SHE:001965 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	Jan '24 Jan 1, 2024	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	4,610	5,322	6,767	4,861	4,973
Depreciation & Amortization	3,909	4,011	2,325	1,794	1,865
Other Amortization	233.14	304.55	244.33	191.61	132.25
Loss (Gain) From Sale of Assets	-2.95	-9.95	-0.45	-287.01	-5.51
Asset Writedown & Restructuring Costs	157.72	19.21	-0.05	0.88	146.4
Loss (Gain) From Sale of Investments	-4,453	-4,997	-5,988	-3,463	-3,949
Provision & Write-off of Bad Debts	184.08	282.12	100.16	74.25	28.08
Other Operating Activities	2,075	2,461	1,772	1,501	1,623
Change in Accounts Receivable	-349.26	-110.37	-418.97	570.66	201.31
Change in Inventory	72.29	28.78	-70.22	-91.59	60.63
Change in Accounts Payable	195.61	1,067	-180.4	-1,217	-328.61
Operating Cash Flow	6,511	7,121	4,438	3,878	4,616
Operating Cash Flow Growth	-8.56%	60.46%	14.43%	-15.99%	43.53%
Capital Expenditures	-1,164	-1,249	-538.88	-748.16	-767.6
Sale of Property, Plant & Equipment	7.2	10.91	1.13	55.07	289.19
Cash Acquisitions	-	-4,425	856.62	-4,076	-0.03
Divestitures	-	2,569	-	-	-
Investment in Securities	1,184	-1,815	-2,214	-1,547	-3,522
Other Investing Activities	-0.02	2,521	2,225	2,126	1,585
Investing Cash Flow	27.62	-1,688	404.62	-4,189	-2,415
Long-Term Debt Issued	16,918	22,085	11,689	22,807	8,228
Long-Term Debt Repaid	-22,420	-21,269	-9,484	-24,080	-8,211
Net Debt Issued (Repaid)	-5,502	815.68	2,205	-1,273	16.55
Issuance of Common Stock	5,300	-	1,805	3,550	-
Repurchase of Common Stock	-310.02	-	-	-	-6
Common Dividends Paid	-4,491	-5,561	-3,933	-3,451	-2,170
Other Financing Activities	-693.32	-418.23	-362.29	-554.05	-426.7
Financing Cash Flow	-5,695	-5,163	-285.09	-1,729	-2,586
Foreign Exchange Rate Adjustments	-12.92	16.93	7.79	24.56	-32.66
Net Cash Flow	830.52	286.38	4,565	-2,016	-417.17
Free Cash Flow	5,348	5,872	3,899	3,130	3,849
Free Cash Flow Growth	-8.93%	50.61%	24.57%	-18.68%	122.69%
Free Cash Flow Margin	40.02%	46.20%	40.06%	37.72%	44.62%
Free Cash Flow Per Share	0.76	0.84	0.57	0.46	0.56
Cash Income Tax Paid	1,169	1,224	813.14	942.6	751.75
Levered Free Cash Flow	4,518	3,640	5,543	385.34	1,727
Unlevered Free Cash Flow	5,485	4,790	6,365	1,115	2,382
Change in Working Capital	-201.91	-272.13	-781.62	-794.98	-197.23

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.