SHE:002683 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	957.18	897.77	715.99	560.77	480.2
Depreciation & Amortization	1,037	576.95	513.72	432.77	358.56
Other Amortization	125.92	59.71	40.83	34.38	24.34
Loss (Gain) From Sale of Assets	-11.04	1.62	-24.92	6.3	6.78
Asset Writedown & Restructuring Costs	7.24	27.55	12.9	43.81	17.95
Loss (Gain) From Sale of Investments	-86.67	-103.93	-81.82	-151.06	-82.56
Provision & Write-off of Bad Debts	121.47	73.47	121.64	-3.98	8.08
Other Operating Activities	869.08	424.62	383.57	431.35	360.95
Change in Accounts Receivable	-1,981	-1,213	-374.57	-1,154	471.47
Change in Inventory	30.23	-1.34	12.67	20	-247.09
Change in Accounts Payable	1,314	1,029	106.83	664.35	-147.36
Change in Other Net Operating Assets	-	14.11	2.48	-1.36	-2.3
Operating Cash Flow	2,276	1,776	1,411	890.91	1,281
Operating Cash Flow Growth	28.15%	25.87%	58.38%	-30.45%	27.02%
Capital Expenditures	-1,177	-669.57	-860.57	-721.19	-647.31
Sale of Property, Plant & Equipment	14.35	17.82	56.32	43.56	10.41
Cash Acquisitions	-1,647	-322.66	-237.8	-	-546.62
Divestitures	21.21	-	-	-	2.96
Investment in Securities	-440.09	-1,944	696.32	870.4	-2,032
Other Investing Activities	79.14	64.36	69.75	130.99	59.1
Investing Cash Flow	-3,150	-2,854	-275.99	323.76	-3,154
Long-Term Debt Issued	5,617	4,206	786.15	2,240	2,940
Long-Term Debt Repaid	-2,721	-2,052	-1,270	-2,202	-1,548
Net Debt Issued (Repaid)	2,896	2,154	-483.79	38.62	1,392
Issuance of Common Stock	-	5.18	171.2	-	-
Repurchase of Common Stock	-	-122.94	-	-	-
Common Dividends Paid	-643.94	-667.48	-346.15	-135.4	-266.91
Other Financing Activities	-581.42	-524.75	-117.34	-430.8	-368.41
Financing Cash Flow	1,670	844.03	-776.08	-527.58	756.2
Foreign Exchange Rate Adjustments	7.36	-2.04	-2.93	-3.87	0.44
Net Cash Flow	803.45	-235.88	356.05	683.22	-1,116
Free Cash Flow	1,099	1,106	550.47	169.72	633.57
Free Cash Flow Growth	-0.72%	101.00%	224.34%	-73.21%	-0.42%
Free Cash Flow Margin	5.39%	8.11%	4.74%	1.67%	7.43%
Free Cash Flow Per Share	1.46	1.46	0.73	0.23	0.84
Cash Income Tax Paid	1,177	548.8	500.64	362.75	307.41
Levered Free Cash Flow	-972	1,394	575.26	-74.17	163.48
Unlevered Free Cash Flow	-857.04	1,471	653.75	12.82	251.46
Change in Working Capital	-744.21	-181.72	-270.85	-463.43	106.58

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