SHE:002941 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	482.55	491.03	319.69	333.82	351.58	252.79
Depreciation & Amortization	79.87	79.87	64.04	60.68	59.64	75.39
Other Amortization	6.48	6.48	5.82	4.39	8.57	5.82
Loss (Gain) From Sale of Assets	-10.57	-10.57	-0.03	-0.64	-0.13	-2.7
Asset Writedown & Restructuring Costs	195.27	195.27	11.32	-157.52	129.91	252.28
Loss (Gain) From Sale of Investments	-159.27	-159.27	139.15	16.71	0.95	-3.85
Other Operating Activities	-713.18	219.63	247.71	240.26	206.76	248.12
Change in Accounts Receivable	-604.03	-604.03	61.41	47.09	102.75	-1,318
Change in Inventory	-129.18	-129.18	-56.58	68.53	-0.5	-7.35
Change in Accounts Payable	856.79	856.79	-554.3	-1,228	-801.91	2,223
Operating Cash Flow	-9.77	931.54	234.05	-608.38	53.66	1,689
Operating Cash Flow Growth	-	298.01%	-	-	-96.82%	2701.42%
Capital Expenditures	-2,002	-1,920	-375.26	-32.89	-169.45	-31.45
Sale of Property, Plant & Equipment	9.62	9.62	0.23	2.02	-	8.78
Divestitures	-	-	-	-	-	-16.09
Investment in Securities	817.96	578.63	24.48	-382.73	-250.02	-340.7
Other Investing Activities	-49.83	-46.09	9.74	4.81	5.22	5.76
Investing Cash Flow	-1,225	-1,378	-340.81	-408.79	-414.26	-373.7
Long-Term Debt Issued	-	2,266	1,587	2,095	3,018	2,110
Long-Term Debt Repaid	-	-1,635	-1,379	-937.45	-1,665	-2,638
Net Debt Issued (Repaid)	998.53	630.43	208.23	1,157	1,354	-527.91
Common Dividends Paid	-261.04	-267.6	-345.33	-285.47	-272.18	-224.5
Other Financing Activities	75.05	123.02	65.33	1.67	41.32	-13
Financing Cash Flow	812.54	485.85	-71.77	873.52	1,123	-765.41
Foreign Exchange Rate Adjustments	-0.67	-0.29	-0.86	0.95	-3.15	-14.74
Net Cash Flow	-422.5	39.04	-179.39	-142.7	759.03	534.83
Free Cash Flow	-2,012	-988.69	-141.21	-641.27	-115.8	1,657
Free Cash Flow Growth	-	-	-	-	-	3310.90%
Free Cash Flow Margin	-21.14%	-10.48%	-2.06%	-7.92%	-1.47%	14.26%
Free Cash Flow Per Share	-2.92	-1.47	-0.19	-0.90	-0.17	2.49
Cash Income Tax Paid	408.09	440.22	89.07	228.31	101.32	288.99
Levered Free Cash Flow	-2,477	-	494.74	-750.04	89.77	2,432
Unlevered Free Cash Flow	-2,477	-	644.72	-600.42	221.69	2,573
Change in Working Capital	109.09	109.09	-553.65	-1,106	-703.62	860.82

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