SHE:002662 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	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	248.85	353.92	503.46	436.96	102.11
Depreciation & Amortization	261.67	259.94	250.76	234.64	254.93
Other Amortization	-	2.25	0.04	13.09	10.73
Loss (Gain) From Sale of Assets	5.78	0.55	-4.4	6.8	20.67
Asset Writedown & Restructuring Costs	7.69	-16.78	-35.68	22.62	-10.56
Loss (Gain) From Sale of Investments	-14.36	-47.08	-84.45	-111.07	-30.06
Provision & Write-off of Bad Debts	-	8.19	4.31	12.8	2.04
Other Operating Activities	26.38	46.89	49.07	54.1	271.43
Change in Accounts Receivable	-196.36	137.38	-133.97	-123.46	-57.34
Change in Inventory	28.86	86.62	111.34	74.38	-105.45
Change in Accounts Payable	178.65	-105.92	39.26	-13.29	17.53
Operating Cash Flow	548.57	720.32	695.15	608.44	497.48
Operating Cash Flow Growth	-23.84%	3.62%	14.25%	22.30%	-37.99%
Capital Expenditures	-627.87	-288.12	-580.38	-321.47	-254.08
Sale of Property, Plant & Equipment	13.29	8.52	49.79	7.45	38.74
Investment in Securities	301.55	-335.06	34.76	53.74	83
Other Investing Activities	3.55	62.02	80.2	0.13	-
Investing Cash Flow	-309.48	-552.64	-415.62	-260.16	-132.34
Short-Term Debt Issued	-	-	-	438.77	654.28
Long-Term Debt Issued	623.5	610.3	428.92	-	-
Total Debt Issued	623.5	610.3	428.92	438.77	654.28
Short-Term Debt Repaid	-	-	-	-675	-1,154
Long-Term Debt Repaid	-527.45	-465	-430.01	-1.6	-3.96
Total Debt Repaid	-527.45	-465	-430.01	-676.6	-1,158
Net Debt Issued (Repaid)	96.05	145.3	-1.09	-237.83	-503.68
Common Dividends Paid	-121.59	-161.2	-117.11	-23.39	-42.05
Other Financing Activities	179.96	-0.09	-0.06	-	-
Financing Cash Flow	154.43	-16	-118.26	-261.23	-545.73
Foreign Exchange Rate Adjustments	0.14	-0.07	0.28	0.4	-0.56
Net Cash Flow	393.66	151.61	161.55	87.45	-181.15
Free Cash Flow	-79.3	432.2	114.77	286.97	243.41
Free Cash Flow Growth	-	276.59%	-60.01%	17.90%	-62.02%
Free Cash Flow Margin	-2.72%	13.96%	3.19%	8.02%	6.94%
Free Cash Flow Per Share	-0.05	0.29	0.08	0.19	0.17
Cash Income Tax Paid	239.87	299.06	275.85	276.48	304.82
Levered Free Cash Flow	230.69	309.16	-126.46	333.92	263.23
Unlevered Free Cash Flow	230.69	316.15	-117.82	346.63	289.46
Change in Working Capital	12.57	112.45	12.04	-61.52	-123.8

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