SHE:002399 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	349.49	646.74	-783.26	727.43	240.79
Depreciation & Amortization	354.57	331.05	361.23	307.66	302.74
Other Amortization	28.87	10.22	16.61	10.54	4.64
Loss (Gain) From Sale of Assets	-1.84	-0.72	1.68	2.76	5.1
Asset Writedown & Restructuring Costs	105.07	-75.62	112.67	0.42	1.1
Loss (Gain) From Sale of Investments	116.13	-110.42	6.35	175.2	226.82
Loss (Gain) on Equity Investments	-	-	447.95	-	-
Provision & Write-off of Bad Debts	17.98	28.55	-	48.86	71.85
Other Operating Activities	160.63	160.98	-126.46	283.59	267.7
Change in Accounts Receivable	-132.51	-25.38	316.89	-176.1	141.77
Change in Inventory	914.21	1,245	189.8	-2,152	-1,520
Change in Accounts Payable	-143.67	-63.43	-125.21	59.71	423.9
Change in Unearned Revenue	-	-	-68.29	-	-
Change in Other Net Operating Assets	-	-	48.25	-1.46	-2.24
Operating Cash Flow	1,713	2,194	398.22	-756.61	-6.63
Operating Cash Flow Growth	-21.93%	450.99%	-	-	-
Capital Expenditures	-121.1	-202.77	-437.43	-222.42	-193.86
Sale of Property, Plant & Equipment	2.17	3.01	2.34	2.53	1.72
Divestitures	9.9	-	-	-	-
Sale (Purchase) of Intangibles	-	-	-7.45	-	-
Investment in Securities	-824.92	-545.21	1,565	336.53	323.36
Other Investing Activities	61.2	329.91	99.36	133.2	588.71
Investing Cash Flow	-872.75	-415.05	1,222	249.84	719.93
Long-Term Debt Issued	2,428	2,687	5,109	6,756	3,694
Long-Term Debt Repaid	-3,092	-4,691	-6,033	-6,162	-3,767
Net Debt Issued (Repaid)	-663.76	-2,005	-923.29	594.15	-72.79
Common Dividends Paid	-430.81	-159.9	-176.21	-251.01	-412.48
Other Financing Activities	-	24.81	-110.68	-13.58	-15.81
Financing Cash Flow	-1,095	-2,140	-1,210	329.56	-501.08
Foreign Exchange Rate Adjustments	21.04	16.83	36.33	17.28	-62.83
Net Cash Flow	-233.32	-343.82	445.94	-159.93	149.39
Free Cash Flow	1,592	1,991	-39.22	-979.03	-200.49
Free Cash Flow Growth	-20.06%	-	-	-	-
Free Cash Flow Margin	29.05%	37.71%	-0.72%	-13.68%	-3.15%
Free Cash Flow Per Share	1.08	1.36	-0.03	-0.67	-0.14
Cash Interest Paid	-	-	249.83	-	-
Cash Income Tax Paid	145.99	247.73	62.14	-270.8	-129.34
Levered Free Cash Flow	1,340	1,632	183.13	-1,494	-435.43
Unlevered Free Cash Flow	1,385	1,720	322.64	-1,347	-309.41
Change in Working Capital	582.06	1,203	361.44	-2,313	-1,127

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