SHE:000922 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	254.07	256.48	399.38	381.28	213.4
Depreciation & Amortization	189.86	167.99	158.85	176.41	61.06
Other Amortization	5.59	-	-	-	-
Loss (Gain) From Sale of Assets	-1.22	-0.53	-1.4	-1.99	-0.03
Asset Writedown & Restructuring Costs	107.81	143.1	163.55	0.12	0
Loss (Gain) From Sale of Investments	-0.19	-11.87	-22.55	-26.31	-25.51
Provision & Write-off of Bad Debts	-	-	-	14.06	7.12
Other Operating Activities	87.5	113.41	73.14	221.32	37.04
Change in Accounts Receivable	91.22	68.01	73.6	-526.05	-200.4
Change in Inventory	-86.66	-51.93	8.2	235.98	-226.99
Change in Accounts Payable	-365.47	-254.06	-322.08	75.87	202.65
Operating Cash Flow	296.56	459.09	555.15	513.48	68.28
Operating Cash Flow Growth	-35.40%	-17.30%	8.12%	652.00%	-85.98%
Capital Expenditures	-368.89	-248.17	-177.62	-79.38	-24.76
Sale of Property, Plant & Equipment	2.18	1.44	2.31	0.28	-
Investment in Securities	350	0	337.53	0.01	-136.37
Other Investing Activities	4.82	5.7	30.68	14.37	23.64
Investing Cash Flow	-11.89	-241.03	192.9	-64.73	-137.49
Short-Term Debt Issued	-	-	311.98	341.14	3.66
Long-Term Debt Issued	330.71	388.39	-	-	-
Total Debt Issued	330.71	388.39	311.98	341.14	3.66
Short-Term Debt Repaid	-	-	-328.54	-200	-
Long-Term Debt Repaid	-1,623	-55.66	-	-	-
Total Debt Repaid	-1,623	-55.66	-328.54	-200	-
Net Debt Issued (Repaid)	-1,292	332.73	-16.56	141.14	3.66
Issuance of Common Stock	1,112	-	-	-	3.01
Repurchase of Common Stock	-0.66	-7.19	-2.15	-8.77	-1.27
Common Dividends Paid	-87.56	-157.42	-101.85	-75.01	-95.9
Other Financing Activities	139.41	-	-400.7	-	-
Financing Cash Flow	-129.56	168.12	-521.26	57.35	-90.49
Net Cash Flow	155.12	386.19	226.79	506.1	-159.7
Free Cash Flow	-72.33	210.92	377.52	434.1	43.52
Free Cash Flow Growth	-	-44.13%	-13.03%	897.41%	-90.20%
Free Cash Flow Margin	-1.47%	4.30%	7.10%	9.52%	1.43%
Free Cash Flow Per Share	-0.10	0.35	0.63	0.73	0.07
Cash Income Tax Paid	186.56	185.41	300.22	273.27	107.62
Levered Free Cash Flow	-138.6	20.08	69.22	759.21	-22.9
Unlevered Free Cash Flow	-131.2	43.53	88.13	776.23	-22.89
Change in Working Capital	-346.87	-209.48	-215.81	-251.41	-224.79

Source: S&P Global Market Intelligence. Standard template. Financial Sources.