SHE:002675 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	195.63	183.83	209.74	307.29	151.56
Depreciation & Amortization	196.53	164.95	147.25	125.09	114.93
Other Amortization	23.83	9.53	6.2	5.35	4.53
Loss (Gain) From Sale of Assets	-0.08	-0.3	-0.06	-0.13	0.15
Asset Writedown & Restructuring Costs	0.41	85.9	-1.33	80.62	211.42
Loss (Gain) From Sale of Investments	15.88	12.92	8.54	39.21	12.15
Provision & Write-off of Bad Debts	14.2	16.44	-5.19	2.56	1.47
Other Operating Activities	100.22	37.02	216.15	69.69	152.95
Change in Accounts Receivable	-53.99	-124.86	174.75	-23.63	129.89
Change in Inventory	112.13	261.39	66.11	-112.36	10.51
Change in Accounts Payable	14.18	-447.96	-524.11	330.58	176.68
Change in Other Net Operating Assets	-4.23	95.84	3.67	175.61	-16.74
Operating Cash Flow	579.85	287.15	276.94	996.54	943.58
Operating Cash Flow Growth	101.93%	3.69%	-72.21%	5.61%	64.80%
Capital Expenditures	-360.82	-456.09	-511.95	-389.61	-530.16
Sale of Property, Plant & Equipment	0.54	0.72	1.08	0.45	0.29
Cash Acquisitions	-	-3.46	-202.19	0.03	-
Divestitures	-0	-	-	-	-
Investment in Securities	-200.18	-264.04	78.15	-72.51	-214.78
Other Investing Activities	5.79	7.88	32.1	8.89	5.41
Investing Cash Flow	-554.67	-715	-602.8	-452.75	-739.25
Long-Term Debt Issued	501.24	887.09	558.36	526.68	588.55
Total Debt Issued	501.24	887.09	558.36	526.68	588.55
Short-Term Debt Repaid	-	-	-7	-8.06	-
Long-Term Debt Repaid	-731.54	-815.86	-460.2	-912.74	-540.03
Total Debt Repaid	-731.54	-815.86	-467.2	-920.8	-540.03
Net Debt Issued (Repaid)	-230.29	71.23	91.16	-394.12	48.52
Issuance of Common Stock	416.98	689.6	166.5	286.24	65.28
Common Dividends Paid	-110.37	-217.25	-258.33	-251.24	-302.48
Other Financing Activities	10	-	-	-	-
Financing Cash Flow	86.32	543.58	-0.68	-359.13	-188.68
Foreign Exchange Rate Adjustments	-2.39	12.15	7.42	6.26	6.75
Net Cash Flow	109.1	127.88	-319.11	190.93	22.4
Free Cash Flow	219.03	-168.94	-235	606.93	413.42
Free Cash Flow Growth	-	-	-	46.80%	33.20%
Free Cash Flow Margin	7.99%	-5.89%	-7.17%	16.94%	10.57%
Free Cash Flow Per Share	0.27	-0.20	-0.28	0.75	0.52
Cash Income Tax Paid	201.06	146.99	145.68	-4.72	41.63
Levered Free Cash Flow	180.87	-237.66	-358.67	282.45	181.52
Unlevered Free Cash Flow	266.83	-177.34	-323.2	319.1	216.8
Change in Working Capital	33.24	-223.12	-304.33	366.86	294.42

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