SHE:000612 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	1,071	588.7	593.05	303.08	396.62
Depreciation & Amortization	189.01	189.17	194.2	214.28	225.4
Other Amortization	-	0.21	-	-	-
Loss (Gain) From Sale of Assets	-1.12	12.82	-0.28	-0.31	-0.57
Asset Writedown & Restructuring Costs	16.14	21.8	-46.68	27.9	11.57
Loss (Gain) From Sale of Investments	-139.65	-240.28	-241.75	-402.3	-117.2
Provision & Write-off of Bad Debts	-	-	-0.02	-0.72	-8.47
Other Operating Activities	16.31	36.68	57.42	167.19	65.95
Change in Accounts Receivable	98.49	106.4	94.43	24.35	-138.28
Change in Inventory	-61.76	-85.86	140.81	375.75	-318.33
Change in Accounts Payable	-192.26	402.69	28.53	-52	-39.31
Operating Cash Flow	1,006	955.93	851.74	628.3	95.99
Operating Cash Flow Growth	5.23%	12.23%	35.56%	554.53%	-88.41%
Capital Expenditures	-61.71	-125.57	-50.22	-122.07	-48.79
Sale of Property, Plant & Equipment	6.69	0.88	0.04	33.02	0.09
Investment in Securities	-	150	-	-150	50
Other Investing Activities	-339.19	-18.02	50.79	3.86	-9.33
Investing Cash Flow	-394.22	7.29	0.61	-235.19	-8.04
Short-Term Debt Issued	-	-	-	-	743.36
Long-Term Debt Issued	281.92	493.5	809.5	1,081	1,612
Total Debt Issued	281.92	493.5	809.5	1,081	2,355
Short-Term Debt Repaid	-	-	-	-	-743.36
Long-Term Debt Repaid	-352.96	-963.01	-1,152	-1,244	-1,279
Total Debt Repaid	-352.96	-963.01	-1,152	-1,244	-2,022
Net Debt Issued (Repaid)	-71.04	-469.51	-342.16	-163.58	332.78
Common Dividends Paid	-170.35	-191.74	-137.59	-163.6	-112.78
Other Financing Activities	-1.51	-	-	-	-
Financing Cash Flow	-242.9	-661.25	-479.76	-327.18	220.01
Net Cash Flow	368.84	301.97	372.59	65.94	307.96
Free Cash Flow	944.24	830.36	801.52	506.23	47.2
Free Cash Flow Growth	13.72%	3.60%	58.33%	972.43%	-93.41%
Free Cash Flow Margin	14.54%	12.84%	12.96%	7.58%	0.96%
Free Cash Flow Per Share	0.79	0.70	0.67	0.42	0.04
Cash Income Tax Paid	-	291.87	159.73	79.3	331.4
Levered Free Cash Flow	846.23	544.14	294.05	329.56	164.79
Unlevered Free Cash Flow	846.23	560.49	328.33	365.32	198.27
Change in Working Capital	-145.86	346.84	295.81	319.18	-477.3

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