SHE:301109 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	994.02	536.28	513.85	466.23	446.69
Depreciation & Amortization	642.76	319.04	290	282.81	228.49
Other Amortization	18.94	4.2	1.62	1.39	1.39
Loss (Gain) on Sale of Assets	-0.78	-0.01	-0.35	0.33	-
Loss (Gain) on Sale of Investments	-27.1	-40.26	-52.12	-43.64	-
Asset Writedown	-3.07	0.02	-0	0	-20.33
Change in Accounts Receivable	43.41	-184.27	-206.15	-238.27	-216.49
Change in Inventory	-5.18	-8.24	-8.98	-3.16	-9.93
Change in Accounts Payable	-66.75	103.84	45.86	19.11	141.56
Change in Other Net Operating Assets	1.63	4.3	7.74	13.2	26.72
Other Operating Activities	125.14	258.92	274.53	287.5	212.94
Operating Cash Flow	1,699	971.1	868.73	790.23	809.11
Operating Cash Flow Growth	74.98%	11.78%	9.93%	-2.33%	7.46%
Capital Expenditures	-600.35	-920.44	-568.96	-396.76	-909.38
Sale of Property, Plant & Equipment	0.78	0.05	0.36	0.08	0.01
Cash Acquisitions	-659.04	-	-	-	-
Investment in Securities	-700	553	359.7	-1,900	-
Other Investing Activities	27.61	531.45	48.68	18.44	-
Investing Cash Flow	-1,931	164.05	-160.21	-2,278	-909.37
Long-Term Debt Issued	593.02	588.01	80	121.93	582.13
Long-Term Debt Repaid	-463.74	-501.68	-381.48	-382.19	-186.82
Net Debt Issued (Repaid)	129.27	86.33	-301.48	-260.26	395.31
Issuance of Common Stock	768.28	24.5	-	2,279	-
Common Dividends Paid	-589.82	-446.26	-474.69	-239.93	-136.78
Other Financing Activities	-299.84	-217	-102	-27.76	-32
Financing Cash Flow	7.89	-552.43	-878.17	1,751	226.53
Foreign Exchange Rate Adjustments	-0.37	-0.08	-0.56	-	-
Net Cash Flow	-224.25	582.64	-170.21	263.04	126.27
Free Cash Flow	1,099	50.65	299.77	393.47	-100.27
Free Cash Flow Growth	2069.45%	-83.10%	-23.81%	-	-
Free Cash Flow Margin	39.99%	2.08%	16.14%	25.05%	-4.82%
Free Cash Flow Per Share	1.41	0.09	0.52	0.75	-0.23
Cash Income Tax Paid	266.75	146.27	78.13	72.47	70.36
Levered Free Cash Flow	-234.07	-242.43	-285.78	-314.47	-524.59
Unlevered Free Cash Flow	-234.07	-173.52	-201.29	-210.27	-448.84
Change in Working Capital	-50.67	-116.78	-172.05	-216.19	-60.08

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