SHE:002232 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	32.54	4.08	29.32	73.16	40.4
Depreciation & Amortization	29.32	70.18	37.68	42.65	50.24
Other Amortization	40	-	-	-	-
Loss (Gain) From Sale of Assets	-0.09	-0.17	-0.02	-0.02	-0.09
Asset Writedown & Restructuring Costs	-0.07	0.61	1.55	0.43	-0.23
Loss (Gain) From Sale of Investments	-	-0.63	-	-	-
Provision & Write-off of Bad Debts	25.72	-6.21	-3.42	24.76	4.82
Other Operating Activities	1.99	-1.09	-6.32	-22.75	-9.68
Change in Accounts Receivable	55.4	48.36	135.75	-590.96	32.86
Change in Inventory	-30.61	96.43	71.22	281.09	-175.3
Change in Accounts Payable	-33.45	-167.89	13.17	110.65	-113.65
Operating Cash Flow	114.69	41.57	286.68	-76.49	-167.99
Operating Cash Flow Growth	175.93%	-85.50%	-	-	-
Capital Expenditures	-73.03	-49.8	-80.71	-61.26	-5.5
Sale of Property, Plant & Equipment	0	0.23	0.16	0.13	0.48
Investment in Securities	20	55	-50	-30	-125
Other Investing Activities	-	-	-	18.98	12.49
Investing Cash Flow	-53.02	5.43	-130.55	-72.15	-117.53
Long-Term Debt Repaid	-0.72	-1.56	-1.28	-0.61	-0.68
Total Debt Repaid	-0.72	-1.56	-1.28	-0.61	-0.68
Net Debt Issued (Repaid)	-0.72	-1.56	-1.28	-0.61	-0.68
Common Dividends Paid	-4.09	-4.09	-20.43	-20.43	-17.16
Other Financing Activities	-	-	-	-	-36.85
Financing Cash Flow	-4.81	-5.65	-21.71	-21.04	-54.69
Foreign Exchange Rate Adjustments	-	-	-0	0.01	-0.03
Net Cash Flow	56.87	41.35	134.42	-169.67	-340.25
Free Cash Flow	41.67	-8.24	205.97	-137.75	-173.49
Free Cash Flow Margin	5.38%	-0.94%	16.57%	-8.94%	-16.50%
Free Cash Flow Per Share	0.10	-0.02	0.50	-0.34	-0.42
Cash Income Tax Paid	45.99	27.29	21.26	50.05	61.61
Levered Free Cash Flow	-22.99	-28.98	189.06	-110.4	-196.57
Unlevered Free Cash Flow	-22.97	-28.93	189.28	-110.32	-196.51
Change in Working Capital	-14.72	-25.2	227.88	-194.72	-253.45

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