SHE:002532 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	4,818	4,455	2,205	2,650	3,833
Depreciation & Amortization	1,816	1,713	1,651	1,494	1,326
Other Amortization	1.18	-	-	-	-
Loss (Gain) From Sale of Assets	1.26	8.2	0.42	-16.5	2.88
Asset Writedown & Restructuring Costs	0.99	0.15	2.6	3.81	0.05
Provision & Write-off of Bad Debts	15.15	5.12	-2.11	2.78	2.9
Other Operating Activities	669.84	886.76	910.6	867.17	967.1
Change in Accounts Receivable	-1,945	573.28	1,776	-840.71	-1,414
Change in Inventory	1,562	719.37	-11.71	-697.2	-3,230
Change in Accounts Payable	-1,178	-1,247	-3,818	767.78	517.1
Change in Other Net Operating Assets	2,384	-1,769	1,248	-1,007	0.6
Operating Cash Flow	8,053	5,220	3,916	3,157	1,979
Operating Cash Flow Growth	54.26%	33.29%	24.05%	59.51%	-36.11%
Capital Expenditures	-1,534	-1,278	-2,357	-2,155	-2,869
Sale of Property, Plant & Equipment	1.24	4.5	0.45	32.55	0.88
Cash Acquisitions	-53.76	-	-	-	-
Investment in Securities	-	-842.62	-1,381	-	-
Other Investing Activities	-	-	-	-	-19.13
Investing Cash Flow	-1,586	-2,116	-3,738	-2,123	-2,887
Long-Term Debt Issued	7,567	9,932	10,110	10,234	10,431
Total Debt Issued	7,567	9,932	10,110	10,234	10,431
Long-Term Debt Repaid	-10,476	-12,039	-7,922	-9,070	-9,528
Total Debt Repaid	-10,476	-12,039	-7,922	-9,070	-9,528
Net Debt Issued (Repaid)	-2,910	-2,107	2,189	1,164	902.16
Repurchase of Common Stock	-200.02	-100.01	-	-150.01	-
Common Dividends Paid	-2,356	-2,340	-1,772	-1,854	-2,906
Other Financing Activities	-983.02	970.43	-316.02	21.2	240.79
Financing Cash Flow	-6,449	-3,576	100.27	-818.54	-1,763
Foreign Exchange Rate Adjustments	-3.56	-1.48	-15.66	2.55	-5.19
Net Cash Flow	13.59	-473.09	263.27	218.4	-2,676
Free Cash Flow	6,519	3,943	1,559	1,002	-889.67
Free Cash Flow Growth	65.35%	152.83%	55.65%	-	-
Free Cash Flow Margin	22.10%	14.04%	5.38%	3.03%	-3.09%
Free Cash Flow Per Share	1.42	0.85	0.34	0.21	-0.19
Cash Income Tax Paid	2,826	1,947	1,720	2,373	1,472
Levered Free Cash Flow	2,419	7,296	-4,162	516.47	-2,694
Unlevered Free Cash Flow	2,730	7,806	-3,607	1,090	-2,053
Change in Working Capital	730.63	-1,849	-851.85	-1,844	-4,153

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