SHE:000983 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	1,772	3,108	6,771	10,754	5,102
Depreciation & Amortization	4,113	3,902	4,046	3,987	4,214
Other Amortization	45.61	108.69	22.83	22.67	23.92
Loss (Gain) From Sale of Assets	-163.43	-8.05	-3.39	-1.47	-6.13
Asset Writedown & Restructuring Costs	73.81	80.08	90.38	284.82	214.42
Loss (Gain) From Sale of Investments	-291.45	-251.3	-269.18	-346.95	-358.99
Provision & Write-off of Bad Debts	-	-5.58	3.31	58	-57.84
Other Operating Activities	924.58	1,748	2,628	3,695	3,307
Change in Accounts Receivable	607.58	-227.03	1,910	388.6	1,576
Change in Inventory	332.23	-270.11	315.8	1,713	-873.06
Change in Accounts Payable	-1,629	-4,676	-1,854	-3,638	1,721
Operating Cash Flow	5,897	3,588	13,697	16,915	14,972
Operating Cash Flow Growth	64.36%	-73.81%	-19.02%	12.98%	185.64%
Capital Expenditures	-2,554	-26,561	-2,061	-1,812	-2,181
Sale of Property, Plant & Equipment	192.1	0.99	1.61	-	4.59
Cash Acquisitions	-	-10.51	-1,046	-249.31	-3,431
Investment in Securities	0.1	-4	0	0	-0.02
Other Investing Activities	149.08	215.29	639.61	296.94	31.52
Investing Cash Flow	-2,213	-26,360	-2,465	-1,765	-5,576
Long-Term Debt Issued	2,816	23,440	2,296	4,461	7,374
Total Debt Issued	2,816	23,440	2,296	4,461	7,374
Long-Term Debt Repaid	-3,806	-3,632	-6,342	-9,176	-12,268
Total Debt Repaid	-3,806	-3,632	-6,342	-9,176	-12,268
Net Debt Issued (Repaid)	-989.27	19,808	-4,047	-4,715	-4,894
Issuance of Common Stock	-	-	4,374	-	496.67
Common Dividends Paid	-2,171	-4,816	-7,302	-3,976	-1,409
Other Financing Activities	-499.1	-751.21	-1,430	-295.39	-108.07
Financing Cash Flow	-3,659	14,241	-8,405	-8,987	-5,914
Net Cash Flow	25.19	-8,531	2,827	6,164	3,483
Free Cash Flow	3,343	-22,974	11,636	15,103	12,791
Free Cash Flow Growth	-	-	-22.95%	18.07%	405.58%
Free Cash Flow Margin	9.00%	-50.72%	20.96%	23.17%	23.61%
Free Cash Flow Per Share	0.59	-4.17	2.11	2.94	2.49
Cash Income Tax Paid	5,920	7,659	10,888	13,043	7,723
Levered Free Cash Flow	5,358	-21,615	8,621	13,296	6,342
Unlevered Free Cash Flow	5,358	-21,137	9,213	14,049	7,257
Change in Working Capital	-577.44	-5,094	407.39	-1,537	2,535

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