SHE:000707 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	-34.14	280.67	616.32	873.04	422.62
Depreciation & Amortization	320.39	157.74	172.69	173.53	236.18
Loss (Gain) From Sale of Assets	1.56	-0.66	3.75	-0.2	3.12
Asset Writedown & Restructuring Costs	1.37	6.46	52.45	7.05	8.38
Loss (Gain) From Sale of Investments	-2.91	-25.49	-44.15	-1.83	4.69
Provision & Write-off of Bad Debts	-	-0.05	-0.33	-0.05	-0.18
Other Operating Activities	26.83	14.21	24.39	31.32	68.39
Change in Accounts Receivable	-118.45	173.68	-163.26	-8.37	87.1
Change in Inventory	23.09	-7.61	32.51	27.4	-36.32
Change in Accounts Payable	-63.49	-122.06	-60.15	-74.47	-213.37
Operating Cash Flow	150.87	474.27	634.92	1,027	583.16
Operating Cash Flow Growth	-68.19%	-25.30%	-38.18%	76.12%	576.58%
Capital Expenditures	-318.32	-697.11	-191.39	-298.5	-50.02
Sale of Property, Plant & Equipment	3.61	5.06	17.92	0.28	6
Cash Acquisitions	-708.96	-	-	-	-
Divestitures	-	-	-	-	-43.4
Investment in Securities	-0.3	107.5	-50	-200	8.79
Other Investing Activities	2.56	45.62	2.45	-	-
Investing Cash Flow	-1,021	-538.93	-221.03	-498.21	-78.64
Short-Term Debt Issued	-	-	-	-	335.73
Long-Term Debt Issued	272.11	933.83	261	421.68	520.92
Total Debt Issued	272.11	933.83	261	421.68	856.65
Short-Term Debt Repaid	-	-	-	-	-335.73
Long-Term Debt Repaid	-231.11	-483.6	-541.97	-687.43	-649.16
Total Debt Repaid	-231.11	-483.6	-541.97	-687.43	-984.89
Net Debt Issued (Repaid)	41	450.23	-280.97	-265.75	-128.24
Issuance of Common Stock	708.96	-	-	-	-
Common Dividends Paid	-117.58	-84.36	-24.37	-40.95	-65.72
Other Financing Activities	-191.42	6	11.66	2.35	106.9
Financing Cash Flow	440.96	371.87	-293.68	-304.36	-87.06
Foreign Exchange Rate Adjustments	1.76	0.53	-0.49	-2.3	0.12
Net Cash Flow	-427.82	307.75	119.72	222.22	417.58
Free Cash Flow	-167.45	-222.84	443.52	728.6	533.14
Free Cash Flow Growth	-	-	-39.13%	36.66%	1060.48%
Free Cash Flow Margin	-8.06%	-7.71%	11.69%	16.69%	17.40%
Free Cash Flow Per Share	-0.33	-0.48	0.96	1.57	1.15
Cash Income Tax Paid	68.53	45.39	107.2	129.06	114.22
Levered Free Cash Flow	89.86	-139.1	40.69	352.14	660.49
Unlevered Free Cash Flow	89.86	-130.56	55.54	371.88	703.17
Change in Working Capital	-162.24	41.4	-190.21	-55.77	-160.03

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