SHE:002033 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	Dec '21 Dec 31, 2021
Net Income	213.48	210.87	227.41	3.75	-37.8
Depreciation & Amortization	100.94	94.45	87.29	83.75	81.9
Other Amortization	6.04	5.75	6.41	5.56	5.07
Loss (Gain) From Sale of Assets	0.09	0.02	-1.42	-6.05	0.04
Asset Writedown & Restructuring Costs	8.8	4.73	5.87	1.26	0.04
Loss (Gain) From Sale of Investments	-16.96	-16.13	-15.17	-10.49	6.21
Provision & Write-off of Bad Debts	0.09	-0.38	-1.2	2.78	0.18
Other Operating Activities	25.07	25.63	24.48	-3.18	1.03
Change in Accounts Receivable	14.33	-0.14	-5.74	23.5	-2.34
Change in Inventory	-1.58	3.3	0.95	-4.62	-1.18
Change in Accounts Payable	36.77	1.65	75.99	20.79	-51.86
Change in Other Net Operating Assets	-	-0.33	-0.81	-	-
Operating Cash Flow	387.63	329.13	405.41	116.6	1.49
Operating Cash Flow Growth	17.78%	-18.82%	247.70%	7737.72%	-99.08%
Capital Expenditures	-146.69	-137.15	-152.63	-149.44	-207.68
Sale of Property, Plant & Equipment	0.11	0.18	0.51	0.04	0.09
Cash Acquisitions	-	-	-3.95	-	-
Investment in Securities	-427.3	127.92	-115	20.1	-51.2
Other Investing Activities	-14.62	16.35	3.54	4.83	81.4
Investing Cash Flow	-588.5	7.3	-267.52	-124.46	-177.39
Long-Term Debt Repaid	-1.53	-1.07	-0.27	-1.17	-
Net Debt Issued (Repaid)	-1.53	-1.07	-0.27	-1.17	-
Common Dividends Paid	-192.32	-192.32	-137.37	-	-109.9
Other Financing Activities	49.17	-22.34	1	-2.05	-8.78
Financing Cash Flow	-144.68	-215.73	-136.64	-3.22	-118.68
Net Cash Flow	-345.56	120.69	1.24	-11.08	-294.58
Free Cash Flow	240.94	191.98	252.78	-32.84	-206.19
Free Cash Flow Growth	25.50%	-24.05%	-	-	-
Free Cash Flow Margin	28.00%	23.75%	31.64%	-10.37%	-57.54%
Free Cash Flow Per Share	0.44	0.35	0.46	-0.06	-0.38
Cash Income Tax Paid	143.54	152.63	151.13	10.26	54.56
Levered Free Cash Flow	-63.79	209.76	207.29	-44.11	-131.93
Unlevered Free Cash Flow	-63.94	209.59	207.13	-43.91	-131.76
Change in Working Capital	50.08	4.19	71.73	39.21	-55.18

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