SHE:000856 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	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	26.12	21.86	30.67	13.73	20.93
Depreciation & Amortization	24.84	24.3	17.54	16.19	25.14
Other Amortization	5.46	2.67	10.68	0.7	0.52
Loss (Gain) From Sale of Assets	-0.06	-0.06	-0.05	-0.09	-0.75
Asset Writedown & Restructuring Costs	0.06	-0.01	0.1	-0.16	0.02
Loss (Gain) From Sale of Investments	-	-	-0.03	-	-
Provision & Write-off of Bad Debts	3.03	-7.7	0.89	12.14	6.63
Other Operating Activities	9.09	9.4	10.8	12.95	19.68
Change in Accounts Receivable	-1,533	-213.43	116.25	-19.92	227.13
Change in Inventory	-11.78	-8.64	-1	-110.73	-31.34
Change in Accounts Payable	1,436	132.85	-106.15	226	-277.94
Operating Cash Flow	-41.84	-34.41	86.42	157.83	-9.13
Operating Cash Flow Growth	-	-	-45.24%	-	-
Capital Expenditures	-2.33	-7.06	-9.5	-16.95	-14.06
Sale of Property, Plant & Equipment	0.08	0.25	0.22	0.68	0.22
Cash Acquisitions	-	-	-	-	-12.71
Divestitures	-	-	-	-	-1.16
Investment in Securities	-	-22.5	-	-23.19	-19.76
Investing Cash Flow	-2.25	-29.31	-9.27	-39.46	-47.48
Short-Term Debt Issued	189.52	193.32	134	98	317.78
Long-Term Debt Issued	52.99	28.45	24.91	13.78	15.65
Total Debt Issued	242.51	221.77	158.91	111.78	333.42
Short-Term Debt Repaid	-174.32	-237.11	-123	-202.71	-315.1
Long-Term Debt Repaid	-39.33	-34.03	-27.97	-22.19	-13.78
Total Debt Repaid	-213.65	-271.14	-150.97	-224.9	-328.88
Net Debt Issued (Repaid)	28.86	-49.37	7.94	-113.12	4.54
Common Dividends Paid	-4.38	-5.62	-6.55	-8.67	-17.38
Other Financing Activities	-8.34	-	-0.54	-0.19	-5.49
Financing Cash Flow	16.14	-54.99	0.86	-121.99	-18.33
Foreign Exchange Rate Adjustments	-	-	0.11	0.17	-0.04
Net Cash Flow	-27.95	-118.71	78.12	-3.44	-74.98
Free Cash Flow	-44.17	-41.47	76.92	140.88	-23.2
Free Cash Flow Growth	-	-	-45.40%	-	-
Free Cash Flow Margin	-1.59%	-1.66%	2.63%	4.40%	-0.67%
Free Cash Flow Per Share	-0.19	-0.18	0.34	0.62	-0.10
Cash Income Tax Paid	51.69	56.47	96.91	84.04	57.99
Levered Free Cash Flow	-49.48	-40.7	88.99	136.81	-79.74
Unlevered Free Cash Flow	-46.39	-36.47	93.44	142.32	-69.6
Change in Working Capital	-110.37	-84.86	15.82	102.36	-81.3

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