SHE:000882 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-334.59	-294.04	20.33	27.58	-189.01	-176.94
Depreciation & Amortization	416.34	416.34	387.29	334.42	279.57	297.53
Other Amortization	113.48	113.48	114.06	112.42	98.97	97.05
Gain (Loss) on Sale of Assets	-21.85	-21.85	-0.16	0.1	-8.49	-0.92
Gain (Loss) on Sale of Investments	-17.74	-17.74	-93.89	-26.69	14.9	-153.21
Asset Writedown	170.08	170.08	0.12	12.93	42.9	5.94
Change in Accounts Receivable	-30.11	-30.11	136.52	-77.84	-20.73	83
Change in Other Net Operating Assets	15.22	15.22	-159.5	195.12	61.19	81.41
Other Operating Activities	162.53	238.66	278.5	264.82	244.67	300.9
Operating Cash Flow	477.65	594.34	712.24	821.1	489.96	751.24
Operating Cash Flow Growth	-28.24%	-16.55%	-13.26%	67.58%	-34.78%	118.94%
Acquisition of Real Estate Assets	-84.84	-93.33	-275.67	-186.11	-253.84	-70.74
Sale of Real Estate Assets	6.38	6.36	0.22	1.97	4.5	45.2
Net Sale / Acq. of Real Estate Assets	-78.46	-86.97	-275.45	-184.14	-249.33	-25.54
Cash Acquisition	-	-	-1	-	-2.31	2.35
Investment in Marketable & Equity Securities	36.19	33.93	81.47	58.54	30.3	-32.53
Other Investing Activities	126.69	77.93	135.7	119.57	365.34	322.59
Investing Cash Flow	79.51	50.07	-42.72	-6.03	144.04	281.27
Short-Term Debt Issued	-	-	-	-	55.33	84.43
Long-Term Debt Issued	-	1,100	1,458	565	355.81	493.89
Total Debt Issued	777.56	1,100	1,458	565	411.13	578.32
Short-Term Debt Repaid	-	-0.11	-2.24	-173.64	-	-
Long-Term Debt Repaid	-	-1,905	-1,697	-1,266	-824.68	-1,505
Total Debt Repaid	-1,678	-1,905	-1,700	-1,439	-824.68	-1,505
Net Debt Issued (Repaid)	-899.96	-805.05	-242.13	-874.15	-413.55	-926.83
Repurchase of Common Stock	-	-	-30.2	-	-	-
Common Dividends Paid	-51.76	-58.55	-76.42	-61.28	-90.44	-101.09
Other Financing Activities	381.31	-2.4	-233.86	-2.26	-3.8	-0.08
Foreign Exchange Rate Adjustments	-2.59	-1.45	2.5	12.8	-5.56	-0.32
Net Cash Flow	-15.83	-223.04	89.41	-109.82	120.67	4.18
Cash Income Tax Paid	116.22	116.22	84.32	50.74	72.5	64.47
Levered Free Cash Flow	667.89	291.51	10.77	154.93	-2.97	198.96
Unlevered Free Cash Flow	810.64	440.45	179.04	317.8	140.5	370.42
Change in Working Capital	-20.23	-20.23	1.15	93.94	-1.63	375.5

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