SHE:000951 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	1,666	1,480	1,080	213.72	1,038
Depreciation & Amortization	463.02	457.37	416.27	321.77	234.5
Other Amortization	0.44	-	-	-	-
Loss (Gain) From Sale of Assets	-1.24	-0.31	-0.08	-3.96	-1.33
Asset Writedown & Restructuring Costs	0	0.01	311.53	214.97	100.33
Loss (Gain) From Sale of Investments	-23.87	-42.22	-17.6	-19.6	-38.4
Provision & Write-off of Bad Debts	31.13	-60.14	-	-	-
Other Operating Activities	940.02	718.26	364.26	371.41	686.4
Change in Accounts Receivable	-7,586	-11,560	-11,699	5,433	1,758
Change in Inventory	-2,960	333.97	-823.31	1,272	5,024
Change in Accounts Payable	8,030	13,802	12,442	-650.2	-6,752
Change in Other Net Operating Assets	-2.61	-2.83	-3.63	-3.23	-3.29
Operating Cash Flow	562.61	5,277	2,113	7,030	2,063
Operating Cash Flow Growth	-89.34%	149.69%	-69.94%	240.80%	-50.33%
Capital Expenditures	-264.66	-363.22	-496.99	-456.11	-461.82
Sale of Property, Plant & Equipment	1.02	6.77	1.39	7.67	4.06
Investment in Securities	-7,937	-3,458	-2,392	79.94	7.57
Other Investing Activities	28.01	-	-	19.94	-
Investing Cash Flow	-8,173	-3,814	-2,888	-348.56	-450.2
Short-Term Debt Issued	-	-	-	1,200	2,500
Total Debt Issued	-	-	-	1,200	2,500
Short-Term Debt Repaid	-	-	-500	-1,300	-3,400
Total Debt Repaid	-	-	-500	-1,300	-3,400
Net Debt Issued (Repaid)	-	-	-500	-100	-900
Issuance of Common Stock	-	-	-	-	5,001
Repurchase of Common Stock	-	-	-	-75.11	-
Common Dividends Paid	-841.68	-880.55	-104.57	-400.65	-647.1
Other Financing Activities	-610.97	-257.8	257.44	-931.74	-343
Financing Cash Flow	-1,453	-1,138	-347.13	-1,507	3,111
Net Cash Flow	-9,063	324.36	-1,122	5,174	4,724
Free Cash Flow	297.95	4,914	1,616	6,574	1,601
Free Cash Flow Growth	-93.94%	203.98%	-75.41%	310.61%	-51.45%
Free Cash Flow Margin	0.52%	10.94%	3.84%	22.81%	2.85%
Free Cash Flow Per Share	0.25	4.22	1.38	5.54	1.39
Cash Interest Paid	-	-	-	-	73.4
Cash Income Tax Paid	1,550	1,057	911.33	189.77	2,241
Levered Free Cash Flow	-1,942	3,818	833.93	6,990	2,557
Unlevered Free Cash Flow	-1,939	3,821	842.36	7,027	2,592
Change in Working Capital	-2,513	2,724	-41.32	5,932	43.48

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