SHE:002140 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	520.27	410.25	343.93	288.63	248.77
Depreciation & Amortization	72.54	63.54	64.74	61.9	38.14
Other Amortization	3.72	15.88	7.53	6.04	2.29
Loss (Gain) From Sale of Assets	-	-0.01	-0.16	-0.04	-0.1
Asset Writedown & Restructuring Costs	67.67	78.41	128.66	39.74	12.77
Loss (Gain) From Sale of Investments	9.12	-44.28	-58.11	-42.85	-65.99
Provision & Write-off of Bad Debts	-	10.25	-43.47	49.95	14.46
Other Operating Activities	-107.82	31.75	74.16	52.4	56.06
Change in Accounts Receivable	859.14	124.06	51.07	154.37	-554.33
Change in Inventory	277.18	-350.62	56.02	-1.74	465.25
Change in Accounts Payable	-1,198	266.24	-95.93	-174.56	475.98
Operating Cash Flow	508.1	592.75	512.02	437.82	683
Operating Cash Flow Growth	-14.28%	15.77%	16.95%	-35.90%	80.88%
Capital Expenditures	-715.56	-739	-353.08	-256.21	-424.13
Sale of Property, Plant & Equipment	0.01	0.04	0.01	0.03	0.01
Cash Acquisitions	-	-	-221.55	-	-5.54
Divestitures	-	-	-	-	21.76
Investment in Securities	-25	-20.61	-65.03	-51.21	-55.5
Other Investing Activities	-18.23	19.48	2.25	-	-
Investing Cash Flow	-758.78	-740.1	-637.4	-307.4	-463.41
Long-Term Debt Issued	1,089	822.79	180	395.81	294.3
Long-Term Debt Repaid	-1,027	-238.45	-74.2	-267.25	-57.37
Net Debt Issued (Repaid)	61.79	584.34	105.8	128.56	236.93
Issuance of Common Stock	-	-	-	892.31	-
Repurchase of Common Stock	-	-0.54	-2.15	-	-
Common Dividends Paid	-138.26	-130.36	-131.04	-138.2	-91.62
Other Financing Activities	3.47	269.61	3.47	-0.18	106.16
Financing Cash Flow	-73	723.05	-23.92	882.48	251.47
Foreign Exchange Rate Adjustments	-10	3.94	-5.69	16.69	-20.55
Net Cash Flow	-333.69	579.63	-154.99	1,030	450.52
Free Cash Flow	-207.46	-146.26	158.94	181.6	258.87
Free Cash Flow Growth	-	-	-12.48%	-29.85%	-29.97%
Free Cash Flow Margin	-2.07%	-1.65%	2.10%	2.91%	4.31%
Free Cash Flow Per Share	-0.29	-0.21	0.23	0.32	0.48
Cash Income Tax Paid	20.54	335.16	197.99	358.38	110.02
Levered Free Cash Flow	-1,552	-10.05	955.67	-278.82	1,043
Unlevered Free Cash Flow	-1,552	14.53	981.93	-254.65	1,065
Change in Working Capital	-57.4	26.95	-5.25	-17.96	376.61

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