SHE:002349 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	261.84	212.65	247.7	212.23	160.7
Depreciation & Amortization	80.58	76.31	85.34	109.93	102.5
Other Amortization	-	0.2	-	2.84	3.18
Loss (Gain) From Sale of Assets	0.01	0.2	0.09	0.06	0.58
Asset Writedown & Restructuring Costs	12.35	2.13	4.52	16.96	16.7
Loss (Gain) From Sale of Investments	-7.75	-8.19	-7.07	-29.46	-31.44
Provision & Write-off of Bad Debts	-	3.37	2.72	4.26	14.59
Other Operating Activities	-7.44	42.54	36.19	16.98	3.98
Change in Accounts Receivable	-13.2	-11.17	-40.56	125.18	9.28
Change in Inventory	-17.73	6.43	11.18	-27.82	-31.09
Change in Accounts Payable	13.19	-17.32	-46.61	-103.34	56.47
Change in Other Net Operating Assets	17.69	4.44	-5.05	29.53	-4.15
Operating Cash Flow	340.87	311.02	291.31	358.39	305.57
Operating Cash Flow Growth	9.60%	6.77%	-18.72%	17.29%	-6.90%
Capital Expenditures	-20.32	-30.92	-28.38	-61.59	-80.55
Sale of Property, Plant & Equipment	0.05	0.12	0.26	0.09	2.61
Divestitures	-	-	-	71.41	0.41
Investment in Securities	-324.75	-130.69	-191.24	91.1	4.32
Other Investing Activities	-124.56	11.69	6.99	7.58	4.23
Investing Cash Flow	-469.59	-105.81	-212.37	108.59	-68.97
Short-Term Debt Issued	-	10	20.9	85.52	70.07
Long-Term Debt Issued	-	-	-	3.3	-
Total Debt Issued	-	10	20.9	88.82	70.07
Short-Term Debt Repaid	-	-20.9	-21	-163.9	-157.27
Long-Term Debt Repaid	-10	-1.34	-1.24	-29.7	-22.8
Total Debt Repaid	-10	-22.24	-22.24	-193.6	-180.07
Net Debt Issued (Repaid)	-10	-12.24	-1.34	-104.77	-110
Issuance of Common Stock	56.71	-	-	-	-
Common Dividends Paid	-84.99	-75.55	-65.98	-54	-44.5
Other Financing Activities	4.57	-20.23	-26.84	-23.27	-21.71
Financing Cash Flow	-33.71	-108.02	-94.16	-182.05	-176.21
Foreign Exchange Rate Adjustments	-2.27	2.13	2	4.1	-1.12
Net Cash Flow	-164.71	99.32	-13.22	289.03	59.27
Free Cash Flow	320.54	280.1	262.93	296.8	225.02
Free Cash Flow Growth	14.44%	6.53%	-11.41%	31.90%	7.28%
Free Cash Flow Margin	21.96%	19.98%	17.39%	18.87%	16.57%
Free Cash Flow Per Share	0.39	0.34	0.32	0.36	0.28
Cash Income Tax Paid	-	156.55	171.77	131.1	120.84
Levered Free Cash Flow	304.17	186.18	132.98	198.73	69.94
Unlevered Free Cash Flow	304.53	187.01	134.59	202.98	78.03
Change in Working Capital	1.28	-18.19	-78.17	24.6	34.78

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