SHE:002381 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	65.3	153.58	241.83	113.75	148.83
Depreciation & Amortization	118.42	113.01	98.37	81.72	73.27
Other Amortization	5.11	3.08	2.81	7.21	1.98
Loss (Gain) From Sale of Assets	-0.29	-3.43	-5.91	-1.42	-0.43
Asset Writedown & Restructuring Costs	0.25	0.02	0.04	0.35	0.35
Loss (Gain) From Sale of Investments	-1	-0.28	2.18	12.34	-32.6
Provision & Write-off of Bad Debts	15.4	14.6	14.35	9.81	3.74
Other Operating Activities	72.48	43.04	22.86	12.33	16.65
Change in Accounts Receivable	-103.89	-210.8	-224.88	-158.31	-68.17
Change in Inventory	46.03	-94.48	9.5	-76.25	-118.78
Change in Accounts Payable	49.1	66.53	-32.88	165.7	126.53
Operating Cash Flow	261.67	75.18	120.31	166.04	148.78
Operating Cash Flow Growth	248.05%	-37.51%	-27.54%	11.60%	-59.41%
Capital Expenditures	-163.29	-240.16	-274.6	-164.79	-298.84
Sale of Property, Plant & Equipment	0.64	5	22.75	2.19	1.5
Divestitures	-	-	-	-	-0.61
Investment in Securities	81.82	-55.13	1.42	-26.39	68.16
Other Investing Activities	-64.6	0.36	-4.67	-7.44	34.69
Investing Cash Flow	-145.43	-289.93	-255.1	-196.42	-195.1
Short-Term Debt Issued	-	-	-	-	115
Long-Term Debt Issued	107.63	101	60.1	563	-
Total Debt Issued	107.63	101	60.1	563	115
Short-Term Debt Repaid	-	-	-	-	-59
Long-Term Debt Repaid	-39.52	-60.27	-77.32	-71.98	-4.52
Total Debt Repaid	-39.52	-60.27	-77.32	-71.98	-63.52
Net Debt Issued (Repaid)	68.11	40.73	-17.22	491.03	51.48
Common Dividends Paid	-91.27	-108.36	-84.58	-84.44	-207.32
Other Financing Activities	2.12	-	-	-2.23	0.28
Financing Cash Flow	-21.03	-67.63	-101.81	404.35	-155.56
Foreign Exchange Rate Adjustments	1.43	1.61	4.39	12.76	-8.55
Net Cash Flow	96.63	-280.77	-232.2	386.72	-210.43
Free Cash Flow	98.38	-164.97	-154.29	1.25	-150.06
Free Cash Flow Margin	3.68%	-6.08%	-5.95%	0.05%	-7.83%
Free Cash Flow Per Share	0.24	-0.39	-0.36	0.00	-0.36
Cash Income Tax Paid	3.73	61.23	15.45	33.81	44.03
Levered Free Cash Flow	107.72	-282.31	-151.35	-0.09	-130.35
Unlevered Free Cash Flow	124.68	-267.33	-137.2	13.03	-128.3
Change in Working Capital	-14	-248.44	-256.21	-70.07	-63.01

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