SHE:002419 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	Jan '24 Jan 1, 2024	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	83.19	76.72	226.68	120.09	232.11
Depreciation & Amortization	1,521	1,552	1,582	1,761	1,739
Other Amortization	294.58	250.84	229.21	206.71	165.72
Loss (Gain) From Sale of Assets	-138.76	-47.73	-270.69	-50.77	-273.08
Asset Writedown & Restructuring Costs	25.74	29.68	82.29	55.45	25.15
Loss (Gain) From Sale of Investments	-	-25.25	-60.99	-365.55	-110.84
Provision & Write-off of Bad Debts	0.25	4.57	-10.15	22.6	17.85
Other Operating Activities	314.64	348.92	502.4	604.85	643.46
Change in Accounts Receivable	-55.27	68.26	-161.94	-12.91	-5.7
Change in Inventory	100.38	-59.59	173.33	-126.11	-71.85
Change in Accounts Payable	-517.13	-199.73	449.25	243.88	397.77
Operating Cash Flow	1,635	1,973	2,746	2,404	2,734
Operating Cash Flow Growth	-17.12%	-28.16%	14.26%	-12.08%	165.11%
Capital Expenditures	-562.9	-578.26	-476.03	-523.71	-745.92
Sale of Property, Plant & Equipment	1.63	1.23	1.25	0.52	3.46
Divestitures	-	-	-	283.1	-
Investment in Securities	2,700	6,552	-307.01	-	-
Other Investing Activities	-2,837	-8,852	103.89	116.48	112.42
Investing Cash Flow	-698.32	-2,877	-677.89	-123.61	-630.04
Short-Term Debt Issued	779.07	-	400	-	-
Total Debt Issued	779.07	-	400	-	-
Short-Term Debt Repaid	-608.64	-20	-	-	-
Long-Term Debt Repaid	-1,751	-1,826	-1,784	-1,788	-1,843
Total Debt Repaid	-2,360	-1,846	-1,784	-1,788	-1,843
Net Debt Issued (Repaid)	-1,581	-1,846	-1,384	-1,788	-1,843
Common Dividends Paid	-77.17	-195.06	-58.44	-187.02	-250.89
Other Financing Activities	-	-0.38	-0.17	-0.12	-1.77
Financing Cash Flow	-1,658	-2,041	-1,443	-1,975	-2,096
Foreign Exchange Rate Adjustments	-0.2	0.17	0.11	0.61	-0.19
Net Cash Flow	-720.98	-2,945	626.02	305.46	8.12
Free Cash Flow	1,072	1,395	2,270	1,880	1,988
Free Cash Flow Growth	-23.11%	-38.57%	20.76%	-5.44%	911.86%
Free Cash Flow Margin	9.28%	11.83%	18.79%	15.51%	16.20%
Free Cash Flow Per Share	0.92	1.19	1.94	1.61	1.67
Cash Income Tax Paid	331.99	380.48	494.61	480.01	456.46
Levered Free Cash Flow	1,978	837.42	1,532	1,635	1,442
Unlevered Free Cash Flow	2,094	969.98	1,689	1,825	1,659
Change in Working Capital	-464.52	-215.95	466.59	49.34	295.02

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