SHE:000811 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	564.39	628.09	659.49	425.82	300.85
Depreciation & Amortization	158.78	157.33	155.2	150.01	150.7
Other Amortization	11.17	4.09	3.23	2.19	1.35
Loss (Gain) From Sale of Assets	0.54	0.12	0.42	-0.84	0.71
Asset Writedown & Restructuring Costs	5.1	2.55	0	0.27	0.8
Loss (Gain) From Sale of Investments	-99.07	-143.84	-150.15	-148.91	-84.61
Provision & Write-off of Bad Debts	-6.25	57.19	43.2	44.07	-18.66
Other Operating Activities	128.61	81.99	71.43	60.57	26.32
Change in Accounts Receivable	-131.62	-115.87	-438.11	-94.89	-374.73
Change in Inventory	-326.52	-48.04	-1.39	-281.59	-444.64
Change in Accounts Payable	509.69	107.48	38.59	494.46	903.71
Operating Cash Flow	820.77	720.67	336.83	641.88	460.06
Operating Cash Flow Growth	13.89%	113.96%	-47.52%	39.52%	-13.03%
Capital Expenditures	-131.82	-118.49	-181.52	-292.92	-204.46
Sale of Property, Plant & Equipment	8.23	2.19	13.27	3.98	8.49
Cash Acquisitions	-	-	-	-14.27	-
Divestitures	-	-	-0.15	-	-
Investment in Securities	-678.31	-291.04	-397.87	548.97	-345.24
Other Investing Activities	49.84	108.01	194.97	102.8	125.33
Investing Cash Flow	-752.06	-299.32	-371.3	348.56	-415.88
Long-Term Debt Issued	755.75	628.03	1,061	648.22	1,358
Long-Term Debt Repaid	-592.03	-747.78	-974.51	-771.49	-1,305
Net Debt Issued (Repaid)	163.72	-119.75	86.71	-123.27	53.33
Issuance of Common Stock	-	-	139.43	-	4.33
Repurchase of Common Stock	-14.03	-0.7	-	-	-
Common Dividends Paid	-211.61	-105.41	-179.84	-187.61	-84.9
Other Financing Activities	-8.95	-133.47	-9.31	58.96	-
Financing Cash Flow	-70.88	-359.32	36.99	-251.92	-27.25
Foreign Exchange Rate Adjustments	4.8	4.3	4.47	28	3.45
Net Cash Flow	2.63	66.33	6.99	766.52	20.39
Free Cash Flow	688.95	602.19	155.31	348.96	255.6
Free Cash Flow Growth	14.41%	287.74%	-55.50%	36.53%	-25.18%
Free Cash Flow Margin	9.77%	9.08%	2.07%	5.72%	4.75%
Free Cash Flow Per Share	0.70	0.60	0.16	0.36	0.26
Cash Income Tax Paid	336.34	289.95	345.76	185.36	207.55
Levered Free Cash Flow	495.19	479.8	162.05	186.04	169.4
Unlevered Free Cash Flow	514.3	500.15	185.09	210.06	193.6
Change in Working Capital	57.51	-66.85	-445.99	108.72	82.6

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