SHE:002541 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	642.2	631.17	772.27	1,179	1,163	1,150
Depreciation & Amortization	804.66	804.66	716.38	552.91	424.15	346.56
Other Amortization	5.35	5.35	-	-	-	-
Loss (Gain) From Sale of Assets	-0.1	-0.1	-1.09	2.58	-51.13	0.1
Asset Writedown & Restructuring Costs	10.5	10.5	4.6	-	0.28	0.44
Loss (Gain) From Sale of Investments	1.07	1.07	1.1	1.85	1.83	-13.19
Provision & Write-off of Bad Debts	16.57	16.57	56.99	-59.9	-71.76	3.03
Other Operating Activities	-377.18	338.96	351.26	292.69	237.86	162.56
Change in Accounts Receivable	-140.23	-140.23	-648.16	-1,288	790.3	-1,290
Change in Inventory	-2,324	-2,324	-536.42	-135.52	-783.48	-1,757
Change in Accounts Payable	2,015	2,015	-63.61	653.83	-959.8	1,349
Change in Other Net Operating Assets	2.41	2.41	2.56	2.56	1.49	-
Operating Cash Flow	660.64	1,366	573.43	1,098	622.46	-201.98
Operating Cash Flow Growth	124.53%	138.17%	-47.77%	76.36%	-	-
Capital Expenditures	-1,223	-1,285	-1,327	-1,675	-1,872	-1,661
Sale of Property, Plant & Equipment	25.27	26.37	8.83	19.99	57.86	35.3
Divestitures	-	-	-	-	-	10.73
Investment in Securities	-336.5	-336.5	-	-	-	8.02
Other Investing Activities	-	-	-	-	-	0.16
Investing Cash Flow	-1,534	-1,595	-1,318	-1,655	-1,815	-1,606
Long-Term Debt Issued	-	5,378	4,944	4,077	4,002	3,603
Long-Term Debt Repaid	-	-4,841	-3,282	-2,965	-2,999	-2,547
Net Debt Issued (Repaid)	1,551	537.09	1,661	1,111	1,003	1,056
Repurchase of Common Stock	-	-	-	-68.27	-	-
Common Dividends Paid	-560.64	-542.77	-666.43	-438.94	-367.43	-224.51
Other Financing Activities	1.48	1.48	2.45	-	-	-
Financing Cash Flow	991.99	-4.2	997.08	604.14	635.57	831.64
Foreign Exchange Rate Adjustments	-0.07	0	0.01	0.01	2.97	-0.36
Net Cash Flow	118.57	-233.62	252.18	47.3	-553.6	-977.2
Free Cash Flow	-562.12	80.71	-753.74	-576.84	-1,250	-1,863
Free Cash Flow Margin	-2.50%	0.37%	-3.50%	-2.45%	-6.30%	-9.54%
Free Cash Flow Per Share	-0.82	0.12	-1.09	-0.82	-1.77	-2.62
Cash Income Tax Paid	978.68	983.04	1,010	1,218	1,089	759.26
Levered Free Cash Flow	-358.42	112.47	-1,842	-707.72	-2,394	-2,094
Unlevered Free Cash Flow	-145.13	325.31	-1,629	-524.79	-2,244	-1,992
Change in Working Capital	-442.44	-442.44	-1,328	-871.64	-1,081	-1,852

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