SHE:000969 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	405.56	372.4	249.49	211.09	173.07
Depreciation & Amortization	313.83	285.39	295.19	311.46	300.23
Other Amortization	28.08	23.75	20.19	20.93	21.01
Loss (Gain) From Sale of Assets	1	14.97	7.59	-11.96	0.62
Asset Writedown & Restructuring Costs	9.54	11.35	4.51	9.89	30.58
Loss (Gain) From Sale of Investments	-9.76	-146.14	-9.46	-3.01	-3.82
Provision & Write-off of Bad Debts	-	1.25	3.85	-4.39	-10.87
Other Operating Activities	15.29	90.09	123.45	117.54	148.83
Change in Accounts Receivable	-309.13	-162.72	22.17	-160.85	206.32
Change in Inventory	-263.13	226.26	175.16	-448.58	-655.89
Change in Accounts Payable	771.19	-265.89	-218.32	548.32	662.12
Change in Other Net Operating Assets	-149.78	326.81	123.01	-10.97	-192.74
Operating Cash Flow	797.63	769.67	786.02	590.48	679.08
Operating Cash Flow Growth	3.63%	-2.08%	33.12%	-13.05%	4.27%
Capital Expenditures	-370.94	-435.72	-231.36	-252.03	-167.33
Sale of Property, Plant & Equipment	23.78	3.72	2.84	10.67	13.08
Cash Acquisitions	-	-	-	-36.56	-
Divestitures	-	-	116.42	-	-
Investment in Securities	27.11	-86.89	11.59	25.15	19.36
Other Investing Activities	19.55	12.56	2.15	3.07	1.26
Investing Cash Flow	-300.5	-506.34	-98.36	-249.7	-133.64
Long-Term Debt Issued	30	200	788.82	472	1,051
Long-Term Debt Repaid	-480	-111.25	-954.52	-568.42	-1,225
Net Debt Issued (Repaid)	-450	88.75	-165.7	-96.42	-173.84
Issuance of Common Stock	-	-	107.13	-	-
Repurchase of Common Stock	-	-135.43	-	-	-
Common Dividends Paid	-226.21	-103.65	-155.26	-28.22	-56.66
Other Financing Activities	-83.73	30.4	231.54	-137.18	-29.84
Financing Cash Flow	-759.94	-119.93	17.7	-261.81	-260.34
Foreign Exchange Rate Adjustments	0.09	13.94	14.18	21.76	18.45
Net Cash Flow	-262.73	157.35	719.54	100.72	303.55
Free Cash Flow	426.69	333.95	554.66	338.45	511.75
Free Cash Flow Growth	27.77%	-39.79%	63.88%	-33.86%	-7.17%
Free Cash Flow Margin	5.38%	4.41%	6.77%	4.57%	8.09%
Free Cash Flow Per Share	0.41	0.32	0.53	0.33	0.50
Cash Income Tax Paid	52.84	76.56	111.7	68.21	70.13
Levered Free Cash Flow	263.5	367.29	610.93	154.72	500.89
Unlevered Free Cash Flow	263.5	379.48	625.51	171.62	521.14
Change in Working Capital	34.09	116.61	91.19	-61.09	19.43

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