SHE:002129 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	-9,264	-9,818	3,416	6,819	4,030
Depreciation & Amortization	8,644	7,919	6,724	4,514	2,952
Other Amortization	243.96	129.44	32.32	67.27	25.19
Loss (Gain) From Sale of Assets	57.37	38.85	29.12	66.54	79.65
Asset Writedown & Restructuring Costs	1,263	1,092	1.76	1,580	1,167
Loss (Gain) From Sale of Investments	-20.48	157	712.43	-1,807	-1,168
Provision & Write-off of Bad Debts	64.97	-19.32	-50.74	-	-
Other Operating Activities	3,610	3,632	3,889	1,080	1,319
Change in Accounts Receivable	-414.35	-1,632	402.79	780.79	-2,517
Change in Inventory	-2,374	-381.76	-3,887	-4,783	-1,771
Change in Accounts Payable	-43.57	1,920	-6,251	-3,466	-79.89
Operating Cash Flow	1,144	2,839	5,181	5,057	4,282
Operating Cash Flow Growth	-59.72%	-45.20%	2.46%	18.11%	49.77%
Capital Expenditures	-5,379	-6,952	-12,163	-11,213	-6,102
Sale of Property, Plant & Equipment	150.66	57.63	128.29	4.81	119.88
Cash Acquisitions	-361.52	293.36	1,443	-	5.85
Divestitures	-	35.2	1,057	-2.01	-36
Investment in Securities	-1,406	-1,506	-1,899	-5,169	-2,118
Other Investing Activities	490.37	949.35	338.01	87.46	304.45
Investing Cash Flow	-6,505	-7,122	-11,096	-16,292	-7,826
Long-Term Debt Issued	17,217	24,888	15,121	27,609	10,237
Total Debt Issued	17,217	24,888	15,121	27,609	10,237
Long-Term Debt Repaid	-16,109	-14,659	-10,170	-14,266	-9,437
Net Debt Issued (Repaid)	1,109	10,229	4,951	13,343	799.41
Issuance of Common Stock	2,600	-	21.31	59.68	9,000
Repurchase of Common Stock	-	-63.54	-700	-391	-330
Common Dividends Paid	-1,399	-2,347	-1,595	-1,299	-1,113
Other Financing Activities	-158.46	-216.11	2,029	-1,058	913.27
Financing Cash Flow	2,151	7,602	4,706	10,654	9,270
Foreign Exchange Rate Adjustments	28.66	-8.93	0.56	198.64	-25.62
Net Cash Flow	-3,182	3,310	-1,208	-382.02	5,700
Free Cash Flow	-4,235	-4,113	-6,982	-6,156	-1,821
Free Cash Flow Margin	-14.58%	-14.47%	-11.80%	-9.19%	-4.43%
Free Cash Flow Per Share	-1.06	-1.03	-1.74	-1.53	-0.48
Cash Income Tax Paid	-50.19	291.28	-217.91	-1,171	-610.51
Levered Free Cash Flow	-4,489	900.81	-8,938	-35.57	-1,488
Unlevered Free Cash Flow	-3,463	1,746	-8,070	615.05	-901.03
Change in Working Capital	-3,455	-291.8	-9,573	-7,262	-4,123

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