SHE:002092 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	-319.09	-976.52	-2,865	776.28	2,748
Depreciation & Amortization	3,524	3,166	2,809	2,692	2,282
Other Amortization	710.42	613.65	120.42	93.28	534.83
Loss (Gain) From Sale of Assets	-3.83	-3.25	-3.84	-6.28	-6.24
Asset Writedown & Restructuring Costs	238.89	404.55	344.14	1.23	114.48
Loss (Gain) From Sale of Investments	231.87	295.8	485.04	-310.59	-137.66
Provision & Write-off of Bad Debts	-	-4.89	196.57	26.98	108.91
Other Operating Activities	821.49	624.05	1,085	1,347	1,466
Change in Accounts Receivable	0.06	1,461	4,100	923.45	-1,620
Change in Inventory	-121.41	326.43	57	-881.19	-819.36
Change in Accounts Payable	-1,859	-59.9	-2,030	678.76	-199.97
Operating Cash Flow	3,249	5,884	4,165	5,325	4,458
Operating Cash Flow Growth	-44.77%	41.26%	-21.78%	19.45%	-36.88%
Capital Expenditures	-2,977	-2,938	-4,270	-5,297	-1,650
Sale of Property, Plant & Equipment	69.96	0.1	-	1.03	44.98
Cash Acquisitions	-	-579.52	-	-778.74	-647.7
Divestitures	-	-	-	-	-438.88
Investment in Securities	-1,235	-104.64	-41.64	-91.87	-300.87
Other Investing Activities	5.66	183.6	7.65	-14.46	-263.24
Investing Cash Flow	-4,136	-3,439	-4,304	-6,182	-3,256
Long-Term Debt Issued	12,967	13,990	13,629	16,835	12,973
Long-Term Debt Repaid	-10,495	-13,654	-14,322	-14,670	-16,440
Net Debt Issued (Repaid)	2,471	335.39	-692.34	2,165	-3,467
Issuance of Common Stock	-	-	-	133.93	3,654
Repurchase of Common Stock	-	-	-57.71	-	-
Common Dividends Paid	-789.17	-827.06	-1,139	-1,266	-1,106
Other Financing Activities	-88.38	-2,095	728.3	355.55	-348.5
Financing Cash Flow	1,594	-2,586	-1,161	1,389	-1,268
Foreign Exchange Rate Adjustments	-11.27	11.12	6.55	88.86	-24.84
Net Cash Flow	695.62	-130.26	-1,293	621.04	-90.36
Free Cash Flow	272.21	2,945	-105.01	27.52	2,808
Free Cash Flow Growth	-90.76%	-	-	-99.02%	-43.33%
Free Cash Flow Margin	0.95%	9.78%	-0.28%	0.05%	4.46%
Free Cash Flow Per Share	0.11	1.14	-0.04	0.01	1.21
Cash Interest Paid	-	98.95	90.89	107.5	49.01
Cash Income Tax Paid	1,994	1,762	1,203	1,418	1,810
Levered Free Cash Flow	7,149	2,419	-3,950	3,835	-413.85
Unlevered Free Cash Flow	7,149	3,061	-3,215	4,557	396.38
Change in Working Capital	-1,954	1,764	1,994	705.45	-2,652

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