SHE:002287 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	582.28	581.2	472.54	715.88
Depreciation & Amortization	119.1	93.24	83.19	65.83
Other Amortization	21.26	2.53	2.72	2.08
Loss (Gain) From Sale of Assets	-	-0.32	-0	0.07
Asset Writedown & Restructuring Costs	0.58	0.3	1.22	16.13
Loss (Gain) From Sale of Investments	-100.32	-69.31	32.86	-328.81
Provision & Write-off of Bad Debts	0.16	0.38	0.74	-1.36
Other Operating Activities	57.82	61.84	54.9	48.66
Change in Accounts Receivable	-278.79	41.95	-209.3	369.7
Change in Inventory	-29.72	-28.46	-10.65	-24.04
Change in Accounts Payable	75.67	9.79	-146.43	136.6
Change in Other Net Operating Assets	-	24.51	12.38	-4.61
Operating Cash Flow	456.75	693.41	285.69	1,035
Operating Cash Flow Growth	-34.13%	142.72%	-72.39%	335.44%
Capital Expenditures	-255.44	-234.81	-272.4	-125.57
Sale of Property, Plant & Equipment	-	0.04	-	0
Cash Acquisitions	-	-	-	-61.11
Investment in Securities	-333.78	-354.28	-92.56	-1,984
Other Investing Activities	71.21	278.47	30.46	14.98
Investing Cash Flow	-518.02	-310.59	-334.5	-2,155
Long-Term Debt Issued	811.87	750	806.39	500
Total Debt Issued	811.87	750	806.39	500
Long-Term Debt Repaid	-667.63	-961.85	-645.26	-347.38
Total Debt Repaid	-667.63	-961.85	-645.26	-347.38
Net Debt Issued (Repaid)	144.24	-211.85	161.13	152.62
Issuance of Common Stock	-	-	-	0.16
Common Dividends Paid	-282.45	-220.05	-340.51	-195.54
Other Financing Activities	-	-0.6	-3.84	-
Financing Cash Flow	-138.21	-432.5	-183.22	-42.76
Foreign Exchange Rate Adjustments	0.56	0.61	2.97	-0.75
Net Cash Flow	-198.91	-49.07	-229.06	-1,164
Free Cash Flow	201.31	458.59	13.29	909.35
Free Cash Flow Growth	-56.10%	3350.89%	-98.54%	-
Free Cash Flow Margin	8.61%	22.42%	0.65%	51.36%
Free Cash Flow Per Share	0.38	0.86	0.03	1.72
Cash Income Tax Paid	333.34	284.33	243.7	270.37
Levered Free Cash Flow	-157.18	457.62	-2.83	576.99
Unlevered Free Cash Flow	-121.06	497.04	32.43	610.38
Change in Working Capital	-224.14	23.54	-362.48	516.45

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