	-280.6

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