SHE:300867 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	296.77	248.23	182.11	146.52	180.19	480.38
Depreciation & Amortization	294.5	294.5	280.88	273.57	247.27	194.78
Other Amortization	30.72	30.72	31.57	32.58	28.52	24.23
Loss (Gain) on Sale of Assets	0.64	0.64	-0.14	0.29	0.23	0.02
Loss (Gain) on Sale of Investments	-13	-13	-23.11	-19.24	-12.93	-92.47
Asset Writedown	4.96	4.96	12.91	5.32	1.05	2.3
Change in Accounts Receivable	-23.12	-23.12	-280.61	-306.83	36.8	-443.23
Change in Inventory	1.13	1.13	4.19	0.27	-14.31	-20.71
Change in Accounts Payable	57.47	57.47	26.25	28.54	94.58	38.85
Change in Other Net Operating Assets	3.69	3.69	8.49	6.89	0.69	-
Other Operating Activities	150.19	156.98	188.65	191.58	200.93	159.81
Operating Cash Flow	870.06	828.3	505.63	386.28	767.57	385.62
Operating Cash Flow Growth	60.46%	63.82%	30.90%	-49.68%	99.05%	-20.20%
Capital Expenditures	-445.29	-449.28	-427.65	-345.93	-840.44	-1,109
Sale of Property, Plant & Equipment	0.39	0.52	0.12	0.5	0.31	0.06
Cash Acquisitions	-	-	-	-	-2.37	-0.45
Investment in Securities	-72.14	-100.64	69.32	-31.17	168.11	228.51
Other Investing Activities	48.92	5	0.18	-	0.4	5
Investing Cash Flow	-468.11	-544.4	-358.03	-376.61	-673.98	-875.48
Long-Term Debt Issued	-	993.06	1,487	716.17	1,021	970.82
Long-Term Debt Repaid	-	-1,044	-1,349	-781.26	-569.62	-409.11
Net Debt Issued (Repaid)	-48.36	-51.19	138.79	-65.09	451.16	561.7
Common Dividends Paid	-171.84	-178.32	-194.75	-215.92	-267.25	-228.67
Other Financing Activities	-77.95	-14.05	-19.26	-1.96	-5	-4.8
Financing Cash Flow	-298.15	-243.55	-75.22	-282.97	178.91	328.23
Foreign Exchange Rate Adjustments	0	-0	-	-	-	-
Net Cash Flow	103.8	40.35	72.37	-273.3	272.5	-161.62
Free Cash Flow	424.78	379.03	77.98	40.34	-72.87	-722.99
Free Cash Flow Growth	406.62%	386.06%	93.30%	-	-	-
Free Cash Flow Margin	26.77%	24.37%	4.93%	2.31%	-4.16%	-30.98%
Free Cash Flow Per Share	1.56	1.40	0.29	0.15	-0.27	-2.66
Cash Income Tax Paid	135.01	122.16	129.2	92.77	77.92	103.33
Levered Free Cash Flow	-	21.69	-308.04	-159.01	-501.73	-1,116
Unlevered Free Cash Flow	-	120.09	-190.37	-37.08	-374.24	-1,016
Change in Working Capital	39	39	-270.04	-294.29	110.95	-417.97

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