SHE:002611 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	725.26	500.58	433.24	447.18	467.33
Depreciation & Amortization	110.21	95.11	95.87	92.36	90.22
Other Amortization	6.65	13.17	12.49	5.99	6.2
Loss (Gain) From Sale of Assets	1.11	-5.5	-0.72	0.17	-0.42
Asset Writedown & Restructuring Costs	47.01	8.22	0.01	0.18	0.49
Loss (Gain) From Sale of Investments	-235.34	29.33	-69.01	-32.55	-128.18
Provision & Write-off of Bad Debts	11.15	5.81	10.36	6.35	8.24
Other Operating Activities	48.99	101.75	76.12	47.32	104.53
Change in Accounts Receivable	-221.17	30.91	-7.19	-237.03	-397.79
Change in Inventory	-100.69	135.1	-65.83	-181.4	-128.88
Change in Accounts Payable	407.89	-248.52	-27.47	385.59	374.25
Change in Other Net Operating Assets	30.69	9.72	38.62	34.49	9.52
Operating Cash Flow	874.21	702.56	487.18	506.29	306.66
Operating Cash Flow Growth	24.43%	44.21%	-3.77%	65.10%	-44.34%
Capital Expenditures	-210.08	-358.17	-307.73	-217.71	-66.32
Sale of Property, Plant & Equipment	13.12	6.36	0.52	0.3	0.93
Cash Acquisitions	-	-	-	-115.93	-30
Investment in Securities	-372.98	-199.44	111.81	-124.91	1,304
Other Investing Activities	186.72	9.75	8.79	20.72	96.36
Investing Cash Flow	-383.22	-541.5	-186.61	-437.53	1,305
Long-Term Debt Issued	210.89	155.44	441.74	255.64	405.33
Long-Term Debt Repaid	-152.61	-388.72	-397.03	-478.35	-407.66
Net Debt Issued (Repaid)	58.28	-233.28	44.71	-222.71	-2.33
Issuance of Common Stock	20	-	0.56	2.76	-
Repurchase of Common Stock	-0.48	-6.21	-101.29	-215.61	-828.74
Common Dividends Paid	-225.79	-23.2	-16.88	-8.39	-9.71
Other Financing Activities	-10.18	107.35	161.77	308.52	-317.73
Financing Cash Flow	-158.16	-155.35	88.86	-135.43	-1,159
Foreign Exchange Rate Adjustments	9.18	-25.93	49.36	41.09	-54.81
Net Cash Flow	342.01	-20.22	438.79	-25.58	398.7
Free Cash Flow	664.13	344.38	179.45	288.59	240.34
Free Cash Flow Growth	92.85%	91.91%	-37.82%	20.08%	-39.96%
Free Cash Flow Margin	12.70%	7.21%	3.78%	7.41%	6.82%
Free Cash Flow Per Share	0.55	0.30	0.15	0.24	0.18
Cash Income Tax Paid	216.24	153.16	102.97	90.14	135.04
Levered Free Cash Flow	414.01	259.4	476.55	-234.83	211.6
Unlevered Free Cash Flow	421.67	274.28	491.7	-226.18	219.84
Change in Working Capital	159.18	-45.92	-71.17	-60.69	-241.75

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