SHE:000970 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	91.32	12.01	275.31	847.86	398.88
Depreciation & Amortization	193.28	192.6	165.26	157.45	137.84
Other Amortization	15.15	13.16	11.23	8.99	2.88
Loss (Gain) From Sale of Assets	7.52	6.19	1.18	-11.01	-0.1
Asset Writedown & Restructuring Costs	1.96	0.03	3.94	0.66	1.37
Loss (Gain) From Sale of Investments	-7.05	3.65	-29.97	-24.41	-17.97
Provision & Write-off of Bad Debts	0.56	-3.41	-9.64	26.6	8.43
Other Operating Activities	50.4	179.05	201.61	249.15	178.24
Change in Accounts Receivable	19.16	356.66	586.7	-738.55	-581.11
Change in Inventory	-428.39	488.53	186	-562.43	-1,483
Change in Accounts Payable	8.54	138.19	54.96	-323.56	918.46
Change in Other Net Operating Assets	-	-	-	-	-218.89
Operating Cash Flow	-78.36	1,326	1,431	-389.55	-653.5
Operating Cash Flow Growth	-	-7.32%	-	-	-
Capital Expenditures	-156.17	-214.97	-420.45	-562.8	-338.01
Sale of Property, Plant & Equipment	3.38	4.55	2.91	3.39	2.79
Divestitures	-	-	-	108.66	-
Investment in Securities	-394.57	-40.59	-62	-33.25	-28.56
Other Investing Activities	4.54	-8.21	-45.3	-6.31	-
Investing Cash Flow	-542.81	-259.22	-524.83	-490.31	-363.78
Long-Term Debt Issued	695.49	498.99	1,419	1,991	1,249
Total Debt Issued	695.49	498.99	1,419	1,991	1,249
Long-Term Debt Repaid	-727.96	-1,259	-1,901	-963.76	-608.34
Total Debt Repaid	-727.96	-1,259	-1,901	-963.76	-608.34
Net Debt Issued (Repaid)	-32.48	-759.8	-481.87	1,027	640.96
Repurchase of Common Stock	-	-107.96	-	-	-
Common Dividends Paid	-49.25	-96.14	-176.08	-156.95	-74
Other Financing Activities	-290.9	-29.54	-31.21	769.24	20.74
Financing Cash Flow	-372.62	-993.43	-689.16	1,639	587.69
Foreign Exchange Rate Adjustments	21.61	27.02	31.47	54.96	-26.89
Net Cash Flow	-972.19	100.44	248.22	814.18	-456.48
Free Cash Flow	-234.53	1,111	1,010	-952.35	-991.51
Free Cash Flow Growth	-	9.98%	-	-	-
Free Cash Flow Margin	-3.53%	16.46%	12.09%	-9.80%	-13.88%
Free Cash Flow Per Share	-0.20	0.92	0.83	-0.80	-0.93
Cash Income Tax Paid	-160.78	-123.93	-242.52	-239.15	-248.49
Levered Free Cash Flow	-307.38	1,022	683.17	-1,420	-1,014
Unlevered Free Cash Flow	-290.83	1,046	718.15	-1,384	-991.48
Change in Working Capital	-431.49	922.79	811.82	-1,645	-1,363

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