SHE:002644 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	46.96	60.07	67.19	108.65	93.26
Depreciation & Amortization	55.3	51.22	52.49	49.94	48.56
Other Amortization	3.61	4.65	5.98	3.65	0.38
Loss (Gain) From Sale of Assets	-7.13	-0.04	-	-0	-27.18
Asset Writedown & Restructuring Costs	1.52	-	0	0.2	0.37
Loss (Gain) From Sale of Investments	13.54	7.23	4.49	1.3	0.85
Provision & Write-off of Bad Debts	-	29.77	15.07	-	-
Other Operating Activities	57.59	6.18	2.8	2.17	1.5
Change in Accounts Receivable	-86.74	-62.2	59.5	-189.54	-66.85
Change in Inventory	48.36	30.26	-7.3	-76.02	-0.8
Change in Accounts Payable	55.56	-79.85	-134.73	163.45	-49.49
Change in Other Net Operating Assets	-	-	-	23.32	11.09
Operating Cash Flow	183.95	38.98	65.71	86.61	11.85
Operating Cash Flow Growth	371.85%	-40.67%	-24.13%	630.59%	-81.15%
Capital Expenditures	-18.55	-13.29	-22.47	-41.53	-32.81
Sale of Property, Plant & Equipment	0.27	0.02	0	0.04	41.3
Cash Acquisitions	-	-	-15.46	-	-
Investment in Securities	-20	0.34	2	-2.13	32.48
Other Investing Activities	-0.02	1.21	1.77	0.75	1.67
Investing Cash Flow	-38.3	-11.72	-34.16	-42.87	42.65
Long-Term Debt Issued	16	12	25.66	2.6	-
Total Debt Issued	16	12	25.66	2.6	-
Long-Term Debt Repaid	-23.9	-23.89	-21.45	-28.31	-35.27
Total Debt Repaid	-23.9	-23.89	-21.45	-28.31	-35.27
Net Debt Issued (Repaid)	-7.9	-11.89	4.21	-25.71	-35.27
Common Dividends Paid	-7.02	-15.96	-27.94	-7.09	-61.43
Other Financing Activities	-0.93	-1.16	-1.26	3.74	3.3
Financing Cash Flow	-15.85	-29	-25	-29.06	-93.41
Foreign Exchange Rate Adjustments	-0.19	0.31	0.67	0.7	-0.21
Net Cash Flow	129.61	-1.43	7.23	15.38	-39.11
Free Cash Flow	165.4	25.7	43.24	45.08	-20.95
Free Cash Flow Growth	543.70%	-40.58%	-4.08%	-	-
Free Cash Flow Margin	18.07%	2.62%	3.72%	4.32%	-2.56%
Free Cash Flow Per Share	0.32	0.05	0.09	0.09	-0.04
Cash Interest Paid	-	-	-	-	0.95
Cash Income Tax Paid	100.57	81.59	101.13	68.65	78.4
Levered Free Cash Flow	182.66	-9.53	60.54	-23.75	-41.83
Unlevered Free Cash Flow	182.66	-9.02	61.32	-22.91	-41.24
Change in Working Capital	12.56	-120.1	-82.3	-79.31	-105.88

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