SHE:000523 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	114.37	513.04	74.83	-48.16	1,455
Depreciation & Amortization	130.86	108.62	106.74	124.79	72.43
Other Amortization	48.73	46.51	41.18	38.26	4.72
Loss (Gain) From Sale of Assets	-78.73	-54.93	-39.64	-34.89	0.09
Asset Writedown & Restructuring Costs	-1.89	-	-	11.7	7.22
Loss (Gain) From Sale of Investments	-18.38	-5.2	-30.1	-129.42	-2,340
Provision & Write-off of Bad Debts	-	2.07	4.82	126.8	50.05
Other Operating Activities	40.34	64.03	50.61	62.19	163.25
Change in Accounts Receivable	88.93	27.02	-15.84	274.16	309.79
Change in Inventory	-16.2	-181.02	298.42	-271.75	109.96
Change in Accounts Payable	95.5	23.43	-73.68	-607.63	-131.6
Change in Other Net Operating Assets	52.71	15.34	149.71	275.39	-27.95
Operating Cash Flow	462.02	135.24	503.65	-204.68	-141.61
Operating Cash Flow Growth	241.62%	-73.15%	-	-	-
Capital Expenditures	-83.06	-58.43	-132.18	-185.25	-49.43
Sale of Property, Plant & Equipment	-	0	0.45	3.55	207.91
Cash Acquisitions	-	-	-	-0.35	-0.48
Divestitures	-	-	63.85	-	-
Investment in Securities	-187.92	-	-5.53	78.25	55.23
Other Investing Activities	0.01	0.16	3.38	1.34	0.52
Investing Cash Flow	-270.96	-58.26	-70.04	-102.46	213.75
Long-Term Debt Issued	195	297.98	66.64	298.73	1,767
Total Debt Issued	195	297.98	66.64	298.73	1,767
Long-Term Debt Repaid	-331.99	-265.03	-344.63	-200.85	-1,912
Total Debt Repaid	-331.99	-265.03	-344.63	-200.85	-1,912
Net Debt Issued (Repaid)	-136.99	32.95	-277.98	97.88	-144.97
Issuance of Common Stock	-	-	594	-	150
Common Dividends Paid	-10.35	-7.54	-14.85	-27.85	-110.46
Other Financing Activities	-186.03	-	-4.16	-5.26	-1.17
Financing Cash Flow	-333.37	25.41	297	64.76	-106.6
Foreign Exchange Rate Adjustments	0	-	-	-	-1.08
Net Cash Flow	-142.31	102.39	730.61	-242.37	-35.53
Free Cash Flow	378.96	76.82	371.47	-389.93	-191.04
Free Cash Flow Growth	393.32%	-79.32%	-	-	-
Free Cash Flow Margin	17.88%	3.74%	14.13%	-14.79%	-7.39%
Free Cash Flow Per Share	0.21	0.04	0.20	-0.24	-0.12
Cash Income Tax Paid	238.59	197.88	48.62	361.57	2.11
Levered Free Cash Flow	260.01	-161.21	455.69	-729.24	-727.64
Unlevered Free Cash Flow	260.01	-140.86	477.58	-703.62	-642.15
Change in Working Capital	226.71	-538.9	295.21	-355.95	445.67

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