SHE:300070 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	Dec '21 Dec 31, 2021
Net Income	168.29	58.58	764.66	709.72	583.81
Depreciation & Amortization	785.96	738.26	652.62	642.15	728.45
Other Amortization	37.07	60.44	44.93	22.3	20.56
Loss (Gain) From Sale of Assets	16.34	4.08	-6.73	3.94	-17.98
Asset Writedown & Restructuring Costs	235.32	55.38	122.28	108.16	0.61
Loss (Gain) From Sale of Investments	22.54	276.27	-344.83	-210.03	17.56
Provision & Write-off of Bad Debts	-	747.09	587.11	489.38	336.02
Other Operating Activities	1,454	1,216	1,149	1,175	1,102
Change in Accounts Receivable	-1,916	-2,980	-1,174	-1,491	-1,860
Change in Inventory	1.96	-26.67	-21.4	-213.71	9.4
Change in Accounts Payable	515.9	-221.19	-1,285	-1,102	-2,486
Operating Cash Flow	1,211	-237.66	331.08	267.23	-1,628
Operating Cash Flow Growth	-	-	23.89%	-	-
Capital Expenditures	-2,169	-1,898	-1,255	-813.52	-1,064
Sale of Property, Plant & Equipment	146.82	122.09	3.66	18.42	12.37
Cash Acquisitions	-	-	-0	-	-
Divestitures	76.6	-	88	426.58	-
Investment in Securities	67.6	184.22	-392.17	413.41	-53.17
Other Investing Activities	498.61	524.97	152.93	319.83	185.26
Investing Cash Flow	-1,379	-1,066	-1,403	364.71	-919.16
Long-Term Debt Issued	14,860	19,389	18,322	11,420	16,793
Short-Term Debt Repaid	-	-611.49	-487.37	-	-
Long-Term Debt Repaid	-14,001	-17,338	-17,219	-11,004	-18,407
Total Debt Repaid	-14,001	-17,949	-17,706	-11,004	-18,407
Net Debt Issued (Repaid)	859.12	1,440	615.45	416.92	-1,614
Issuance of Common Stock	-	-	-	-	3,545
Common Dividends Paid	-1,037	-1,232	-1,266	-1,360	-1,720
Other Financing Activities	308.75	835.12	616.4	1,347	170.03
Financing Cash Flow	130.53	1,043	-33.69	404.56	380.88
Foreign Exchange Rate Adjustments	-2.17	1.41	1.18	7.02	-8.21
Net Cash Flow	-39.84	-259.12	-1,104	1,044	-2,174
Free Cash Flow	-957.82	-2,135	-924.25	-546.3	-2,692
Free Cash Flow Margin	-12.31%	-24.98%	-10.32%	-6.29%	-28.19%
Free Cash Flow Per Share	-0.26	-0.59	-0.26	-0.15	-0.88
Cash Income Tax Paid	476.78	448.76	708.32	-305.65	634.35
Levered Free Cash Flow	575.7	-2,310	70.44	2,827	-3,688
Unlevered Free Cash Flow	575.7	-1,623	756.95	3,511	-3,044
Change in Working Capital	-1,508	-3,394	-2,638	-2,674	-4,399

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