SHE:000837 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	Jan '24 Jan 1, 2024	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	52.89	53.78	52.26	275.01	280.82
Depreciation & Amortization	224.81	218.32	198.15	181.41	178.06
Other Amortization	9.1	1.68	1.07	0.99	1.26
Loss (Gain) From Sale of Assets	-81.66	-0.93	-1.9	-123.46	-2.92
Asset Writedown & Restructuring Costs	2.48	2.23	1.43	1.5	7.88
Loss (Gain) From Sale of Investments	-8.2	-7.88	7.2	-12.17	-94.19
Provision & Write-off of Bad Debts	13.05	5.39	14.26	21.33	-5.08
Other Operating Activities	115.55	63.23	72.51	105.22	121.4
Change in Accounts Receivable	-298.8	-115.41	22.08	-200.59	-309.6
Change in Inventory	-227.38	8.14	-167.59	-43.94	-83.59
Change in Accounts Payable	494.06	-74.31	-52.06	-165.51	363.97
Change in Other Net Operating Assets	24.15	-	-	110.88	-19.52
Operating Cash Flow	317.36	156.07	143.94	99.08	433.92
Operating Cash Flow Growth	103.34%	8.43%	45.29%	-77.17%	14.92%
Capital Expenditures	-227.81	-386.43	-294.91	-322.15	-136.35
Sale of Property, Plant & Equipment	23.4	0.6	3.47	237.87	4.87
Divestitures	-	-	-	-	289.93
Investment in Securities	-249	-83.8	4.65	-16.27	18.65
Other Investing Activities	1.89	3.44	4.2	4.27	23.55
Investing Cash Flow	-451.52	-466.19	-282.6	-96.29	300.65
Short-Term Debt Issued	-	-	-	-	3.46
Long-Term Debt Issued	492.53	724.21	965.25	1,711	1,322
Total Debt Issued	492.53	724.21	965.25	1,711	1,325
Short-Term Debt Repaid	-	-	-	-0.8	-11.49
Long-Term Debt Repaid	-746.97	-886.82	-1,054	-1,650	-2,320
Total Debt Repaid	-746.97	-886.82	-1,054	-1,651	-2,331
Net Debt Issued (Repaid)	-254.44	-162.61	-88.98	60.19	-1,006
Issuance of Common Stock	72.17	-	1,219	-	783.79
Repurchase of Common Stock	-	-21.11	-	-	-
Common Dividends Paid	-51.79	-28.04	-64.83	-42.15	-63.39
Other Financing Activities	-1.63	-6.35	-9.42	-81.14	22.22
Financing Cash Flow	-235.69	-218.1	1,056	-63.1	-263.28
Foreign Exchange Rate Adjustments	0.46	1.96	0.06	1.9	-0.3
Net Cash Flow	-369.39	-526.26	917	-58.41	470.99
Free Cash Flow	89.55	-230.36	-150.96	-223.08	297.58
Free Cash Flow Growth	-	-	-	-	4.78%
Free Cash Flow Margin	2.19%	-5.97%	-4.01%	-5.44%	5.89%
Free Cash Flow Per Share	0.09	-0.23	-0.16	-0.25	0.40
Cash Income Tax Paid	127.05	97.71	117.08	159.68	218.8
Levered Free Cash Flow	29.93	-384.83	-68.41	-129.13	1,229
Unlevered Free Cash Flow	42.9	-367.84	-47.79	-102.91	1,267
Change in Working Capital	-10.66	-179.76	-201.04	-350.77	-53.3

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