SHE:301301 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	769.01	1,400	940.56	411.52	111.35
Depreciation & Amortization	587.5	558.47	550.11	547.73	524.05
Other Amortization	0.88	0.88	0.99	1.32	0.66
Loss (Gain) From Sale of Assets	-0.35	-	-1.34	-	-0.26
Asset Writedown & Restructuring Costs	1.39	1.25	1.28	31.55	16.82
Loss (Gain) From Sale of Investments	3.55	-0.36	4.57	3.7	-3.89
Provision & Write-off of Bad Debts	3.69	-6.69	6.5	-	-
Other Operating Activities	63.86	72.44	127.13	138.23	167.77
Change in Accounts Receivable	-527.48	-557.51	-274.69	-424.19	78.13
Change in Inventory	-182.29	317.3	-335.46	53.31	-7.75
Change in Accounts Payable	-162.49	-7.99	264.92	-63.77	-80.07
Change in Other Net Operating Assets	-7.3	12.49	17.9	-3.46	-0.66
Operating Cash Flow	549.06	1,791	1,292	691.64	803.21
Operating Cash Flow Growth	-69.34%	38.59%	86.86%	-13.89%	23.61%
Capital Expenditures	-97.21	-42.6	-345.13	-47.2	-52.27
Sale of Property, Plant & Equipment	0	0.05	0.02	-	0.77
Investment in Securities	-134.72	-64.29	-	-7	3.34
Other Investing Activities	-	0.63	-8.27	-	-
Investing Cash Flow	-231.93	-106.22	-353.37	-54.2	-48.16
Long-Term Debt Issued	747.99	780	851.8	1,164	932.93
Long-Term Debt Repaid	-818.94	-1,622	-2,369	-1,582	-1,514
Net Debt Issued (Repaid)	-70.95	-842.19	-1,517	-417.97	-581.5
Issuance of Common Stock	12.94	20.26	-	1,050	-
Common Dividends Paid	-622.1	-545.07	-290.12	-142.82	-167.8
Other Financing Activities	6.2	5.93	-1.07	-13.42	-
Financing Cash Flow	-673.92	-1,361	-1,808	475.92	-749.29
Foreign Exchange Rate Adjustments	2.67	6.54	3.33	4.1	-6.51
Net Cash Flow	-354.12	330.32	-866.11	1,117	-0.76
Free Cash Flow	451.85	1,748	947.26	644.44	750.94
Free Cash Flow Growth	-74.16%	84.58%	46.99%	-14.18%	33.96%
Free Cash Flow Margin	9.79%	30.36%	19.64%	16.87%	23.23%
Free Cash Flow Per Share	0.20	0.79	0.42	0.33	0.41
Cash Income Tax Paid	517.11	648.47	529.02	283.66	134.55
Levered Free Cash Flow	569.43	1,681	855.08	538.48	712.11
Unlevered Free Cash Flow	590.57	1,719	909.94	627.44	822.66
Change in Working Capital	-880.47	-235.25	-337.42	-442.41	-13.29

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