SHE:002255 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	Dec '21 Dec 31, 2021
Net Income	416.86	377.25	340.3	336.68	329.6
Depreciation & Amortization	109.13	106.89	103.93	112.13	113.71
Other Amortization	2.58	1.53	1.34	0.83	0.78
Loss (Gain) From Sale of Assets	-0.23	-0	-0.06	-1.54	-0.04
Asset Writedown & Restructuring Costs	-	-	0.48	1.34	-0.23
Loss (Gain) From Sale of Investments	-22.95	0.1	0.34	-2.47	-3.7
Provision & Write-off of Bad Debts	27.46	-2.09	43.95	10.35	43.57
Other Operating Activities	3.79	24.85	19.96	23.78	45.05
Change in Accounts Receivable	266.9	164.3	-112.11	-23.02	-410.08
Change in Inventory	304.39	-200.27	-189.42	-262.98	-178.35
Change in Accounts Payable	-667.94	178.21	79.98	304.84	226.27
Operating Cash Flow	429.45	683.71	322.77	498.01	155.82
Operating Cash Flow Growth	-37.19%	111.82%	-35.19%	219.60%	-58.99%
Capital Expenditures	-24.99	-48.3	-34.11	-48.21	-33.5
Sale of Property, Plant & Equipment	0.64	0.42	3.02	2.12	0.73
Investment in Securities	-43.92	339.52	-369.8	-116.3	-7.7
Other Investing Activities	3.55	9.58	11.36	15.68	10.59
Investing Cash Flow	-64.73	301.23	-389.53	-146.71	-29.89
Short-Term Debt Issued	-	16.9	5	-	-
Long-Term Debt Issued	-	-	-	-	2.4
Total Debt Issued	-	16.9	5	-	2.4
Short-Term Debt Repaid	-10	-9.9	-	-	-
Long-Term Debt Repaid	-5.71	-11.48	-6.98	-7.48	-45.21
Total Debt Repaid	-15.71	-21.38	-6.98	-7.48	-45.21
Net Debt Issued (Repaid)	-15.71	-4.48	-1.98	-7.48	-42.81
Repurchase of Common Stock	-	-50.02	-0.22	-0.97	-0.41
Common Dividends Paid	-40.42	-0.1	-0.19	-0.02	-1.69
Other Financing Activities	-	-0.6	4.41	-	40.6
Financing Cash Flow	-56.13	-55.2	2.02	-8.47	-4.3
Foreign Exchange Rate Adjustments	5.24	-2.05	5.37	4.44	-2.33
Net Cash Flow	313.83	927.69	-59.37	347.26	119.31
Free Cash Flow	404.45	635.41	288.66	449.8	122.32
Free Cash Flow Growth	-36.35%	120.13%	-35.83%	267.72%	-64.68%
Free Cash Flow Margin	17.42%	22.79%	10.33%	19.02%	4.83%
Free Cash Flow Per Share	0.49	0.76	0.34	0.53	0.14
Cash Interest Paid	0.9	1.54	2.01	1.35	-
Cash Income Tax Paid	221.58	117.8	146.81	57.01	100.54
Levered Free Cash Flow	159.59	535.58	138.78	288.68	65.86
Unlevered Free Cash Flow	161.25	537.38	140.64	290.85	69.03
Change in Working Capital	-107.2	175.18	-187.47	16.91	-372.92

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