SHE:002372 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	740.78	952.67	1,432	1,297	1,223
Depreciation & Amortization	171.14	172.27	159.9	143.12	138.12
Other Amortization	20.82	12.28	10.74	8.81	8.6
Loss (Gain) From Sale of Assets	-0.24	-0.44	0.24	-0.05	0.18
Asset Writedown & Restructuring Costs	13.65	73.68	6.8	6.17	0.69
Loss (Gain) From Sale of Investments	-59.84	-27.23	-187.26	17.21	23.8
Provision & Write-off of Bad Debts	8.11	20.99	6.42	8.58	5.58
Other Operating Activities	53.89	7.19	22.77	21.42	6.5
Change in Accounts Receivable	95.15	2.16	24.44	-147.35	127.22
Change in Inventory	14.25	51.98	-130.68	158.98	-304.21
Change in Accounts Payable	122.23	-120.93	5.91	-29.99	285.38
Change in Other Net Operating Assets	-	-	2.81	33.87	83.32
Operating Cash Flow	1,178	1,147	1,374	1,531	1,594
Operating Cash Flow Growth	2.70%	-16.48%	-10.26%	-3.94%	18.37%
Capital Expenditures	-248.51	-353.64	-382.38	-217.34	-233.05
Sale of Property, Plant & Equipment	16.67	2.2	2.83	11.96	3.05
Cash Acquisitions	-9.77	-23.58	-57.74	-21.43	-
Investment in Securities	-180	-38.5	-879.05	31.25	-162
Other Investing Activities	17.46	47.46	180.87	91.77	127.2
Investing Cash Flow	-404.14	-366.06	-1,135	-103.78	-264.8
Short-Term Debt Issued	-	10	-	-	-
Total Debt Issued	-	10	-	-	-
Short-Term Debt Repaid	-10	-1.5	-2.78	-	-
Long-Term Debt Repaid	-5.46	-5.19	-4.78	-4.16	-0.74
Total Debt Repaid	-15.46	-6.69	-7.56	-4.16	-0.74
Net Debt Issued (Repaid)	-15.46	3.31	-7.56	-4.16	-0.74
Repurchase of Common Stock	-	-41.27	-259.2	-	-
Common Dividends Paid	-946.48	-1,415	-955.21	-955.27	-796.06
Other Financing Activities	-102.27	-16.64	-3.67	85.7	-
Financing Cash Flow	-1,064	-1,469	-1,226	-873.73	-796.8
Foreign Exchange Rate Adjustments	5.72	-0.31	1.83	5.77	-4.96
Net Cash Flow	-284.25	-688.24	-985.45	559.08	527.03
Free Cash Flow	929.88	793.78	991.45	1,313	1,361
Free Cash Flow Growth	17.15%	-19.94%	-24.52%	-3.46%	20.33%
Free Cash Flow Margin	17.28%	12.67%	15.54%	18.89%	21.30%
Free Cash Flow Per Share	0.59	0.51	0.62	0.83	0.86
Cash Income Tax Paid	487.27	519.21	631.54	605.7	423.85
Levered Free Cash Flow	700.58	525.49	660.2	750.66	748.25
Unlevered Free Cash Flow	701.33	526.15	660.36	751.14	748.25
Change in Working Capital	230.08	-64.01	-78.18	28.08	186.77

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