SHE:002201 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	90.56	29.55	38.8	36.46	41.32
Depreciation & Amortization	170.92	135.74	179.77	159.52	160.69
Other Amortization	0.81	0.96	2.12	1.5	3.85
Loss (Gain) From Sale of Assets	0.47	-3.49	-11.6	-11.23	-0.34
Asset Writedown & Restructuring Costs	25.57	31.83	55.9	46.33	0.02
Loss (Gain) From Sale of Investments	9.17	-4.34	-0.12	-0.23	-0.92
Provision & Write-off of Bad Debts	-	-	-	-	6.92
Other Operating Activities	36.13	28.53	36.87	38.32	67.15
Change in Accounts Receivable	-566.33	-23.1	-377.08	-14.28	-59.95
Change in Inventory	-163.21	55.1	-193.12	-55.1	-90.23
Change in Accounts Payable	624.11	-66.92	381.99	-117.7	-62.44
Operating Cash Flow	220.69	168.82	95.29	79.55	63.33
Operating Cash Flow Growth	30.73%	77.16%	19.79%	25.61%	-67.65%
Capital Expenditures	-99.26	-105.54	-119.81	-73.42	-56.82
Sale of Property, Plant & Equipment	2.88	83.91	79.62	15.74	71.62
Investment in Securities	-15.5	-	15	-	-20
Other Investing Activities	0.44	2.42	3.4	3.17	3.97
Investing Cash Flow	-111.44	-19.21	-21.79	-54.51	-1.22
Long-Term Debt Issued	607.22	615.9	802.15	575.78	830.24
Total Debt Issued	607.22	615.9	802.15	575.78	830.24
Long-Term Debt Repaid	-553.9	-798.9	-795.7	-684.83	-882.48
Total Debt Repaid	-553.9	-798.9	-795.7	-684.83	-882.48
Net Debt Issued (Repaid)	53.32	-183	6.45	-109.05	-52.24
Common Dividends Paid	-33.37	-35.98	-33.76	-39.63	-32.61
Other Financing Activities	-37.13	-2.93	-	16.15	14.42
Financing Cash Flow	-17.19	-221.91	-27.31	-132.52	-70.43
Foreign Exchange Rate Adjustments	0.58	4.13	2.37	3.28	-1.6
Net Cash Flow	92.64	-68.18	48.56	-104.21	-9.92
Free Cash Flow	121.42	63.28	-24.52	6.13	6.51
Free Cash Flow Growth	91.89%	-	-	-5.90%	-95.03%
Free Cash Flow Margin	6.76%	4.45%	-1.43%	0.43%	0.43%
Free Cash Flow Per Share	0.19	0.11	-0.04	0.01	0.01
Cash Income Tax Paid	118.03	72.06	78.07	25.76	63.2
Levered Free Cash Flow	152.37	50.94	35.7	-5.45	-113.42
Unlevered Free Cash Flow	152.37	71.56	61.3	21.14	-85.68
Change in Working Capital	-112.93	-49.96	-206.45	-191.14	-215.36

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