SHE:001213 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	374.64	424.42	666.86	627.01	418.17	390.74
Depreciation & Amortization	836.06	836.06	836.98	783.84	720.62	702.75
Other Amortization	25.94	25.94	21.49	15.25	2.68	1.66
Loss (Gain) From Sale of Assets	-0.88	-0.88	-2.55	-0.28	-0.47	-0.28
Asset Writedown & Restructuring Costs	-25.89	-25.89	-70.96	-3.15	-23.16	-4.95
Loss (Gain) From Sale of Investments	-24.17	-24.17	-27.88	-39.41	-31.28	-28.82
Provision & Write-off of Bad Debts	-	-	-	-0.05	0.03	0.02
Other Operating Activities	277.21	6.08	12.39	22.52	17.94	19.45
Change in Accounts Receivable	-672.7	-672.7	-1,403	-105.5	-410.34	-275.82
Change in Inventory	-9.2	-9.2	2.47	-3.38	-4.84	-6.28
Change in Accounts Payable	116.59	116.59	-109.41	47.27	114.08	-67.92
Change in Other Net Operating Assets	0.58	0.58	-0.54	-	-	-
Operating Cash Flow	927.03	705.68	-66.47	1,346	800.91	729.98
Operating Cash Flow Growth	-	-	-	68.08%	9.72%	-56.32%
Capital Expenditures	-2,576	-2,561	-438.01	-753.23	-645.53	-615.44
Sale of Property, Plant & Equipment	68.24	68.95	102.67	15.36	39.77	8.47
Investment in Securities	-960	-960	-	-	-	2.15
Other Investing Activities	65.37	65.37	4.2	42.44	9.74	-
Investing Cash Flow	-3,402	-3,386	-331.15	-695.43	-596.02	-604.82
Long-Term Debt Repaid	-	-132.35	-128.14	-128.9	-106.92	-108.46
Net Debt Issued (Repaid)	-132.35	-132.35	-128.14	-128.9	-106.92	-108.46
Issuance of Common Stock	-	-	-	-	-	1,735
Common Dividends Paid	-360	-360	-257.78	-164.44	-103.56	-
Other Financing Activities	0.45	-	-	-0.03	-0.1	-8
Financing Cash Flow	-491.9	-492.35	-385.92	-293.37	-210.58	1,619
Net Cash Flow	-2,967	-3,173	-783.54	357.37	-5.69	1,744
Free Cash Flow	-1,649	-1,855	-504.49	592.95	155.38	114.53
Free Cash Flow Growth	-	-	-	281.62%	35.66%	-87.95%
Free Cash Flow Margin	-14.09%	-15.50%	-4.48%	5.55%	1.64%	1.29%
Free Cash Flow Per Share	-0.39	-0.44	-0.11	0.13	0.03	0.03
Cash Interest Paid	-	-	-	-	-	0.32
Cash Income Tax Paid	360.84	353.15	345.52	284.46	221.67	295.38
Levered Free Cash Flow	-2,369	-1,447	-112.15	596.97	-171.23	115.91
Unlevered Free Cash Flow	-2,365	-1,443	-104.81	607.43	-160.27	128.37
Change in Working Capital	-535.87	-535.87	-1,503	-59.55	-303.61	-350.6

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