SHE:000965 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	Dec '21 Dec 31, 2021
Net Income	-17.21	19.21	16.85	20.04	23.3	49.51
Depreciation & Amortization	39.48	39.48	47.39	40.63	36.81	34.49
Other Amortization	3.1	3.1	2.12	1.21	2.37	3.93
Loss (Gain) From Sale of Assets	-	-	0.28	-	0	0.05
Asset Writedown & Restructuring Costs	-	-	4.29	-	-	-
Loss (Gain) From Sale of Investments	-7.22	-7.22	-41.66	-27.13	-9.01	8.57
Provision & Write-off of Bad Debts	36.23	36.23	-29.33	27.7	-4.65	16.58
Other Operating Activities	943.54	192.31	385.55	373.82	438.22	423.83
Change in Accounts Receivable	-394.78	-394.78	553.94	-603.62	-55.35	557.11
Change in Inventory	-397.94	-397.94	-1,297	-555.8	607.75	-2,039
Change in Accounts Payable	-900.08	-900.08	871.18	-249.29	-149.27	2,133
Change in Other Net Operating Assets	-169.45	-169.45	91.43	-283.98	-35.39	-80.92
Operating Cash Flow	-679.72	-1,395	721.94	-1,244	844.98	1,006
Operating Cash Flow Growth	-	-	-	-	-15.98%	-
Capital Expenditures	-15.04	-13.29	-10.39	-10.91	-1.58	-6.5
Sale of Property, Plant & Equipment	-	-	-	-	0	0.02
Investment in Securities	-52.67	-12.67	-	137.98	-66	-139.07
Other Investing Activities	60.99	60.99	116.86	145.1	-489.11	3.36
Investing Cash Flow	-6.72	35.03	106.47	272.17	-556.69	-142.18
Long-Term Debt Issued	-	2,809	2,995	2,060	2,062	3,078
Long-Term Debt Repaid	-	-1,751	-2,726	-2,244	-1,970	-2,739
Net Debt Issued (Repaid)	685.68	1,058	268.47	-184.33	91.86	338.06
Common Dividends Paid	-165.29	-166.09	-221.21	-227.86	-223.69	-236.55
Other Financing Activities	11.7	11.7	-17.96	1,112	-	-830.14
Financing Cash Flow	532.08	903.66	29.3	699.81	-131.83	-728.64
Net Cash Flow	-154.36	-455.83	857.71	-272.37	156.46	134.86
Free Cash Flow	-694.76	-1,408	711.55	-1,255	843.4	999.18
Free Cash Flow Growth	-	-	-	-	-15.59%	-
Free Cash Flow Margin	-16.85%	-50.21%	28.12%	-40.98%	34.22%	39.33%
Free Cash Flow Per Share	-0.63	-1.27	0.64	-1.13	0.76	0.90
Cash Income Tax Paid	891.51	891.51	496.35	227.74	435.96	353.27
Levered Free Cash Flow	149.56	-1,489	341.21	-1,261	656.62	968.94
Unlevered Free Cash Flow	215.53	-1,426	423.76	-1,172	780.6	1,081
Change in Working Capital	-1,678	-1,678	336.45	-1,681	357.94	468.71

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