SHE:000629 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	-93.32	285.2	1,058	1,344	1,328
Depreciation & Amortization	404.87	383.47	340.24	320.9	318.5
Other Amortization	-	8.57	3.43	1.71	-
Loss (Gain) From Sale of Assets	-	-	-	-37.32	-
Asset Writedown & Restructuring Costs	3.3	3.5	12.27	7.59	15.9
Loss (Gain) From Sale of Investments	-70.78	-78.2	-31.55	-4.79	-34
Provision & Write-off of Bad Debts	5.07	1.15	-1.02	1.47	1.87
Other Operating Activities	272.9	37.1	32.51	115.37	206.34
Change in Accounts Receivable	3.35	321.05	-686.47	-170.33	-235.18
Change in Inventory	-265.76	212.91	-74.69	45.28	-227.48
Change in Accounts Payable	149.76	-529.45	-395.05	369.65	311.15
Change in Other Net Operating Assets	3.52	-1.61	-1.88	14.63	-8.13
Operating Cash Flow	435.21	658.53	262.76	1,960	1,776
Operating Cash Flow Growth	-33.91%	150.62%	-86.59%	10.33%	141.14%
Capital Expenditures	-228.3	-505.01	-479.37	-148.1	-38.23
Sale of Property, Plant & Equipment	2.01	0.43	1.87	138.17	11.82
Cash Acquisitions	-	-	-60.43	-	-0.1
Divestitures	-	-	1.03	-	-
Investment in Securities	-187	-335.57	-2,671	-7.05	-0.45
Other Investing Activities	62.21	80.23	3.69	4.63	34
Investing Cash Flow	-351.08	-759.92	-3,204	-12.35	7.03
Long-Term Debt Issued	350.69	126	68	159.69	100
Total Debt Issued	350.69	126	68	159.69	100
Long-Term Debt Repaid	-403.94	-68.5	-63.2	-114	-189.49
Total Debt Repaid	-403.94	-68.5	-63.2	-114	-189.49
Net Debt Issued (Repaid)	-53.25	57.5	4.8	45.69	-89.49
Issuance of Common Stock	-	-	2,273	27.62	-
Repurchase of Common Stock	-109.25	-0.14	-0.9	-1.21	-
Common Dividends Paid	-6.01	-5.96	-5.68	-5.19	-5.65
Other Financing Activities	-27.88	-266.88	-61.26	-255.56	-4,477
Financing Cash Flow	-196.38	-215.47	2,210	-188.65	-4,572
Foreign Exchange Rate Adjustments	3.36	8.99	5.95	4.98	1.14
Net Cash Flow	-108.89	-307.87	-725.33	1,764	-2,788
Free Cash Flow	206.91	153.52	-216.61	1,812	1,738
Free Cash Flow Growth	34.77%	-	-	4.24%	161.30%
Free Cash Flow Margin	2.33%	1.16%	-1.51%	12.01%	12.36%
Free Cash Flow Per Share	0.02	0.02	-0.02	0.21	0.20
Cash Income Tax Paid	197.19	271.16	497.27	518.83	411.84
Levered Free Cash Flow	275.15	-131.01	-60.58	1,570	1,679
Unlevered Free Cash Flow	279.37	-125.56	-55.34	1,577	1,694
Change in Working Capital	-86.84	17.74	-1,151	210.68	-60.02

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