SHE:200539 Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	81.1	964.24	974.66	-2,980	-2,928	2,054
Depreciation & Amortization	5,864	5,864	5,367	5,039	4,300	3,915
Other Amortization	40.13	40.13	12.49	21.08	6.92	6.08
Loss (Gain) on Sale of Assets	-0.1	-0.1	-9.2	-30.8	-184.59	-327.37
Loss (Gain) on Sale of Investments	-810.23	-810.23	-957.63	-	-	-
Asset Writedown	357.85	357.85	1,630	199.4	-40.06	468.97
Change in Accounts Receivable	-456.26	-456.26	-1,412	-1,246	-1,721	-1,361
Change in Inventory	78.39	78.39	661.94	-377.92	-1,284	407.27
Change in Accounts Payable	1,497	1,497	-1,038	1,418	3,318	418.91
Change in Other Net Operating Assets	-10.14	-10.14	-2.47	1.48	-9.31	-14.19
Other Operating Activities	16.11	3,210	3,078	-347.3	-665.79	2,150
Operating Cash Flow	6,898	10,975	8,466	1,480	122.17	7,755
Operating Cash Flow Growth	-43.93%	29.64%	472.06%	1111.27%	-98.42%	-6.26%
Capital Expenditures	-14,105	-15,162	-21,716	-14,599	-10,732	-8,346
Sale of Property, Plant & Equipment	164.15	269.39	225.69	1,734	1,657	337.23
Cash Acquisitions	-	-	-	-93.9	-76.57	-40.88
Divestitures	-159.95	-159.95	-363.9	2.51	2.48	-
Investment in Securities	-949.85	-674.2	-235.5	-397.72	-343.85	-876.08
Other Investing Activities	1,416	1,469	-4,092	202.08	200.06	489.62
Investing Cash Flow	-13,635	-14,257	-26,182	-13,152	-9,294	-8,436
Long-Term Debt Issued	-	42,007	59,316	50,746	39,374	25,604
Long-Term Debt Repaid	-	-36,483	-42,175	-31,359	-25,838	-20,848
Net Debt Issued (Repaid)	8,152	5,523	17,141	19,387	13,536	4,756
Common Dividends Paid	-2,526	-2,806	-2,605	-2,232	-3,087	-2,464
Other Financing Activities	1,245	441.87	3,701	-2,072	-2,660	-552.04
Financing Cash Flow	6,871	3,160	18,236	15,083	7,790	1,740
Foreign Exchange Rate Adjustments	0.01	-0.08	0	0	-0	-0
Net Cash Flow	135.03	-122.66	520.36	3,411	-1,382	1,058
Free Cash Flow	-7,206	-4,187	-13,250	-13,119	-10,610	-591.28
Free Cash Flow Margin	-13.76%	-7.32%	-22.19%	-24.91%	-23.87%	-1.76%
Free Cash Flow Per Share	-1.37	-0.80	-2.52	-2.50	-2.02	-0.11
Cash Income Tax Paid	1,915	2,565	2,663	-714.24	1,580	2,738
Levered Free Cash Flow	-5,976	-4,736	-13,670	-14,703	-8,683	46.16
Unlevered Free Cash Flow	-4,528	-3,218	-12,174	-13,293	-7,746	845.67
Change in Working Capital	1,340	1,340	-1,655	-421.79	-366.39	-511.58

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