SHE:000993 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	58.88	169.32	234.51	184.32	120.14
Depreciation & Amortization	155.43	153.27	151.16	150	152.01
Other Amortization	3.96	1.49	1.34	1.51	4.17
Loss (Gain) on Sale of Assets	-	-0.14	0.91	-2.95	-4.71
Loss (Gain) on Sale of Investments	-19.03	-71.39	-13.42	-63.59	-39.81
Asset Writedown	31.41	2.9	4.13	25.85	10.2
Change in Accounts Receivable	1.48	132.21	60.01	41.41	10.93
Change in Inventory	32.56	62.33	686.13	-59.09	-161.41
Change in Accounts Payable	-57.28	-226.92	-1,105	99.25	542.24
Change in Other Net Operating Assets	6.54	-25.71	5.66	-	-
Other Operating Activities	22.14	19.33	16.08	12	28.67
Operating Cash Flow	243.4	221.95	66.64	381.81	642.09
Operating Cash Flow Growth	9.66%	233.03%	-82.55%	-40.54%	59.27%
Capital Expenditures	-85.97	-70.43	-52.44	-61.58	-28.33
Sale of Property, Plant & Equipment	15.84	0.71	1.26	37.47	34.97
Investment in Securities	-45	-236.07	67	-93.16	-26
Other Investing Activities	17.7	11.54	22.56	26.57	10.44
Investing Cash Flow	-97.42	-294.26	38.38	-90.7	-8.92
Long-Term Debt Issued	24.6	526.87	23.44	313.59	632.32
Short-Term Debt Repaid	-	-	-	-	-1.57
Long-Term Debt Repaid	-52.77	-305.03	-177.3	-510.41	-1,328
Total Debt Repaid	-52.77	-305.03	-177.3	-510.41	-1,329
Net Debt Issued (Repaid)	-28.18	221.84	-153.86	-196.82	-696.91
Issuance of Common Stock	0.02	0.57	-	-	-
Common Dividends Paid	-14.4	-106.53	-12.94	-20.46	-42.51
Financing Cash Flow	-42.55	115.88	-166.8	-217.28	-739.42
Foreign Exchange Rate Adjustments	-	-	-	-	-0
Net Cash Flow	103.42	43.57	-61.78	73.83	-106.25
Free Cash Flow	157.43	151.51	14.2	320.23	613.76
Free Cash Flow Growth	3.91%	966.84%	-95.56%	-47.83%	127.08%
Free Cash Flow Margin	26.32%	25.14%	0.95%	43.74%	105.27%
Free Cash Flow Per Share	0.35	0.33	0.03	0.69	1.33
Cash Income Tax Paid	79.79	62.32	140.01	63.96	61.49
Levered Free Cash Flow	116.69	170.54	-15.69	269.67	464.45
Unlevered Free Cash Flow	128.21	182.64	-5.32	285.17	491.69
Change in Working Capital	-9.82	-55.3	-329.16	75.6	369.16

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