SHE:002066 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	-33.57	57.02	72.8	66.24	47.78
Depreciation & Amortization	101.33	98.2	90.76	89.22	87.29
Other Amortization	0.25	0.61	0.62	3.87	1.77
Loss (Gain) From Sale of Assets	-0.64	-3.63	-0.29	-0.15	0.15
Asset Writedown & Restructuring Costs	2.81	1.5	-0.1	2.28	0.95
Loss (Gain) From Sale of Investments	-1.56	1.56	-	-	0.16
Provision & Write-off of Bad Debts	-	2.77	0.4	0.74	-0.61
Other Operating Activities	69.96	106.02	136.96	147.31	146.14
Change in Accounts Receivable	292.05	-284.76	-465.23	-313.89	454.86
Change in Inventory	-59.28	47.9	-20.87	16.98	-209.76
Change in Accounts Payable	-278.08	315.51	357.53	243.82	-298.09
Change in Other Net Operating Assets	-	8.35	14.26	32.65	19.49
Operating Cash Flow	89.04	351.59	185.46	286.88	245.63
Operating Cash Flow Growth	-74.67%	89.58%	-35.35%	16.79%	-13.81%
Capital Expenditures	-44.88	-89.12	-85.74	-34.95	-56.71
Sale of Property, Plant & Equipment	1.44	4.02	0.78	0.4	2.35
Investment in Securities	2.18	-3.26	-	-	-
Other Investing Activities	1.33	-	-	0.23	-
Investing Cash Flow	-39.93	-88.36	-84.96	-34.32	-54.36
Long-Term Debt Issued	1,068	1,166	1,170	1,816	1,676
Total Debt Issued	1,068	1,166	1,170	1,816	1,676
Long-Term Debt Repaid	-961.64	-1,191	-1,152	-1,909	-1,760
Total Debt Repaid	-961.64	-1,191	-1,152	-1,909	-1,760
Net Debt Issued (Repaid)	106.13	-25.32	17.91	-93.43	-84.75
Issuance of Common Stock	24.34	-	-	-	-
Common Dividends Paid	-67.84	-62.53	-60.59	-62.88	-74.46
Other Financing Activities	-42.76	-37.74	-51.07	-19.61	-31.34
Financing Cash Flow	19.88	-125.59	-93.74	-175.92	-190.55
Foreign Exchange Rate Adjustments	0.13	0.23	-0.06	-0.13	-0.8
Net Cash Flow	69.12	137.87	6.7	76.52	-0.08
Free Cash Flow	44.16	262.47	99.72	251.93	188.92
Free Cash Flow Growth	-83.17%	163.21%	-60.42%	33.35%	-17.84%
Free Cash Flow Margin	1.14%	6.03%	2.15%	5.23%	4.16%
Free Cash Flow Per Share	0.19	1.14	0.43	1.09	0.82
Cash Income Tax Paid	140.21	150.16	189.38	186.26	167.45
Levered Free Cash Flow	98.24	175.07	-62.62	298.9	-28.33
Unlevered Free Cash Flow	98.24	204.18	-29.24	333.92	12.26
Change in Working Capital	-49.54	87.54	-115.7	-22.63	-38

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