SHE:301175 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	Jan '22 Jan 1, 2022
Net Income	381.76	320.69	269.67	212.14	173.22
Depreciation & Amortization	263.04	240.37	183.96	149.59	136.26
Other Amortization	15.59	10.81	6.95	3.71	2.98
Loss (Gain) on Sale of Assets	-0.02	0.65	-1.15	0.03	0.14
Loss (Gain) on Sale of Investments	-0.62	-	-5.87	-7.64	-
Asset Writedown	0	4.58	-0.1	0.47	-0
Change in Accounts Receivable	-238.09	-108.03	-123.82	-107.05	-169.84
Change in Inventory	-34.89	46.56	-85.85	23.97	-35.14
Change in Accounts Payable	260.85	41.11	36.01	64.69	105.79
Other Operating Activities	130.33	124.45	120.83	119.87	107.7
Operating Cash Flow	771.41	682.33	412.85	445.79	331.32
Operating Cash Flow Growth	13.05%	65.28%	-7.39%	34.55%	8.96%
Capital Expenditures	-602.67	-515.93	-724.21	-631.16	-627.61
Sale of Property, Plant & Equipment	0.02	1.18	0.46	0.06	-
Cash Acquisitions	-60.66	-14.61	-158.42	-	-
Investment in Securities	-	-0.01	-	-	-
Other Investing Activities	-56.27	-11	6.22	8.1	-
Investing Cash Flow	-719.58	-540.37	-875.95	-623	-627.61
Short-Term Debt Issued	-	-	-	-	106.8
Long-Term Debt Issued	1,086	1,068	514.9	433.59	928.1
Total Debt Issued	1,086	1,068	514.9	433.59	1,035
Short-Term Debt Repaid	-	-101.9	-13.1	-58.71	-117.64
Long-Term Debt Repaid	-732.81	-874.32	-659.42	-260.06	-528.61
Total Debt Repaid	-732.81	-976.22	-672.51	-318.77	-646.25
Net Debt Issued (Repaid)	352.93	92.01	-157.62	114.81	388.66
Issuance of Common Stock	-	-	-	1,360	-
Common Dividends Paid	-362.37	-221.48	-155.91	-77.9	-72.09
Other Financing Activities	9.85	4.2	5.13	-17.24	-2.37
Financing Cash Flow	0.41	-125.27	-308.4	1,380	314.2
Foreign Exchange Rate Adjustments	-	-	-	-	-0.39
Net Cash Flow	52.23	16.68	-771.51	1,203	17.51
Free Cash Flow	168.73	166.4	-311.36	-185.37	-296.3
Free Cash Flow Growth	1.40%	-	-	-	-
Free Cash Flow Margin	9.01%	10.01%	-22.18%	-11.61%	-19.55%
Free Cash Flow Per Share	0.12	0.11	-0.21	-0.15	-0.27
Cash Income Tax Paid	99.61	65.84	85.01	77.28	81.33
Levered Free Cash Flow	-59.68	-39.84	-481.93	-380.14	-408.11
Unlevered Free Cash Flow	-3.92	12.29	-429.55	-333.7	-359.75
Change in Working Capital	-30.39	-25.36	-180.28	-23.03	-103.87

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