SHE:002507 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	768.03	799.35	826.58	898.8	741.96
Depreciation & Amortization	109.87	111.89	115.42	117.37	101.64
Other Amortization	-	-	-	-	0.01
Loss (Gain) From Sale of Assets	-0.28	-2.45	-0.71	-	-0.04
Asset Writedown & Restructuring Costs	6.54	2.26	0.55	0.29	2.58
Loss (Gain) From Sale of Investments	-78.27	-62.01	-77.96	-83.49	-42.92
Provision & Write-off of Bad Debts	0.42	-0.03	-6.46	3.54	-
Other Operating Activities	-75.81	-79.23	-79.53	-87.99	-46.49
Change in Accounts Receivable	-44.37	-1.25	6.18	10.35	14.45
Change in Inventory	-64.65	-66.14	-24.93	-69.15	-18.48
Change in Accounts Payable	30.98	110.69	-319.46	287.07	-18.38
Operating Cash Flow	657.22	816.94	435.49	1,079	745.48
Operating Cash Flow Growth	-19.55%	87.59%	-59.64%	44.75%	-20.61%
Capital Expenditures	-412.34	-261.33	-114.68	-131.42	-140.9
Sale of Property, Plant & Equipment	20.06	3.6	2.71	0.11	0.2
Investment in Securities	591.32	-940	202.17	-560	-3,283
Other Investing Activities	124.43	101.74	180.51	155.38	5.54
Investing Cash Flow	323.47	-1,096	270.71	-535.94	-3,418
Long-Term Debt Repaid	-0.95	-0.86	-1.54	-1.43	-1.48
Net Debt Issued (Repaid)	-0.95	-0.86	-1.54	-1.43	-1.48
Issuance of Common Stock	-	-	-	-	3,280
Common Dividends Paid	-484.65	-346.18	-337.3	-310.67	-266.29
Financing Cash Flow	-485.6	-347.04	-338.84	-312.11	3,012
Foreign Exchange Rate Adjustments	-0.96	0.36	-0.12	0.54	-0.1
Net Cash Flow	494.13	-625.74	367.23	231.59	339.04
Free Cash Flow	244.88	555.61	320.8	947.68	604.58
Free Cash Flow Growth	-55.93%	73.19%	-66.15%	56.75%	-21.17%
Free Cash Flow Margin	10.07%	23.28%	13.10%	37.19%	24.00%
Free Cash Flow Per Share	0.21	0.48	0.28	0.82	0.55
Cash Income Tax Paid	333.57	358.96	399.66	349.4	337.12
Levered Free Cash Flow	285.65	414.81	162.08	732.96	424.88
Unlevered Free Cash Flow	285.68	414.83	162.11	733.03	424.93
Change in Working Capital	-73.3	47.18	-342.4	230.58	-11.25

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