SHE:001914 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	Dec '21 Dec 31, 2021
Net Income	654.58	840.5	735.73	593.51	512.87
Depreciation & Amortization	66.68	78.96	85.6	70.15	59.93
Other Amortization	41.7	47.6	40.34	43.78	42.57
Loss (Gain) From Sale of Assets	-3.33	-2.5	-0.59	0.99	-1.07
Asset Writedown & Restructuring Costs	14.94	0.24	-4.49	8.46	-105.77
Loss (Gain) From Sale of Investments	-3.42	-4.82	-13.68	-44.91	-4.48
Provision & Write-off of Bad Debts	46.3	38.17	36.85	32.95	26.48
Other Operating Activities	286.78	78.73	104.8	156.09	218.32
Change in Accounts Receivable	-449.4	-59.35	310.31	-514.28	-581.56
Change in Inventory	30.37	-29.06	47.75	167.21	175.17
Change in Accounts Payable	960.6	858.29	492.68	464.54	313.15
Operating Cash Flow	1,641	1,834	1,816	995.1	702.74
Operating Cash Flow Growth	-10.55%	0.99%	82.53%	41.60%	-29.18%
Capital Expenditures	-19.12	-23.82	-30.57	-28.2	-18.58
Sale of Property, Plant & Equipment	7.97	1.27	0.82	1.71	0.86
Cash Acquisitions	-	-	-	-60.7	11
Divestitures	-	-	-	726.3	-
Investment in Securities	-36.25	-6.98	-11.07	-17.69	-288.18
Other Investing Activities	98.35	-91.22	1.51	2.61	0.48
Investing Cash Flow	50.95	-120.76	-39.31	624.02	-294.42
Long-Term Debt Issued	844.6	1,329	1,470	2,260	2,098
Total Debt Issued	844.6	1,329	1,470	2,260	2,098
Short-Term Debt Repaid	-	-	-60.27	-	-36.92
Long-Term Debt Repaid	-1,194	-2,521	-1,872	-2,474	-2,423
Total Debt Repaid	-1,194	-2,521	-1,932	-2,474	-2,460
Net Debt Issued (Repaid)	-349.34	-1,192	-462.1	-214	-361.33
Issuance of Common Stock	-	30	-	-	-
Repurchase of Common Stock	-68.12	-9.89	-	-	-
Common Dividends Paid	-298.08	-273.17	-215.26	-222.63	-259.22
Other Financing Activities	-21.41	-20.07	82.5	-82.11	-22.17
Financing Cash Flow	-736.95	-1,465	-594.86	-518.74	-642.72
Foreign Exchange Rate Adjustments	-0.79	0.59	0.18	-	-
Net Cash Flow	954.16	248.94	1,182	1,100	-234.4
Free Cash Flow	1,622	1,811	1,786	966.9	684.16
Free Cash Flow Growth	-10.42%	1.39%	84.70%	41.33%	-28.51%
Free Cash Flow Margin	8.42%	10.54%	11.43%	7.42%	6.46%
Free Cash Flow Per Share	1.53	1.71	1.68	0.91	0.65
Cash Income Tax Paid	923.92	802.99	699.69	683.65	571.14
Levered Free Cash Flow	1,383	1,581	1,452	950.05	45.47
Unlevered Free Cash Flow	1,399	1,611	1,512	1,023	135.71
Change in Working Capital	536.73	757.54	831.85	134.06	-46.1

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