SHE:002307 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	-130.78	-422.91	32.23	46.32	56.78
Depreciation & Amortization	283.9	255.58	245.17	263.31	249.76
Other Amortization	90.04	112.48	84.35	57.26	79.59
Loss (Gain) From Sale of Assets	2.64	-16.71	-5.98	-17.94	-15.31
Asset Writedown & Restructuring Costs	14.98	4.59	17.11	0.56	1.29
Loss (Gain) From Sale of Investments	0.16	-6.7	81.62	118.45	-145.28
Provision & Write-off of Bad Debts	-	281.45	117.36	251.05	99.04
Other Operating Activities	1,400	1,186	939.11	898.45	693.24
Change in Accounts Receivable	-2,499	-910.67	-2,416	-3,217	-2,306
Change in Inventory	72.33	-219.71	33.97	462.35	825.89
Change in Accounts Payable	1,623	-328.18	1,501	1,597	270.25
Change in Other Net Operating Assets	20.83	-69.85	-1.65	-19.15	-1.85
Operating Cash Flow	933.75	-158.99	579.13	384.79	-209.61
Operating Cash Flow Growth	-	-	50.51%	-	-
Capital Expenditures	-1,149	-1,714	-1,025	-3,131	-4,312
Sale of Property, Plant & Equipment	20.54	17.73	13.13	22.79	24.54
Cash Acquisitions	-	-	-	-	-0.22
Divestitures	-	-5.14	-	7.46	353.03
Investment in Securities	176.41	-17	11	-593.77	-247.07
Other Investing Activities	-29.72	472.5	183.53	84.51	94.35
Investing Cash Flow	-981.28	-1,245	-817.69	-3,610	-4,087
Short-Term Debt Issued	-	-	297.68	1,034	-
Long-Term Debt Issued	7,473	8,919	8,911	8,672	9,220
Total Debt Issued	7,473	8,919	9,208	9,706	9,220
Long-Term Debt Repaid	-7,358	-6,309	-6,002	-4,963	-4,753
Net Debt Issued (Repaid)	114.53	2,610	3,207	4,743	4,467
Issuance of Common Stock	2,922	11.25	-	-	603.04
Common Dividends Paid	-1,376	-1,498	-1,428	-1,452	-1,357
Other Financing Activities	37.97	-431.96	-832.56	-358.66	24.51
Financing Cash Flow	1,698	690.99	946.51	2,932	3,737
Foreign Exchange Rate Adjustments	0.84	0.16	-3.54	-2.04	-0.99
Net Cash Flow	1,652	-713.27	704.41	-294.7	-560.15
Free Cash Flow	-214.75	-1,873	-446.22	-2,746	-4,521
Free Cash Flow Margin	-1.90%	-18.33%	-5.26%	-23.55%	-36.70%
Free Cash Flow Per Share	-0.17	-1.55	-0.41	-2.37	-3.98
Cash Income Tax Paid	274.01	312.15	370.2	496.54	462.03
Levered Free Cash Flow	535.68	-2,250	113.15	-2,077	-4,382
Unlevered Free Cash Flow	535.68	-1,514	650.29	-1,522	-3,985
Change in Working Capital	-726.87	-1,553	-931.84	-1,233	-1,229

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