SHE:002290 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	163.37	97.91	82.77	65.93	81.98
Depreciation & Amortization	32.41	33.06	30.15	24.32	26.36
Other Amortization	0.8	0.33	-	-	-
Loss (Gain) From Sale of Assets	-0.08	-0.04	-	0	-
Asset Writedown & Restructuring Costs	-0	0.12	0.22	-	0.03
Loss (Gain) From Sale of Investments	-	-0.04	-	17.7	-6.76
Provision & Write-off of Bad Debts	4.46	3.27	-	-	-
Other Operating Activities	19.26	9.92	25.53	16.16	38.17
Change in Accounts Receivable	-87.99	-91.7	-93.39	9.21	-72.9
Change in Inventory	-12.95	44.75	-84.16	80.66	-58.41
Change in Accounts Payable	45.17	101.44	282.15	-35.74	97.21
Change in Other Net Operating Assets	-	0.12	-4.61	10.57	5.73
Operating Cash Flow	162.2	197.78	238.48	188.99	110.87
Operating Cash Flow Growth	-17.99%	-17.07%	26.18%	70.47%	30.43%
Capital Expenditures	-5.2	-10.35	-15.56	-40.33	-21.76
Sale of Property, Plant & Equipment	0.03	0.02	0.35	0.01	0.05
Cash Acquisitions	-	-	-12.9	-	-
Investment in Securities	-25	0.04	-	12	-
Other Investing Activities	-	-	-	0.19	-12
Investing Cash Flow	-30.18	-10.29	-28.11	-28.13	-33.71
Long-Term Debt Issued	228	35	354.24	57	549
Total Debt Issued	228	35	354.24	57	549
Long-Term Debt Repaid	-197.86	-216.82	-464.95	-206.14	-607.16
Total Debt Repaid	-197.86	-216.82	-464.95	-206.14	-607.16
Net Debt Issued (Repaid)	30.14	-181.82	-110.72	-149.14	-58.16
Issuance of Common Stock	-	-	-	1.17	19.94
Common Dividends Paid	-	-6.26	-16.57	-26.62	-32.45
Other Financing Activities	-3.77	8	-	-	-
Financing Cash Flow	26.37	-180.07	-127.28	-174.59	-70.66
Foreign Exchange Rate Adjustments	0.79	6.46	3.56	-10.78	3.99
Net Cash Flow	159.18	13.88	86.64	-24.5	10.48
Free Cash Flow	157	187.43	222.91	148.66	89.11
Free Cash Flow Growth	-16.24%	-15.92%	49.95%	66.84%	19.04%
Free Cash Flow Margin	6.14%	7.42%	9.53%	6.97%	3.93%
Free Cash Flow Per Share	0.63	0.75	0.89	0.61	0.36
Cash Interest Paid	3.77	-	-	-	-
Cash Income Tax Paid	80.03	43.67	48.24	63.95	12.99
Levered Free Cash Flow	122.5	141.74	236.22	89.82	84.68
Unlevered Free Cash Flow	125.12	145.99	246.51	106.7	107.95
Change in Working Capital	-58.02	53.25	99.8	64.87	-28.91

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