SHE:002653 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	259.58	395.46	295.11	277.07	345.06
Depreciation & Amortization	273.5	249.22	219.58	184.12	153.19
Other Amortization	9.88	5.47	2.91	4.29	3.1
Loss (Gain) From Sale of Assets	22.27	-31.1	0.28	0	0.13
Asset Writedown & Restructuring Costs	11.36	83.19	13.02	0.84	0.62
Loss (Gain) From Sale of Investments	17.15	-117.39	60.47	-227.72	-420.77
Provision & Write-off of Bad Debts	-0.42	1.79	0.3	0.91	0.32
Other Operating Activities	32.41	109.61	42.13	167.43	202.79
Change in Accounts Receivable	139.81	-182.98	-70.94	-191.11	-45.88
Change in Inventory	-35.93	10.82	66.19	-90.38	-36.29
Change in Accounts Payable	-52.06	-82.55	-352.48	-4.41	-264.99
Change in Other Net Operating Assets	130.08	29.75	193.51	14.82	101.71
Operating Cash Flow	786	442.05	449.58	94.55	35.8
Operating Cash Flow Growth	77.81%	-1.68%	375.51%	164.08%	-82.64%
Capital Expenditures	-331.98	-440.65	-391.01	-700.17	-702.94
Sale of Property, Plant & Equipment	13.45	31.42	4.29	0.36	0.33
Divestitures	0.3	-	-	-	180.16
Investment in Securities	151.18	10.82	0.34	159.62	781.92
Other Investing Activities	11.07	96.81	3.19	0.3	22.5
Investing Cash Flow	-155.98	-301.61	-383.19	-539.88	281.97
Long-Term Debt Issued	1,059	1,400	898.36	2,000	932.21
Short-Term Debt Repaid	-	-	-	-	-2.26
Long-Term Debt Repaid	-1,017	-1,309	-1,206	-1,153	-816.65
Total Debt Repaid	-1,017	-1,309	-1,206	-1,153	-818.91
Net Debt Issued (Repaid)	41.35	90.38	-307.16	847.22	113.3
Issuance of Common Stock	-	80.94	793.64	-	23.76
Repurchase of Common Stock	-	-	-8.16	-6.37	-2.47
Common Dividends Paid	-333.15	-422.04	-42.57	-247.49	-426.21
Other Financing Activities	-0.39	0.05	-107.68	30.87	104.38
Financing Cash Flow	-292.18	-250.68	328.07	624.23	-187.23
Foreign Exchange Rate Adjustments	-6.86	4.87	-1.54	16.94	-6.77
Net Cash Flow	330.99	-105.37	392.92	195.84	123.77
Free Cash Flow	454.03	1.39	58.57	-605.62	-667.14
Free Cash Flow Growth	32537.74%	-97.63%	-	-	-
Free Cash Flow Margin	10.35%	0.04%	1.75%	-20.09%	-24.06%
Free Cash Flow Per Share	0.40	0.00	0.05	-0.57	-0.62
Cash Income Tax Paid	382.37	414.04	329.11	197.09	173.38
Levered Free Cash Flow	196.77	-209.72	-152.29	-781.91	-895.41
Unlevered Free Cash Flow	217.1	-186.08	-125.87	-750.09	-878.44
Change in Working Capital	160.28	-254.19	-184.24	-312.4	-248.64

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