SHE:001216 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	216.21	205.02	179.51	170.95	137.08
Depreciation & Amortization	62.46	60.14	57.98	49.09	36.35
Other Amortization	0.14	1.13	0.86	0.77	0.5
Loss (Gain) From Sale of Assets	0.78	0.22	0.03	-0.26	0.13
Asset Writedown & Restructuring Costs	23.02	18.72	17.12	21.33	9.83
Loss (Gain) From Sale of Investments	-18.07	-14.05	-14.13	-13.1	-2.01
Other Operating Activities	5.64	-7.4	-1.55	-2.39	6.41
Change in Accounts Receivable	21.69	-15.04	10.46	-31.05	-37.2
Change in Inventory	11.1	-40.06	-20.3	16.68	-70.04
Change in Accounts Payable	28.41	10.01	3.65	82.42	74.35
Change in Other Net Operating Assets	-	-	-	-	2.23
Operating Cash Flow	348.82	213.1	233.71	301.41	162.79
Operating Cash Flow Growth	63.69%	-8.82%	-22.46%	85.15%	-2.20%
Capital Expenditures	-257.92	-128.01	-88.23	-145.5	-210.7
Sale of Property, Plant & Equipment	0.42	0.34	0.87	0.95	1.65
Investment in Securities	249.12	-87.6	-140	10	-250
Other Investing Activities	5.02	8.48	18.58	9.1	0.28
Investing Cash Flow	-3.36	-206.8	-208.77	-125.44	-458.77
Long-Term Debt Issued	90	-	-	-	-
Long-Term Debt Repaid	-90	-6.89	-6.83	-6.73	-5.23
Net Debt Issued (Repaid)	-	-6.89	-6.83	-6.73	-5.23
Issuance of Common Stock	-	-	-	1.45	553.39
Common Dividends Paid	-94.46	-65.49	-52.89	-52.89	-
Other Financing Activities	-2.99	-	-	-2.47	-21.96
Financing Cash Flow	-97.45	-72.38	-59.72	-60.65	526.21
Foreign Exchange Rate Adjustments	-8.27	5.32	2.1	5.27	-2.96
Net Cash Flow	239.75	-60.76	-32.69	120.59	227.26
Free Cash Flow	90.9	85.09	145.48	155.91	-47.91
Free Cash Flow Growth	6.83%	-41.51%	-6.69%	-	-
Free Cash Flow Margin	6.18%	6.35%	11.81%	11.30%	-3.98%
Free Cash Flow Per Share	0.36	0.34	0.57	0.62	-0.24
Cash Income Tax Paid	52.95	36.96	27.75	-3.29	-18.66
Levered Free Cash Flow	51.01	-18.02	80.59	100.5	-126.33
Unlevered Free Cash Flow	51.01	-17.66	81.06	101	-126.03
Change in Working Capital	58.64	-50.68	-6.12	75.02	-25.5

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