SHE:002284 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	491.07	212.93	96.95	67.92	43.9
Depreciation & Amortization	235.44	234.95	238.1	227.02	220.4
Other Amortization	-	2.36	-	2.84	0.65
Loss (Gain) From Sale of Assets	-0.06	0.1	-0.08	-1.74	-0.79
Asset Writedown & Restructuring Costs	33.77	9.53	-0	-1.68	-0.27
Loss (Gain) From Sale of Investments	-36.22	-7.83	-18.44	-2.98	-14.21
Provision & Write-off of Bad Debts	-	16.1	7.92	13.07	26.79
Other Operating Activities	25.47	40.58	130.89	70.59	65.77
Change in Accounts Receivable	-193.89	-108.33	-88.11	-8.13	122.14
Change in Inventory	-263.84	-11	-21.99	-146.7	-
Change in Accounts Payable	1,059	396.98	359.64	192.53	72.26
Change in Other Net Operating Assets	12.69	2.87	9.97	-5.36	-10.14
Operating Cash Flow	1,349	787.96	708.95	403.18	469.72
Operating Cash Flow Growth	71.16%	11.15%	75.84%	-14.17%	-9.57%
Capital Expenditures	-339.28	-198.65	-182.78	-197.25	-134.91
Sale of Property, Plant & Equipment	2.75	3.57	11.92	2.99	1.32
Investment in Securities	-	-3,125	-870.73	-1,334	-50
Other Investing Activities	-690.34	1,826	1,714	819.28	13.45
Investing Cash Flow	-1,027	-1,494	672.14	-709.31	-170.14
Long-Term Debt Issued	3,138	3,115	2,127	1,559	973
Total Debt Issued	3,138	3,115	2,127	1,559	973
Long-Term Debt Repaid	-2,902	-2,963	-2,667	-1,008	-822.11
Total Debt Repaid	-2,902	-2,963	-2,667	-1,008	-822.11
Net Debt Issued (Repaid)	235.73	151.97	-540.73	550.51	150.89
Common Dividends Paid	-36.96	-78.47	-83.2	-109.5	-30.66
Other Financing Activities	-260.53	137.28	-126.44	-486.04	-269.05
Financing Cash Flow	-61.77	210.77	-750.38	-45.03	-148.82
Foreign Exchange Rate Adjustments	0.24	-0.01	-0.26	0.48	-0.58
Net Cash Flow	260.31	-495.44	630.45	-350.68	150.18
Free Cash Flow	1,009	589.31	526.17	205.93	334.81
Free Cash Flow Growth	71.29%	12.00%	155.51%	-38.49%	-20.10%
Free Cash Flow Margin	18.00%	13.83%	13.58%	5.49%	9.22%
Free Cash Flow Per Share	1.36	0.80	0.71	0.27	0.46
Cash Income Tax Paid	163.88	106.06	92.85	78.04	55.18
Levered Free Cash Flow	717.83	531.46	77.63	-59.79	308.22
Unlevered Free Cash Flow	717.83	543.66	155.08	-18.23	347.73
Change in Working Capital	599.22	279.26	253.6	28.15	127.47

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