SHE:002461 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	903.8	810.27	623.51	598.26	611.19
Depreciation & Amortization	336.73	298.51	293.02	285.71	278.35
Loss (Gain) From Sale of Assets	1.39	23.37	-1.22	-1.73	-56.44
Asset Writedown & Restructuring Costs	3.83	14.31	11.77	16.5	53.73
Loss (Gain) From Sale of Investments	-10.45	-1.89	-9.19	-6.45	-14.19
Provision & Write-off of Bad Debts	-1.01	-0.13	0.64	-	-
Other Operating Activities	-120.06	-125.23	-85.61	-203.12	-186.29
Change in Accounts Receivable	-4.83	-3.52	-3.15	-36.11	-9.17
Change in Inventory	84.12	-10.01	8.65	-152.95	-95.24
Change in Accounts Payable	-6.72	95.98	5.11	69.49	24.32
Operating Cash Flow	1,121	1,069	819.2	591.7	604.98
Operating Cash Flow Growth	4.89%	30.51%	38.45%	-2.20%	-12.15%
Capital Expenditures	-895.99	-555.07	-537.78	-428.13	-252.81
Sale of Property, Plant & Equipment	2.95	0.23	2.9	4.39	63.75
Investment in Securities	736.8	-1,964	-196.38	-216.3	-167
Other Investing Activities	116.17	68.16	224.89	179.36	88.22
Investing Cash Flow	-40.06	-2,451	-506.37	-460.69	-267.84
Short-Term Debt Issued	3,356	3,123	1,988	-	-
Long-Term Debt Issued	-	-	-	982.18	1,161
Total Debt Issued	3,356	3,123	1,988	982.18	1,161
Short-Term Debt Repaid	-3,800	-2,400	-1,900	-	-
Long-Term Debt Repaid	-4.35	-4.3	-3.79	-903.31	-1,039
Total Debt Repaid	-3,804	-2,404	-1,904	-903.31	-1,039
Net Debt Issued (Repaid)	-448.68	718.94	84.65	78.87	121.86
Common Dividends Paid	-386.62	-287.49	-285.66	-287.53	-288.09
Other Financing Activities	-16.3	-17.9	-7.3	-17.9	-12.6
Financing Cash Flow	-851.6	413.55	-208.31	-226.56	-178.83
Foreign Exchange Rate Adjustments	0	0.12	0.05	-	-
Net Cash Flow	229.75	-967.94	104.56	-95.55	158.3
Free Cash Flow	225.42	514.07	281.41	163.56	352.16
Free Cash Flow Growth	-56.15%	82.67%	72.05%	-53.55%	-11.10%
Free Cash Flow Margin	3.84%	8.97%	5.23%	3.32%	7.76%
Free Cash Flow Per Share	0.10	0.23	0.13	0.07	0.16
Cash Income Tax Paid	1,037	982.55	825.27	763.91	792.22
Levered Free Cash Flow	-67.93	1,411	174.23	-37.15	722.59
Unlevered Free Cash Flow	-51.62	1,431	198.21	-13.77	746.26
Change in Working Capital	7.17	49.92	-13.72	-97.49	-81.38

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