SHE:000555 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	56.43	-524.06	207.13	206.51	376.18
Depreciation & Amortization	50.46	118.4	107.49	103.21	112.16
Other Amortization	71.56	3	3.51	3.49	8.27
Loss (Gain) From Sale of Assets	0.22	-0.16	0.26	-0.1	0.26
Asset Writedown & Restructuring Costs	117.44	365.74	97.13	-	-
Loss (Gain) From Sale of Investments	-9.18	65.17	-3.2	60.23	-50.85
Provision & Write-off of Bad Debts	49.52	170.96	90.23	99.57	171.89
Other Operating Activities	134.42	43.42	-48.6	79.16	79.56
Change in Accounts Receivable	-277.99	944.3	-1,004	-822.92	-542.8
Change in Inventory	-43.99	-533.54	467.8	624.5	-215.38
Change in Accounts Payable	-150.05	-588.94	294.4	-159.15	456.08
Change in Other Net Operating Assets	-	4.64	12.51	43	-
Operating Cash Flow	-38.84	91.38	234.93	201.25	371.59
Operating Cash Flow Growth	-	-61.10%	16.73%	-45.84%	31.77%
Capital Expenditures	-61.89	-86.01	-85.71	-76.2	-90.36
Sale of Property, Plant & Equipment	1.65	2.13	0.31	0.56	0.42
Cash Acquisitions	-	-	4.08	-	-
Investment in Securities	-135.04	-127.13	348.03	42.03	107.56
Other Investing Activities	4.94	14.62	15.74	-	1.11
Investing Cash Flow	-190.34	-196.39	282.45	-33.61	18.73
Long-Term Debt Issued	2,803	1,458	227.2	327.75	537.73
Total Debt Issued	2,803	1,458	227.2	327.75	537.73
Long-Term Debt Repaid	-2,139	-1,168	-386.79	-269.91	-1,123
Total Debt Repaid	-2,139	-1,168	-386.79	-269.91	-1,123
Net Debt Issued (Repaid)	663.75	289.73	-159.59	57.84	-585.25
Issuance of Common Stock	-	-	-	83.63	50.72
Repurchase of Common Stock	-	-50.25	-	-100.01	-60.82
Common Dividends Paid	-63.11	-64.82	-55.05	-65.77	-85.99
Other Financing Activities	6.36	0.07	-5.32	-0.38	-4.08
Financing Cash Flow	607	174.72	-219.97	-24.69	-685.42
Foreign Exchange Rate Adjustments	-0.37	-0.47	0.42	-0.33	-0.29
Net Cash Flow	377.45	69.25	297.83	142.63	-295.39
Free Cash Flow	-100.73	5.38	149.21	125.05	281.24
Free Cash Flow Growth	-	-96.40%	19.32%	-55.54%	25.34%
Free Cash Flow Margin	-0.77%	0.05%	1.24%	1.04%	2.48%
Free Cash Flow Per Share	-0.10	0.01	0.15	0.13	0.29
Cash Income Tax Paid	337.77	310.23	300.46	292.51	366.8
Levered Free Cash Flow	109.34	-145.62	201.11	-62.36	6.42
Unlevered Free Cash Flow	149.73	-123.68	216.35	-45.07	29.18
Change in Working Capital	-509.72	-151.1	-219.02	-350.82	-325.87

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