SHE:000524 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	Dec '21 Dec 31, 2021
Net Income	74.8	150.15	69.49	-178.02	-127.8
Depreciation & Amortization	123.29	109.85	120.49	110.42	121.26
Other Amortization	51.53	65.29	50.04	45.77	43.35
Loss (Gain) From Sale of Assets	1.82	4.07	-0.15	-0.57	-1.62
Asset Writedown & Restructuring Costs	1.92	5.62	3.05	8.91	30.88
Loss (Gain) From Sale of Investments	3.29	-74.49	1.95	-3.19	-0.76
Provision & Write-off of Bad Debts	-	1.27	-3.32	2.65	-2.31
Other Operating Activities	8.43	16.75	10.19	-8.34	-10.94
Change in Accounts Receivable	41.19	-195.44	-144.39	-135.8	99.47
Change in Inventory	0.62	1.53	2.56	-1.01	-0.69
Change in Accounts Payable	-87.21	261.57	285.55	121.02	-246.85
Operating Cash Flow	240.2	373.5	417.01	-48.69	-98.94
Operating Cash Flow Growth	-35.69%	-10.43%	-	-	-
Capital Expenditures	-222.41	-94.86	-117.28	-72.87	-63.67
Sale of Property, Plant & Equipment	1.82	2.85	1.56	3.22	3.8
Cash Acquisitions	-	-	-	1.95	-27.03
Investment in Securities	172.25	0.41	0.34	-198.9	-
Other Investing Activities	23.41	79.39	0.39	3.4	0.47
Investing Cash Flow	-24.93	-12.21	-114.99	-263.2	-86.44
Short-Term Debt Issued	-	-	-	24.87	7.42
Total Debt Issued	-	-	-	24.87	7.42
Short-Term Debt Repaid	-	-	-24.87	-0.51	-35.36
Long-Term Debt Repaid	-	-32.26	-33.43	-21.29	-19.58
Total Debt Repaid	-	-32.26	-58.3	-21.8	-54.94
Net Debt Issued (Repaid)	-	-32.26	-58.3	3.07	-47.52
Common Dividends Paid	-53.62	-	-	-	-0.03
Other Financing Activities	-49.46	-16.64	-	-	1.47
Financing Cash Flow	-103.08	-48.9	-58.3	3.07	-46.08
Foreign Exchange Rate Adjustments	-1.54	-2.95	0.25	1.34	-0.53
Net Cash Flow	110.66	309.45	243.97	-307.48	-231.99
Free Cash Flow	17.79	278.64	299.72	-121.56	-162.61
Free Cash Flow Growth	-93.62%	-7.03%	-	-	-
Free Cash Flow Margin	0.40%	6.47%	8.72%	-11.75%	-10.65%
Free Cash Flow Per Share	0.03	0.41	0.43	-0.18	-0.24
Cash Income Tax Paid	110.56	92.79	75.29	23.46	32.51
Levered Free Cash Flow	-2.37	243.38	257.45	-73.56	-196.22
Unlevered Free Cash Flow	-2.37	247.03	260.03	-72.27	-194.76
Change in Working Capital	-24.89	95.01	165.28	-26.32	-151

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