SHE:002566 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	28.93	52.09	94.73	83.1	96.02
Depreciation & Amortization	42.7	46.93	48.93	44.27	43.09
Other Amortization	0.68	0.77	1.53	0.92	1.18
Loss (Gain) From Sale of Assets	-0.4	-0.29	-0.78	-	-
Asset Writedown & Restructuring Costs	6.57	0.27	0.24	0.27	0.28
Loss (Gain) From Sale of Investments	-13.35	-11.7	-4.02	-2.62	-0.25
Provision & Write-off of Bad Debts	-	-	-	1.27	-0.46
Other Operating Activities	15.35	13.75	10.88	19.99	22.41
Change in Accounts Receivable	-29.65	5.21	75.22	-17.02	-31.92
Change in Inventory	43.03	-11.33	-12.65	-4.99	17.85
Change in Accounts Payable	8.01	-37.26	-7.09	18.54	64.21
Operating Cash Flow	98.74	58.94	209.13	145.86	215.1
Operating Cash Flow Growth	67.51%	-71.81%	43.38%	-32.19%	5.69%
Capital Expenditures	-13.64	-15.94	-35.77	-41.36	-107.07
Sale of Property, Plant & Equipment	0.28	0.45	0.74	-	0
Investment in Securities	-51.76	-365	-40	40	-100
Other Investing Activities	11.71	5.29	1.64	3.13	-
Investing Cash Flow	-53.42	-375.21	-73.39	1.77	-207.06
Short-Term Debt Issued	-	-	-	430	397.45
Long-Term Debt Issued	333	600	520	-	-
Total Debt Issued	333	600	520	430	397.45
Short-Term Debt Repaid	-	-	-	-400	-415
Long-Term Debt Repaid	-355	-638.35	-484.84	-3.06	-5.75
Total Debt Repaid	-355	-638.35	-484.84	-403.06	-420.75
Net Debt Issued (Repaid)	-22	-38.35	35.16	26.94	-23.3
Common Dividends Paid	-45.61	-61.64	-29.86	-	-23.32
Other Financing Activities	14.36	-	3.43	-50.99	-28.72
Financing Cash Flow	-53.25	-99.99	8.73	-24.06	-75.34
Foreign Exchange Rate Adjustments	0	-0	-	-	-
Net Cash Flow	-7.93	-416.25	144.47	123.57	-67.3
Free Cash Flow	85.1	43	173.36	104.49	108.04
Free Cash Flow Growth	97.89%	-75.19%	65.91%	-3.28%	-15.32%
Free Cash Flow Margin	13.29%	6.43%	20.31%	12.59%	12.31%
Free Cash Flow Per Share	0.26	0.13	0.52	0.32	0.33
Cash Income Tax Paid	89.77	96.65	113.44	100.26	98.63
Levered Free Cash Flow	92.82	-3.46	94.72	77.27	5.5
Unlevered Free Cash Flow	92.82	5.19	103.26	86.04	13.85
Change in Working Capital	18.26	-42.87	57.63	-1.34	52.82

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