SHE:002156 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	1,219	677.59	169.44	501.83	956.69
Depreciation & Amortization	3,435	3,221	3,548	2,981	2,015
Other Amortization	95.53	22.06	18.37	17.78	27.17
Loss (Gain) From Sale of Assets	11.4	-13.05	-15.01	-14.85	1.76
Asset Writedown & Restructuring Costs	10.06	1.38	10.93	26.28	4.15
Loss (Gain) From Sale of Investments	-521.35	-16.72	-55.03	-9.44	-38.55
Provision & Write-off of Bad Debts	-15.56	35.99	1.77	19.55	13.23
Other Operating Activities	774.52	666.06	901.7	688.28	291.92
Change in Accounts Receivable	1,546	-1,753	656.28	-2,660	-761.78
Change in Inventory	-1,011	-235.44	333.83	-1,379	-672.72
Change in Accounts Payable	1,199	1,020	-1,308	3,071	1,037
Change in Other Net Operating Assets	-	3.79	7.58	15.9	13.92
Operating Cash Flow	6,966	3,877	4,293	3,198	2,871
Operating Cash Flow Growth	79.66%	-9.68%	34.23%	11.40%	5.49%
Capital Expenditures	-6,211	-4,554	-5,125	-7,125	-6,405
Sale of Property, Plant & Equipment	47.2	47.11	162.99	13.82	75.65
Cash Acquisitions	-121.54	-	-	-	-
Divestitures	-	49.62	-	-	-
Investment in Securities	-1,395	-563.22	48.97	-370.08	1,606
Other Investing Activities	-8.66	-265.94	45.13	284.84	-244.5
Investing Cash Flow	-7,689	-5,286	-4,868	-7,196	-4,968
Short-Term Debt Issued	-	711.4	-	-	-
Long-Term Debt Issued	14,252	11,362	11,723	11,391	8,764
Total Debt Issued	14,252	12,074	11,723	11,391	8,764
Long-Term Debt Repaid	-11,682	-11,246	-10,211	-9,144	-6,409
Net Debt Issued (Repaid)	2,570	827.99	1,512	2,247	2,355
Issuance of Common Stock	-	15.46	82.07	2,679	50.97
Common Dividends Paid	-598.42	-540.12	-723.27	-356.44	-270.45
Other Financing Activities	-25.68	537.17	-10.01	-304.53	229.84
Financing Cash Flow	1,946	840.5	860.74	4,265	2,365
Foreign Exchange Rate Adjustments	-51.28	56.87	-123.53	147.04	-61.64
Net Cash Flow	1,171	-511.42	162.01	413.77	206.86
Free Cash Flow	754.58	-676.36	-832.28	-3,927	-3,534
Free Cash Flow Margin	2.70%	-2.83%	-3.74%	-18.33%	-22.35%
Free Cash Flow Per Share	0.49	-0.45	-0.54	-2.90	-2.66
Cash Income Tax Paid	-273.84	-517.26	-132.65	-625.79	-678.81
Levered Free Cash Flow	-798.79	-285.21	-2,948	-5,021	-3,030
Unlevered Free Cash Flow	-483.5	42.07	-2,576	-4,776	-2,867
Change in Working Capital	1,958	-717.46	-287.34	-1,013	-401.07

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