SHE:002595 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	2,393	2,011	1,612	1,200	1,053
Depreciation & Amortization	375.75	339.66	313.5	293.53	263.87
Other Amortization	10.56	-	-	-	-
Loss (Gain) From Sale of Assets	-0.26	1.6	-3.28	-2.57	-8.13
Asset Writedown & Restructuring Costs	6.54	1.03	1.14	2.78	3.41
Loss (Gain) From Sale of Investments	-43.71	-51.42	-38.18	-31.88	-36.05
Provision & Write-off of Bad Debts	40.6	27.34	2.85	20.8	9.82
Other Operating Activities	-9.04	-8.54	6.83	6.1	13.98
Change in Accounts Receivable	-1,704	-784.74	-283.76	-958.75	-752.81
Change in Inventory	-222.57	-806.02	-54.07	-172.8	-506.86
Change in Accounts Payable	120.3	387.4	3.27	183.55	71.7
Change in Other Net Operating Assets	9.61	3.84	48.06	18.4	-
Operating Cash Flow	1,034	1,139	1,605	555.41	118.38
Operating Cash Flow Growth	-9.27%	-29.01%	188.96%	369.19%	-
Capital Expenditures	-912.5	-372.16	-302.28	-368.67	-210.05
Sale of Property, Plant & Equipment	2.5	1.14	2.02	2.47	2.83
Investment in Securities	149.2	63.66	-569.91	113.86	-4
Other Investing Activities	45.79	48.3	43.82	21.41	41.09
Investing Cash Flow	-715.01	-259.05	-826.36	-230.92	-170.13
Long-Term Debt Issued	208.58	70.91	40.7	219.55	494.39
Long-Term Debt Repaid	-51.18	-37.04	-5.06	-5.72	-9.15
Net Debt Issued (Repaid)	157.41	33.86	35.64	213.82	485.24
Issuance of Common Stock	43.24	18.45	14.02	57.84	-
Repurchase of Common Stock	-0.67	-1.86	-77.5	-99.81	-
Common Dividends Paid	-320.09	-800.38	-299.45	-298.8	-300
Other Financing Activities	-	-	-	-0.85	0.32
Financing Cash Flow	-120.12	-749.93	-327.29	-127.79	185.56
Foreign Exchange Rate Adjustments	24.76	20.14	4.66	13.21	-15.51
Net Cash Flow	223.35	150.48	455.91	209.91	118.3
Free Cash Flow	121.22	767.17	1,303	186.74	-91.67
Free Cash Flow Growth	-84.20%	-41.11%	597.55%	-	-
Free Cash Flow Margin	1.09%	8.71%	18.18%	2.81%	-1.53%
Free Cash Flow Per Share	0.15	0.96	1.64	0.23	-0.12
Cash Income Tax Paid	478.42	427.53	390.19	215.87	311.91
Levered Free Cash Flow	257.51	292.23	1,046	326.48	332.66
Unlevered Free Cash Flow	259.41	295.29	1,049	331.16	342.25
Change in Working Capital	-1,740	-1,182	-290.04	-933.47	-1,182

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