SHE:000862 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	44.46	86.91	160.4	203.85	93.6
Depreciation & Amortization	589.88	606.78	618.38	610.65	566.26
Other Amortization	0.15	0.15	0.15	0.15	0.15
Loss (Gain) on Sale of Assets	-	-	-	-	6.38
Loss (Gain) on Sale of Investments	-0.55	-4.28	-5.77	-9.4	57.58
Asset Writedown	258.56	171.46	57.39	4.86	5.43
Change in Accounts Receivable	263.69	-358.56	-476.12	-528.54	699.18
Change in Inventory	-12.94	9.31	6.71	-1.04	8.57
Change in Accounts Payable	-5.05	-110.2	84.48	-51.33	49.67
Change in Other Net Operating Assets	-	-	-	-	-21.24
Other Operating Activities	120.57	143.45	188.43	241.28	263.79
Operating Cash Flow	1,222	535.36	633.23	474.79	1,726
Operating Cash Flow Growth	128.18%	-15.46%	33.37%	-72.50%	210.16%
Capital Expenditures	-372.05	-472.32	-658.74	-191.94	-31.34
Sale of Property, Plant & Equipment	3.03	33.69	-	1.62	0.32
Cash Acquisitions	-	-	-325.38	-0.16	-
Investment in Securities	-312.62	-	-	-	-
Other Investing Activities	0.14	2	2.34	1.66	-
Investing Cash Flow	-681.5	-436.64	-981.78	-188.82	-31.02
Short-Term Debt Issued	-	-	-	1,360	304.58
Long-Term Debt Issued	395.16	1,428	868	27.81	209.25
Total Debt Issued	395.16	1,428	868	1,388	513.83
Long-Term Debt Repaid	-1,742	-1,633	-755.4	-1,326	-2,076
Net Debt Issued (Repaid)	-1,347	-205.11	112.6	61.86	-1,562
Issuance of Common Stock	-	-	1,363	-	-
Common Dividends Paid	-119.02	-145.78	-231.37	-217.22	-256.82
Other Financing Activities	888.47	-	-822.63	-	-
Financing Cash Flow	-577.6	-350.9	421.86	-155.35	-1,819
Net Cash Flow	-37.49	-252.17	73.31	130.62	-123.51
Free Cash Flow	849.55	63.04	-25.51	282.86	1,695
Free Cash Flow Growth	1247.67%	-	-	-83.31%	224.68%
Free Cash Flow Margin	64.88%	4.98%	-1.95%	21.08%	124.67%
Free Cash Flow Per Share	0.93	0.07	-0.03	0.40	2.40
Cash Income Tax Paid	-	7.63	95.97	71.14	37.13
Levered Free Cash Flow	1,621	874.15	-767.3	1,292	1,725
Unlevered Free Cash Flow	1,693	960.79	-652.95	1,425	1,885
Change in Working Capital	208.53	-472.06	-385.75	-576.59	733.07

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