SHE:002469 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	186.47	262.65	282.18	273.71	377.49
Depreciation & Amortization	72.9	76.82	85.15	87.36	80.43
Other Amortization	1.88	-	-	0.09	0.88
Loss (Gain) From Sale of Assets	0.04	11.03	-0.02	-0.09	-0.11
Asset Writedown & Restructuring Costs	0.71	19.57	0.68	0.07	0.54
Loss (Gain) From Sale of Investments	-33.55	-35.47	-20.8	-15.33	-20.18
Provision & Write-off of Bad Debts	-4.04	-4.32	6.06	-9.17	-4.59
Other Operating Activities	4.55	9.83	11.13	18.46	26.64
Change in Accounts Receivable	-262.82	3.8	162.7	171.58	-181.37
Change in Inventory	-60.14	-43.21	-21.98	-38.9	4.84
Change in Accounts Payable	173.1	-13.66	2.32	23.66	53.16
Operating Cash Flow	77.45	284.57	505.85	510.61	333.89
Operating Cash Flow Growth	-72.78%	-43.74%	-0.93%	52.93%	29.34%
Capital Expenditures	-16.32	-49.32	-49.02	-70.32	-93.53
Sale of Property, Plant & Equipment	0.16	0.19	0.18	0.19	0.2
Divestitures	-	-	-	0.57	-
Investment in Securities	311.27	-598	-130.26	-610	-118.52
Other Investing Activities	33.14	6.93	6.56	7.79	21.45
Investing Cash Flow	328.25	-640.2	-172.54	-671.78	-190.41
Short-Term Debt Issued	10.94	-	10	-	-
Total Debt Issued	10.94	-	10	-	-
Short-Term Debt Repaid	-150	-	-10	-	-
Long-Term Debt Repaid	-18.76	-19.5	-19.8	-17.84	-18.92
Total Debt Repaid	-168.76	-19.5	-29.8	-17.84	-18.92
Net Debt Issued (Repaid)	-157.82	-19.5	-19.8	-17.84	-18.92
Common Dividends Paid	-259.93	-259.55	-162.22	-162.22	-97.33
Other Financing Activities	93.75	-31.16	-84.19	-6	-91.91
Financing Cash Flow	-324	-310.2	-266.2	-186.06	-208.16
Foreign Exchange Rate Adjustments	-2.02	0.69	0.26	0.47	-2.59
Net Cash Flow	79.68	-665.14	67.36	-346.75	-67.27
Free Cash Flow	61.13	235.24	456.83	440.29	240.35
Free Cash Flow Growth	-74.02%	-48.51%	3.76%	83.19%	6.04%
Free Cash Flow Margin	2.35%	9.21%	17.19%	16.87%	9.13%
Free Cash Flow Per Share	0.10	0.36	0.70	0.68	0.37
Cash Interest Paid	-	-	0.06	-	-
Cash Income Tax Paid	120.76	113.55	110.96	95.15	190.4
Levered Free Cash Flow	90.27	197.34	388.37	358.16	61.91
Unlevered Free Cash Flow	90.55	197.34	388.41	358.68	62.97
Change in Working Capital	-151.52	-55.54	141.47	155.53	-127.22

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