SHE:000065 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	726.41	1,026	918.06	636.16	623.71
Depreciation & Amortization	408.39	360.79	286.37	249.07	145.3
Other Amortization	7.22	3.93	4.37	6.24	7.11
Loss (Gain) From Sale of Assets	0.74	0.09	-1.9	-0.24	-0.1
Asset Writedown & Restructuring Costs	46.17	91.13	0.06	0.76	0.47
Loss (Gain) From Sale of Investments	-29.05	3.33	34.24	90.91	-186.45
Provision & Write-off of Bad Debts	-	-	375.6	353.31	-15.05
Other Operating Activities	283.54	457.38	51.74	70.83	376.38
Change in Accounts Receivable	-461.95	-346.8	-704.28	-107.25	-63.85
Change in Inventory	805.32	-246.57	-411.57	35.18	-325.55
Change in Accounts Payable	-756.54	-595.55	248.53	-531.54	920.25
Operating Cash Flow	1,049	653.35	702.06	738.03	1,497
Operating Cash Flow Growth	60.53%	-6.94%	-4.88%	-50.71%	-
Capital Expenditures	-498.62	-184.25	-187.16	-318.78	-698.95
Sale of Property, Plant & Equipment	1.61	0.98	1.5	0.81	1.33
Investment in Securities	-609.01	-294.15	-619.4	-278.25	-1,449
Other Investing Activities	-86.09	310.74	8.54	8.3	2.68
Investing Cash Flow	-1,192	-166.67	-796.52	-587.91	-2,144
Long-Term Debt Issued	3,856	2,254	2,652	2,851	2,299
Long-Term Debt Repaid	-3,614	-1,806	-2,897	-2,472	-3,002
Net Debt Issued (Repaid)	242.13	448.13	-244.89	379.11	-703.04
Issuance of Common Stock	957.2	-	-	1,168	-
Common Dividends Paid	-333.34	-293.53	-269.27	-233.96	-246.7
Other Financing Activities	-43.49	-64.91	-22.13	-17.9	-0.24
Financing Cash Flow	822.5	89.7	-536.28	1,295	-949.98
Foreign Exchange Rate Adjustments	-8.65	1.6	-13.33	-23.22	-84.36
Net Cash Flow	670.56	577.98	-644.08	1,422	-1,681
Free Cash Flow	550.2	469.1	514.9	419.26	798.49
Free Cash Flow Growth	17.29%	-8.89%	22.81%	-47.49%	-
Free Cash Flow Margin	4.06%	2.46%	2.40%	3.12%	6.12%
Free Cash Flow Per Share	0.52	0.45	0.48	0.41	0.86
Cash Income Tax Paid	265.18	163.43	1.73	-175.61	-278.04
Levered Free Cash Flow	684.31	1,176	780.62	-240.47	846.48
Unlevered Free Cash Flow	684.31	1,176	923.05	-125.42	952.23
Change in Working Capital	-394.6	-1,289	-966.48	-669.01	546.05

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.