SHE:002130 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	1,144	847.55	700.48	614.62	552.71
Depreciation & Amortization	284.05	253.23	219.88	228.7	227.04
Other Amortization	47.61	34.3	27.09	22.29	20.34
Loss (Gain) From Sale of Assets	-0.79	-0.63	0.98	-0.95	2.98
Asset Writedown & Restructuring Costs	6.28	48.8	32.31	4.94	7.16
Loss (Gain) From Sale of Investments	-8.25	-17.35	-12.17	-9.35	-7.29
Provision & Write-off of Bad Debts	21.4	25.84	16.02	24.81	16.99
Other Operating Activities	182.61	165.75	140.34	147.56	157.71
Change in Accounts Receivable	-660.31	-703.63	-388	-136.18	-569.85
Change in Inventory	-415.46	-180.41	0.57	-109.53	-131.71
Change in Accounts Payable	511.81	415.23	77.89	81.87	334.89
Change in Other Net Operating Assets	14.82	2.09	1.66	1.03	2.09
Operating Cash Flow	1,160	897.54	828.07	869.89	610.59
Operating Cash Flow Growth	29.25%	8.39%	-4.81%	42.47%	-20.46%
Capital Expenditures	-1,036	-445.39	-250.42	-369.87	-318.15
Sale of Property, Plant & Equipment	1.46	1.45	0.3	25.96	25.97
Cash Acquisitions	-2.13	-	-	-73.38	-
Investment in Securities	193.7	-111.73	-79.52	-	12.66
Other Investing Activities	14.34	10.6	3.92	5.65	4.5
Investing Cash Flow	-828.85	-545.07	-325.71	-411.63	-275.03
Long-Term Debt Issued	1,241	1,244	1,262	1,453	1,137
Long-Term Debt Repaid	-700.91	-1,325	-1,477	-1,729	-1,286
Net Debt Issued (Repaid)	539.61	-80.65	-215.18	-275.98	-149.52
Issuance of Common Stock	35.67	-	42.53	69.79	5.33
Repurchase of Common Stock	-	-	-100.05	-	-
Common Dividends Paid	-227.97	-262.58	-113.91	-132.9	-132.64
Dividends Paid	-227.97	-262.58	-113.91	-132.9	-132.64
Other Financing Activities	-344.72	13.13	22.2	10.65	8.11
Financing Cash Flow	2.59	-330.1	-364.4	-328.44	-268.72
Foreign Exchange Rate Adjustments	-3.25	-3.96	1.29	12.6	-1.49
Net Cash Flow	330.54	18.42	139.25	142.42	65.35
Free Cash Flow	123.83	452.16	577.65	500.02	292.44
Free Cash Flow Growth	-72.61%	-21.73%	15.53%	70.98%	-37.47%
Free Cash Flow Margin	1.47%	6.53%	10.09%	9.36%	5.41%
Free Cash Flow Per Share	0.10	0.36	0.46	0.40	0.23
Cash Income Tax Paid	429.25	367.02	359.69	221.39	270.37
Levered Free Cash Flow	-61.65	232.74	376.23	248.33	94.63
Unlevered Free Cash Flow	-27.69	271.32	417.59	303.99	162.1
Change in Working Capital	-515.93	-462.26	-296.87	-162.71	-367.04

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