SHE:000417 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	211.75	190.57	264.03	171.01	180.85
Depreciation & Amortization	451.33	414.76	379.67	383.7	381.8
Other Amortization	26.65	28.36	29.5	44.56	40.05
Loss (Gain) From Sale of Assets	-15.76	-9.71	-109.98	2.5	-7.15
Asset Writedown & Restructuring Costs	-5.71	-0.09	0.25	0.44	-0.58
Loss (Gain) From Sale of Investments	-154.31	-74.75	-95.59	-110.11	-92.5
Provision & Write-off of Bad Debts	-	1.72	-1.93	0.76	0.99
Other Operating Activities	60.1	140.18	150.02	153.56	164.97
Change in Accounts Receivable	-33.95	28.35	48.87	27.3	-124.96
Change in Inventory	231.47	-45.05	49.94	11.88	-213.12
Change in Accounts Payable	-947.27	-3.63	98.97	-105.66	613.44
Operating Cash Flow	-141.3	687.1	835.35	595.77	967.91
Operating Cash Flow Growth	-	-17.75%	40.21%	-38.45%	254.32%
Capital Expenditures	-185.18	-167.57	-485.18	-374.8	-211.54
Sale of Property, Plant & Equipment	7.28	1.24	111.7	4.31	7.29
Investment in Securities	-	-716.15	-902.52	-62	-178.74
Other Investing Activities	460.09	35.15	55.95	34.16	27.42
Investing Cash Flow	282.19	-847.33	-1,220	-398.33	-355.57
Long-Term Debt Issued	322.75	277.08	690.19	1,369	783.4
Long-Term Debt Repaid	-152.35	-884.28	-1,195	-1,426	-953.32
Net Debt Issued (Repaid)	170.41	-607.2	-504.49	-57.16	-169.92
Common Dividends Paid	-105.86	-103.41	-97.95	-93.5	-89.76
Other Financing Activities	-249.63	-1.47	-1.7	-10.68	-8.72
Financing Cash Flow	-185.08	-712.08	-604.15	-161.33	-268.39
Foreign Exchange Rate Adjustments	0.02	-0.03	0.01	-	-
Net Cash Flow	-44.16	-872.33	-988.84	36.11	343.95
Free Cash Flow	-326.48	519.53	350.16	220.97	756.37
Free Cash Flow Growth	-	48.37%	58.47%	-70.79%	499.28%
Free Cash Flow Margin	-4.88%	7.38%	5.24%	3.51%	11.93%
Free Cash Flow Per Share	-0.42	0.67	0.45	0.28	0.97
Cash Income Tax Paid	336.55	358.19	389.43	409.14	473.99
Levered Free Cash Flow	-1,001	601.95	189.74	106.1	544.52
Unlevered Free Cash Flow	-1,001	638.08	236.79	162.17	603.92
Change in Working Capital	-715.34	-3.94	219.38	-50.67	299.5

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