SHE:002406 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	163	118.34	94.1	72.82	234.93
Depreciation & Amortization	129.99	134.47	119.13	116.26	109.38
Other Amortization	-	0.9	15.67	21.29	22.43
Loss (Gain) From Sale of Assets	2.51	-1.26	-4.88	-0.03	0.27
Asset Writedown & Restructuring Costs	3.26	1.06	0.02	0.38	0
Loss (Gain) From Sale of Investments	-10.7	-24.94	-29.55	-22.45	-23.03
Provision & Write-off of Bad Debts	-	3.84	7.7	-6.71	-3.59
Other Operating Activities	10.91	16.3	10.95	10.25	1.79
Change in Accounts Receivable	-415.35	16.64	-232.14	174.78	168.47
Change in Inventory	11.64	-44.24	-19.08	-67.24	-57.72
Change in Accounts Payable	184.96	-111.85	59.67	60.45	-126.77
Change in Other Net Operating Assets	-	-	-	-2.02	-
Operating Cash Flow	82.86	108.32	31.21	353.71	333.43
Operating Cash Flow Growth	-23.50%	247.00%	-91.17%	6.08%	76.33%
Capital Expenditures	-38.09	-42.14	-137.3	-113.49	-181.3
Sale of Property, Plant & Equipment	11.26	2.85	100	0	0.51
Cash Acquisitions	-	-	-	0.77	-
Investment in Securities	-30	66.33	-116	-40	-547.8
Other Investing Activities	19.27	23.05	36.41	19.41	16.79
Investing Cash Flow	-37.56	50.1	-116.89	-133.31	-711.81
Short-Term Debt Issued	-	41.49	88.32	-	-
Long-Term Debt Issued	2.41	-	-	100	-
Total Debt Issued	2.41	41.49	88.32	100	-
Short-Term Debt Repaid	-	-	-31.97	-	-
Long-Term Debt Repaid	-41.49	-	-	-100	-
Total Debt Repaid	-41.49	-	-31.97	-100	-
Net Debt Issued (Repaid)	-39.09	41.49	56.35	-	-
Common Dividends Paid	-109.53	-73.01	-67.96	-55.37	-159.3
Other Financing Activities	-	-	1.71	-1.71	-
Financing Cash Flow	-148.62	-31.52	-9.9	-57.08	-159.3
Foreign Exchange Rate Adjustments	0.14	-0.08	0.04	-0.08	0
Net Cash Flow	-103.18	126.82	-95.53	163.24	-537.68
Free Cash Flow	44.77	66.18	-106.08	240.22	152.13
Free Cash Flow Growth	-32.35%	-	-	57.90%	11.42%
Free Cash Flow Margin	2.85%	5.18%	-8.12%	22.36%	7.58%
Free Cash Flow Per Share	0.06	0.09	-0.16	0.36	0.21
Cash Income Tax Paid	108.61	61.88	54.45	34.59	107.6
Levered Free Cash Flow	-507.18	146.07	-22.76	218.59	172.83
Unlevered Free Cash Flow	-507.18	146.13	-24.71	214.5	166.97
Change in Working Capital	-216.11	-140.39	-181.92	161.88	-8.75

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