SHE:002344 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	70.61	88.84	177.5	270.13	327.9
Depreciation & Amortization	359.17	354	344.38	352.34	346.16
Other Amortization	3.7	4.31	3.11	2.78	4.19
Loss (Gain) From Sale of Assets	-0.01	-	1.97	-0.13	0.02
Asset Writedown & Restructuring Costs	18.34	0.04	0.16	34.95	-0.27
Loss (Gain) From Sale of Investments	-46.03	-51.46	-40.62	-34.1	-106.66
Provision & Write-off of Bad Debts	23.59	-5.27	-14.37	-15.29	49.9
Other Operating Activities	62.77	107.61	81.09	90.72	28.95
Change in Accounts Receivable	-255.67	178.76	-537.33	-383.69	-142.95
Change in Inventory	-99.26	-75.33	98.99	-125.75	-54.62
Change in Accounts Payable	-100.03	-205.63	-64.74	-170.71	250.93
Operating Cash Flow	30.31	394.24	33	10.94	660.2
Operating Cash Flow Growth	-92.31%	1094.73%	201.74%	-98.34%	20.58%
Capital Expenditures	-144.01	-128.79	-116.01	-214.41	-321.64
Sale of Property, Plant & Equipment	0.05	0.01	0.09	0.03	0
Cash Acquisitions	-	-	-	-151.41	-
Investment in Securities	-559.99	-222.67	192.27	-954.12	205.02
Other Investing Activities	20.14	40.51	143.26	103.38	100.51
Investing Cash Flow	-683.81	-310.94	219.61	-1,258	-48.3
Short-Term Debt Issued	-	-	0.3	1.14	-
Long-Term Debt Issued	1,039	2,928	1,995	2,506	731.7
Total Debt Issued	1,039	2,928	1,995	2,507	731.7
Short-Term Debt Repaid	-	-0.13	-0.31	-	-
Long-Term Debt Repaid	-1,022	-2,652	-2,386	-1,416	-815.25
Total Debt Repaid	-1,022	-2,652	-2,386	-1,416	-815.25
Net Debt Issued (Repaid)	17.4	275.31	-390.67	1,091	-83.55
Common Dividends Paid	-90.03	-96.75	-112.66	-72.66	-46.37
Other Financing Activities	2.56	-11.73	-23.25	-40.29	-2.54
Financing Cash Flow	-70.07	166.83	-526.59	977.61	-132.47
Foreign Exchange Rate Adjustments	-	-	-	0	-0
Net Cash Flow	-723.56	250.13	-273.98	-269.89	479.43
Free Cash Flow	-113.69	265.46	-83.01	-203.47	338.56
Free Cash Flow Growth	-	-	-	-	33.58%
Free Cash Flow Margin	-10.76%	24.64%	-6.54%	-14.97%	23.34%
Free Cash Flow Per Share	-0.10	0.21	-0.07	-0.16	0.27
Cash Interest Paid	-	-	-	0.16	0.12
Cash Income Tax Paid	-	176.41	257.53	344.3	168.09
Levered Free Cash Flow	597.27	161.08	-245.76	-51.06	463.66
Unlevered Free Cash Flow	618.9	189.82	-207.61	-17.04	483.18
Change in Working Capital	-461.84	-103.83	-520.22	-690.46	10.01

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