SHE:002322 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	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	214.77	277.49	245.92	214.51	71.05
Depreciation & Amortization	63.56	61.36	80.48	80.48	71.57
Other Amortization	-	9.29	-	-	-
Loss (Gain) From Sale of Assets	0.41	0.98	0.08	0.44	-2.13
Asset Writedown & Restructuring Costs	13.48	6.73	3.21	9.85	200.48
Loss (Gain) From Sale of Investments	-0.99	-10.86	-18.5	-18.35	-16.28
Provision & Write-off of Bad Debts	-	10.08	14.44	15.21	11.94
Other Operating Activities	10.59	1.51	-0.49	-0.59	1.2
Change in Accounts Receivable	93.18	-139.75	-12.49	-46.75	32.26
Change in Inventory	-30	5.2	30.09	-32.48	-35.29
Change in Accounts Payable	38.4	-21.68	-11.16	13.11	-8.27
Change in Other Net Operating Assets	-4.91	-1.89	5.05	9.37	6.01
Operating Cash Flow	399.62	202.41	335.43	239.43	333.15
Operating Cash Flow Growth	97.43%	-39.66%	40.09%	-28.13%	-11.94%
Capital Expenditures	-2.91	-10.89	-15.37	-20.92	-40.81
Sale of Property, Plant & Equipment	6.01	1.9	6.98	0.49	5.94
Cash Acquisitions	-	-	-0.8	0.01	-
Investment in Securities	-	-0.29	0.7	-29.83	143.18
Other Investing Activities	-4.11	9.07	6.51	7.08	37.37
Investing Cash Flow	-1.02	-0.2	-1.98	-43.17	145.68
Short-Term Debt Repaid	-	-	-	-	-170
Long-Term Debt Repaid	-	-186.12	-6.49	-6.62	-6.65
Total Debt Repaid	-	-186.12	-6.49	-6.62	-176.65
Net Debt Issued (Repaid)	-	-186.12	-6.49	-6.62	-176.65
Issuance of Common Stock	-	-	10.65	-	34.62
Common Dividends Paid	-233.32	-450.29	-19.11	-75.83	-244.72
Other Financing Activities	-170.55	-	-	-	-
Financing Cash Flow	-403.88	-636.41	-14.95	-82.45	-386.76
Foreign Exchange Rate Adjustments	-0.01	0.01	0.01	-0.02	0.03
Net Cash Flow	-5.28	-434.19	318.51	113.8	92.1
Free Cash Flow	396.71	191.52	320.06	218.52	292.34
Free Cash Flow Growth	107.14%	-40.16%	46.47%	-25.25%	0.76%
Free Cash Flow Margin	36.48%	17.75%	29.14%	22.46%	26.29%
Free Cash Flow Per Share	1.13	0.53	0.85	0.58	0.78
Cash Income Tax Paid	80.29	75.08	89.17	75.17	78.04
Levered Free Cash Flow	184.2	199.46	239.32	169.61	232.43
Unlevered Free Cash Flow	184.2	199.9	239.83	170.24	234.62
Change in Working Capital	97.81	-154.17	10.29	-62.11	-4.68

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