SHE:002443 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	158.05	201.39	283.78	235.42	385.55
Depreciation & Amortization	90.73	89.81	87.57	93.52	90.18
Other Amortization	-	0.15	-	-	-
Loss (Gain) From Sale of Assets	1.7	0.18	0.21	0.1	0.74
Asset Writedown & Restructuring Costs	-3.72	0.27	1.78	0.78	-
Loss (Gain) From Sale of Investments	-24.29	-7.07	-2.88	-1.44	-2.64
Provision & Write-off of Bad Debts	-	-2.71	20.28	12.98	-6.94
Other Operating Activities	23.69	26.1	55.75	46.38	51.54
Change in Accounts Receivable	-44.46	226.24	120.64	-86.99	-36.69
Change in Inventory	25.41	182.8	122.86	-55.89	-304.77
Change in Accounts Payable	-216.12	-133.08	-24.04	-0.34	-5.25
Operating Cash Flow	8.31	583.54	661.65	244.59	166.17
Operating Cash Flow Growth	-98.58%	-11.80%	170.51%	47.19%	-47.10%
Capital Expenditures	-20.48	-21.86	-39.33	-50.45	-72.96
Sale of Property, Plant & Equipment	0.66	0.39	2.74	0.53	0.9
Investment in Securities	-277.61	-783.73	-80	-30	60
Other Investing Activities	24.47	8.5	2.88	1.44	2.64
Investing Cash Flow	-272.96	-796.7	-113.72	-78.47	-9.43
Short-Term Debt Issued	-	140.29	737.83	-	796.27
Long-Term Debt Issued	416.23	-	-	1,012	-
Total Debt Issued	416.23	140.29	737.83	1,012	796.27
Short-Term Debt Repaid	-	-240	-1,083	-	-586.27
Long-Term Debt Repaid	-90.04	-6.69	-6.69	-747.47	-6.69
Total Debt Repaid	-90.04	-246.69	-1,090	-747.47	-592.96
Net Debt Issued (Repaid)	326.19	-106.4	-352.17	264.36	203.31
Repurchase of Common Stock	-	-39.97	-	-	-
Common Dividends Paid	-104.8	-31.68	-29.89	-214.7	-212.14
Other Financing Activities	113.87	-39.23	-14.7	-14.7	-
Financing Cash Flow	335.26	-217.28	-396.76	34.96	-8.82
Foreign Exchange Rate Adjustments	-0.05	0.1	0.06	-	-
Net Cash Flow	70.56	-430.34	151.23	201.08	147.92
Free Cash Flow	-12.17	561.68	622.32	194.14	93.21
Free Cash Flow Growth	-	-9.74%	220.54%	108.30%	-47.69%
Free Cash Flow Margin	-0.29%	12.16%	10.84%	3.19%	1.32%
Free Cash Flow Per Share	-0.02	1.01	1.20	0.37	0.18
Cash Income Tax Paid	117.29	120.98	156.07	240.43	77.11
Levered Free Cash Flow	163.36	597.09	526.99	104.87	-19.49
Unlevered Free Cash Flow	163.36	598.65	530.1	114.59	-9.28
Change in Working Capital	-237.85	275.42	215.15	-143.15	-352.27

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