SHE:002395 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	202.07	472.02	55.22	-45.45	50.48
Depreciation & Amortization	105.14	84.22	72.49	51.92	53.06
Other Amortization	1.57	1.46	0.98	1.03	0.85
Loss (Gain) From Sale of Assets	0.05	-362.17	-	-0.11	-0.08
Asset Writedown & Restructuring Costs	5.23	-	0	2.75	-
Loss (Gain) From Sale of Investments	0.32	-0	0.61	0.44	0.86
Provision & Write-off of Bad Debts	-	2.98	-2.38	2.47	2.96
Other Operating Activities	7.21	8.17	5.59	-3.01	2.88
Change in Accounts Receivable	50.06	-87.37	41.94	84.74	89.12
Change in Inventory	-61.1	-6.67	-48.97	119	-10.11
Change in Accounts Payable	-97.8	-116.97	-15.97	-246.25	-189.04
Operating Cash Flow	211.15	10.44	110.56	-39.98	0.58
Operating Cash Flow Growth	1921.60%	-90.55%	-	-	-99.39%
Capital Expenditures	-10.97	-20.17	-143.44	-210.63	-212.88
Sale of Property, Plant & Equipment	55.18	-	-	265.33	0.13
Divestitures	-	5.98	-	-	-
Investment in Securities	0.98	-	-	60	38.17
Other Investing Activities	-	-0.04	0.32	-28.78	0.14
Investing Cash Flow	45.19	-14.22	-143.11	85.91	-174.45
Short-Term Debt Issued	-	85	89.9	89	101.95
Long-Term Debt Issued	85.5	-	-	-	-
Total Debt Issued	85.5	85	89.9	89	101.95
Short-Term Debt Repaid	-	-89.9	-80	-120	-60
Long-Term Debt Repaid	-107	-	-	-	-
Total Debt Repaid	-107	-89.9	-80	-120	-60
Net Debt Issued (Repaid)	-21.5	-4.9	9.9	-31	41.95
Common Dividends Paid	-42.06	-29.56	-3.08	-3.34	-42.74
Other Financing Activities	2.15	8.67	37.63	35.73	-21.93
Financing Cash Flow	-61.41	-25.79	44.45	1.38	-22.72
Foreign Exchange Rate Adjustments	-6.41	4.59	3.48	9.85	-2.93
Net Cash Flow	188.53	-24.98	15.37	57.16	-199.52
Free Cash Flow	200.18	-9.73	-32.88	-250.62	-212.3
Free Cash Flow Margin	7.77%	-0.43%	-2.18%	-17.99%	-14.44%
Free Cash Flow Per Share	0.75	-0.04	-0.12	-0.94	-0.79
Cash Income Tax Paid	47.84	18.26	-37.22	14.9	24.69
Levered Free Cash Flow	285.96	-11.12	76.78	-298.27	-15.44
Unlevered Free Cash Flow	285.96	-9.42	79.09	-296.07	-13.67
Change in Working Capital	-110.43	-196.23	-21.94	-50.01	-110.44

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