SHE:000966 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	112.06	-66.17	715.22	349.06	122.88	-25.35
Depreciation & Amortization	1,900	1,900	1,778	1,410	1,092	1,099
Other Amortization	17.3	17.3	7.6	43.76	2.31	2.27
Loss (Gain) on Sale of Assets	-58.04	-58.04	1.15	7.12	-50.1	-24.87
Loss (Gain) on Sale of Investments	-9.95	-9.95	-21.09	-48.09	-32.52	-268.8
Asset Writedown	132.64	132.64	71.79	104.19	43.92	2.56
Change in Accounts Receivable	1,020	1,020	-92.96	-68.76	-248.71	-1,224
Change in Inventory	-137.91	-137.91	-227.52	-159.53	282.12	-610.99
Change in Accounts Payable	-140.19	-140.19	1,118	235.65	-851.78	1,452
Other Operating Activities	-487.05	394.81	549.79	442.05	321.1	335.08
Operating Cash Flow	2,308	3,012	3,935	2,347	676.02	655.8
Operating Cash Flow Growth	-40.15%	-23.47%	67.63%	247.25%	3.08%	-58.58%
Capital Expenditures	-3,201	-3,526	-5,310	-6,901	-8,327	-1,737
Sale of Property, Plant & Equipment	473.56	474.53	16.25	38.74	21.2	23.68
Investment in Securities	4.2	-	-	-	665.32	-908.69
Other Investing Activities	28.87	28.87	29.52	21.35	119.03	143.19
Investing Cash Flow	-2,694	-3,022	-5,264	-6,841	-7,522	-2,479
Long-Term Debt Issued	-	17,155	19,389	20,446	20,490	14,977
Short-Term Debt Repaid	-	-0.2	-0.45	-2.88	-19.91	-
Long-Term Debt Repaid	-	-16,503	-20,732	-15,101	-14,220	-12,873
Total Debt Repaid	-18,251	-16,503	-20,733	-15,104	-14,240	-12,873
Net Debt Issued (Repaid)	900.06	651.75	-1,344	5,342	6,250	2,104
Issuance of Common Stock	-	-	2,992	-	-	1,200
Common Dividends Paid	-725.51	-726.73	-693.59	-584.06	-367.99	-549.06
Other Financing Activities	-4.11	-2.05	-2.38	57.38	167.19	-13.8
Financing Cash Flow	170.44	-77.04	951.91	4,815	6,049	2,742
Net Cash Flow	-215.65	-87.83	-377.33	321.89	-796.56	918.63
Free Cash Flow	-892.72	-514.2	-1,375	-4,553	-7,651	-1,081
Free Cash Flow Margin	-6.41%	-3.80%	-7.91%	-31.50%	-52.18%	-8.89%
Free Cash Flow Per Share	-0.26	-0.15	-0.49	-1.66	-2.78	-0.42
Cash Income Tax Paid	611.5	747.23	160.7	432.08	471.34	757
Levered Free Cash Flow	-1,383	-639.68	-3,109	-5,590	-7,282	-1,855
Unlevered Free Cash Flow	-1,104	-368.78	-2,772	-5,331	-7,080	-1,643
Change in Working Capital	706.86	706.86	813.32	27.82	-814.98	-474.21

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