SHE:000977 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	2,413	2,294	1,783	2,086	2,003
Depreciation & Amortization	820.17	485.26	359.51	370.57	362.22
Other Amortization	70.98	33.82	38.91	33.82	43.75
Loss (Gain) From Sale of Assets	-0.07	-1.64	0.33	-0.25	2.18
Asset Writedown & Restructuring Costs	-61.5	-325.47	0.37	8.04	61.64
Loss (Gain) From Sale of Investments	-32.55	-24.5	-125.89	-83.09	-148.76
Provision & Write-off of Bad Debts	-56.08	129	-101.87	-7.78	169.19
Other Operating Activities	1,060	1,025	585.23	838.69	935.99
Change in Accounts Receivable	-3,585	-5,484	928.62	3,753	-3,248
Change in Inventory	-6,110	-22,517	-4,121	7,029	-12,120
Change in Accounts Payable	10,935	24,560	1,253	-12,246	3,697
Change in Other Net Operating Assets	2.63	-	-	7.53	13.05
Operating Cash Flow	5,453	74.87	520.38	1,813	-8,290
Operating Cash Flow Growth	7183.71%	-85.61%	-71.30%	-	-
Capital Expenditures	-225.1	-247.87	-306.98	-1,134	-194.86
Sale of Property, Plant & Equipment	0.01	0.17	17.06	4	0.45
Cash Acquisitions	19.35	-	-14.01	-	-
Divestitures	1.09	-4.68	-324.01	-	-
Investment in Securities	-	-12.68	42.53	376	3,600
Other Investing Activities	-0.79	-18.52	0.03	22.06	149.27
Investing Cash Flow	-205.45	-283.59	-585.38	-731.6	3,555
Long-Term Debt Issued	34,720	19,290	17,006	23,177	12,739
Long-Term Debt Repaid	-35,021	-22,527	-13,498	-22,021	-10,197
Net Debt Issued (Repaid)	-300.76	-3,236	3,508	1,157	2,541
Issuance of Common Stock	-	-	133.21	157.91	-
Repurchase of Common Stock	-225	-	-	-	-
Common Dividends Paid	-647.18	-596.61	-700.48	-761.29	-464.64
Other Financing Activities	-206.68	-88.74	-1.05	-24.74	-3.78
Financing Cash Flow	-1,380	-3,921	2,940	528.7	2,073
Foreign Exchange Rate Adjustments	-929.06	-529.15	34.41	131.72	-31.77
Net Cash Flow	2,939	-4,659	2,910	1,742	-2,694
Free Cash Flow	5,228	-173.01	213.41	679.69	-8,484
Free Cash Flow Growth	-	-	-68.60%	-	-
Free Cash Flow Margin	3.17%	-0.15%	0.32%	0.98%	-12.65%
Free Cash Flow Per Share	3.55	-0.12	0.14	0.45	-5.80
Cash Income Tax Paid	-1,793	197.07	-326.1	82.91	-55.2
Levered Free Cash Flow	2,595	-1,426	-995.69	-661.7	-9,612
Unlevered Free Cash Flow	2,974	-1,300	-943.59	-435.48	-9,462
Change in Working Capital	1,239	-3,541	-2,019	-1,433	-11,719

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