SHE:002302 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	-729.71	-262.53	644.91	555.43	844.76
Depreciation & Amortization	697.41	743.94	748.86	769.55	584.31
Other Amortization	13.42	8.68	8.02	9.75	18.04
Loss (Gain) From Sale of Assets	-55.88	-16.16	-20.85	-12.71	-8.19
Asset Writedown & Restructuring Costs	22.89	17.97	1.62	3.25	4.15
Loss (Gain) From Sale of Investments	46.78	64.66	52.07	71.13	65.19
Other Operating Activities	119.09	180.69	250.95	294.96	221.25
Change in Accounts Receivable	-216.14	129.95	-1,147	-4,417	-5,000
Change in Inventory	-69.5	-21.15	10.47	-18.26	-39.17
Change in Accounts Payable	-565.22	-429.04	-304.28	3,003	3,619
Change in Other Net Operating Assets	332.08	215.07	119.3	144.55	99.39
Operating Cash Flow	-539.53	538.37	328.89	338.7	403.81
Operating Cash Flow Growth	-	63.69%	-2.90%	-16.12%	-36.22%
Capital Expenditures	-118.81	-330.63	-372.35	-192.18	-204.06
Sale of Property, Plant & Equipment	42.99	35	17.66	23.44	8.48
Cash Acquisitions	-	-25.13	-	-	-0.35
Divestitures	-	-	-	-	2.54
Investment in Securities	-	19.76	-3.92	-0.98	-8.62
Other Investing Activities	-	-	9.93	-12.91	-5
Investing Cash Flow	-75.82	-301.01	-348.68	-182.62	-207.01
Long-Term Debt Issued	771.21	1,043	1,747	1,445	858.95
Long-Term Debt Repaid	-1,143	-1,628	-1,910	-512.84	-1,228
Net Debt Issued (Repaid)	-371.65	-584.59	-162.69	932.16	-369.15
Issuance of Common Stock	-	600	-	-	599.1
Common Dividends Paid	-242.47	-256.73	-208.9	-187.42	-152.09
Other Financing Activities	-77.24	-572.46	-284.62	-1,586	-48.41
Financing Cash Flow	-691.36	-813.78	-656.21	-841.62	29.44
Foreign Exchange Rate Adjustments	2.41	0.69	-1.48	0.14	-1.98
Net Cash Flow	-1,304	-575.72	-677.48	-685.41	224.25
Free Cash Flow	-658.35	207.73	-43.46	146.52	199.75
Free Cash Flow Growth	-	-	-	-26.65%	-34.86%
Free Cash Flow Margin	-3.64%	1.02%	-0.19%	0.59%	0.74%
Free Cash Flow Per Share	-0.53	0.18	-0.03	0.11	0.16
Cash Income Tax Paid	1,155	1,062	1,312	1,090	1,264
Levered Free Cash Flow	-299.44	626.1	-64.95	242.49	-400.79
Unlevered Free Cash Flow	-221.89	713.05	43.15	321.97	-347.6
Change in Working Capital	-653.53	-198.89	-1,357	-1,353	-1,326

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