SHE:000715 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	114.39	100.4	134.35	85.63	135.9
Depreciation & Amortization	43.24	44.21	45.25	47.18	46.52
Other Amortization	0.07	5	4.98	6	5.85
Loss (Gain) From Sale of Assets	-0.41	-0.01	0.02	-	-0.08
Asset Writedown & Restructuring Costs	-2.97	0	0.01	0.04	0.45
Loss (Gain) From Sale of Investments	-13.69	-15.9	-3.1	-0.43	-20.28
Provision & Write-off of Bad Debts	-	0.03	-0.14	0.15	-0.09
Other Operating Activities	2.1	0.97	1.47	1.26	1.05
Change in Accounts Receivable	-2.45	-1.81	8.95	-3.17	1.4
Change in Inventory	11.5	-2.61	-1.77	-1.4	-7.54
Change in Accounts Payable	-58.94	-49.36	73.69	-78.95	-5.23
Change in Other Net Operating Assets	6.06	29.11	-0.78	-4.3	-1.97
Operating Cash Flow	104.61	108.76	263.26	58.73	158.76
Operating Cash Flow Growth	-3.82%	-58.69%	348.28%	-63.01%	9.39%
Capital Expenditures	-0.75	-14.09	-1.08	-31.06	-3.44
Sale of Property, Plant & Equipment	0.08	0.01	0.11	0.24	0.28
Investment in Securities	-114.49	-151.17	-424.55	-130.66	-130.09
Other Investing Activities	415.93	-384.54	4.09	0.87	0.01
Investing Cash Flow	300.78	-549.79	-421.43	-160.61	-133.25
Short-Term Debt Issued	-	52.36	-	-	-
Long-Term Debt Issued	68.55	-	-	-	-
Total Debt Issued	68.55	52.36	-	-	-
Short-Term Debt Repaid	-	-21.14	-	-	-
Long-Term Debt Repaid	-63.16	-3.01	-2.71	-3.66	-3.11
Total Debt Repaid	-63.16	-24.16	-2.71	-3.66	-3.11
Net Debt Issued (Repaid)	5.39	28.2	-2.71	-3.66	-3.11
Issuance of Common Stock	-	-	47.02	-	-
Repurchase of Common Stock	-	-	-91.79	-	-
Common Dividends Paid	-41.63	-21.25	-	-20.79	-20.79
Other Financing Activities	-2.62	-	-	-0.03	-
Financing Cash Flow	-38.87	6.95	-47.47	-24.47	-23.89
Net Cash Flow	366.53	-434.08	-205.64	-126.35	1.62
Free Cash Flow	103.86	94.67	262.19	27.67	155.32
Free Cash Flow Growth	9.71%	-63.89%	847.49%	-82.18%	14.80%
Free Cash Flow Margin	13.92%	12.40%	32.37%	3.99%	17.89%
Free Cash Flow Per Share	0.19	0.17	0.48	0.05	0.29
Cash Income Tax Paid	110.88	95.11	117.3	86.24	124.11
Levered Free Cash Flow	94.59	376.4	203.19	-315.94	139.55
Unlevered Free Cash Flow	94.59	377.12	203.84	-315.26	140.14
Change in Working Capital	-38.12	-25.94	80.42	-81.1	-10.56

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