SHE:002546 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	578.59	266.68	61.91	11.16	223.24
Depreciation & Amortization	25.68	26.14	28.82	33.33	38.94
Other Amortization	1.5	3.72	2.45	2.51	3.53
Loss (Gain) From Sale of Assets	0.2	-	-	-	0.23
Asset Writedown & Restructuring Costs	-324.85	3.61	-	-	-0.4
Loss (Gain) From Sale of Investments	-209.43	-157.97	39.32	108.55	-199.91
Provision & Write-off of Bad Debts	-	4.74	1.08	1.12	2.09
Other Operating Activities	0.88	11.08	3.78	0.93	1.72
Change in Accounts Receivable	16.1	58.08	-74.14	-27.7	-20.49
Change in Inventory	47.3	31.35	-29.62	-88.05	-28.04
Change in Accounts Payable	-76.86	-11.76	-23.96	88.09	12.69
Operating Cash Flow	125.58	247.16	-5.82	112.94	28.05
Operating Cash Flow Growth	-49.19%	-	-	302.62%	-81.32%
Capital Expenditures	-7.18	-5.46	-7.18	-15.02	-16.16
Sale of Property, Plant & Equipment	0.13	-	0.07	-	0.07
Divestitures	-	-	-	-	1.03
Investment in Securities	-154.3	-288.9	94.3	-36.64	44.07
Other Investing Activities	215.86	67.18	34.18	46.03	121.73
Investing Cash Flow	54.5	-227.18	121.38	-5.64	150.75
Short-Term Debt Issued	-	24	24	20	20
Long-Term Debt Issued	26	-	-	-	-
Total Debt Issued	26	24	24	20	20
Short-Term Debt Repaid	-	-24	-20	-20	-20
Long-Term Debt Repaid	-26	-	-	-	-
Total Debt Repaid	-26	-24	-20	-20	-20
Net Debt Issued (Repaid)	-	-	4	-	-
Common Dividends Paid	-100.86	-100.93	-100.91	-100.9	-100.96
Other Financing Activities	-0.1	-	-	-0.01	-0.7
Financing Cash Flow	-100.97	-100.93	-96.91	-100.91	-101.66
Foreign Exchange Rate Adjustments	-	-	-	0	-
Net Cash Flow	79.12	-80.95	18.65	6.4	77.14
Free Cash Flow	118.4	241.7	-13	97.92	11.9
Free Cash Flow Growth	-51.02%	-	-	723.17%	-91.10%
Free Cash Flow Margin	17.21%	31.53%	-2.10%	15.78%	2.56%
Free Cash Flow Per Share	0.14	0.29	-0.01	0.09	0.01
Cash Interest Paid	-	0.92	0.82	0.81	0.88
Cash Income Tax Paid	94.07	42.67	57.98	31.33	47
Levered Free Cash Flow	112.76	201.19	-38.16	77.41	37.46
Unlevered Free Cash Flow	112.76	201.76	-37.65	77.92	38
Change in Working Capital	53.01	89.17	-143.17	-44.66	-41.39

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