SHE:002185 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	710.51	616.25	226.32	753.95	1,416
Depreciation & Amortization	2,951	2,603	2,433	2,300	1,837
Other Amortization	45.11	20.81	19.7	19.47	10.3
Loss (Gain) From Sale of Assets	-1.7	-12.76	-1.08	-196.64	-4.7
Asset Writedown & Restructuring Costs	69.68	46.99	7.04	40.51	23.89
Loss (Gain) From Sale of Investments	-218.35	-307.49	-310.15	-36.16	9.35
Provision & Write-off of Bad Debts	25.72	15.72	19.38	0.88	17.73
Other Operating Activities	436.22	365.42	337.09	517.82	537.32
Change in Accounts Receivable	-146.44	-283.79	-346.8	74.77	-314.55
Change in Inventory	-686.39	2.02	128.38	-103.64	-863.58
Change in Accounts Payable	227.42	64.85	-25.93	-466.92	760.45
Operating Cash Flow	3,472	3,098	2,411	2,877	3,444
Operating Cash Flow Growth	12.08%	28.48%	-16.20%	-16.47%	67.36%
Capital Expenditures	-6,146	-5,001	-3,714	-5,378	-5,535
Sale of Property, Plant & Equipment	1,517	17.58	6.76	373.93	52.23
Divestitures	-	-	-	-	0.18
Investment in Securities	-402.17	-435.01	-705.13	-325.5	-200.65
Other Investing Activities	109.73	173.33	43.59	0.73	4.47
Investing Cash Flow	-4,922	-5,245	-4,369	-5,329	-5,679
Long-Term Debt Issued	10,713	9,029	7,514	4,681	5,155
Total Debt Issued	10,713	9,029	7,514	4,681	5,155
Long-Term Debt Repaid	-8,853	-6,960	-4,966	-3,888	-3,279
Net Debt Issued (Repaid)	1,860	2,069	2,549	792.91	1,877
Issuance of Common Stock	419.89	-	-	-	5,311
Common Dividends Paid	-508.89	-389.91	-322.6	-422.35	-297.45
Other Financing Activities	-87.88	34.29	-120.82	321.3	-419.39
Financing Cash Flow	1,683	1,713	2,105	691.86	6,471
Foreign Exchange Rate Adjustments	-5.93	38.9	-11.96	90.87	-63.64
Net Cash Flow	227.67	-395.49	135.81	-1,669	4,173
Free Cash Flow	-2,674	-1,903	-1,303	-2,501	-2,091
Free Cash Flow Margin	-15.54%	-13.16%	-11.53%	-21.01%	-17.28%
Free Cash Flow Per Share	-0.81	-0.59	-0.41	-0.78	-0.74
Cash Income Tax Paid	8.98	153.28	75.42	178.13	-118.84
Levered Free Cash Flow	-3,121	-2,341	-1,922	-4,128	-1,764
Unlevered Free Cash Flow	-2,922	-2,153	-1,766	-4,000	-1,648
Change in Working Capital	-545.68	-249.96	-320.49	-522.32	-401.73

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