SHE:002737 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	-297.07	492.05	1,119	867.22	704.74
Depreciation & Amortization	173.16	178.98	181.2	268.81	167.77
Other Amortization	4.43	5.67	2.05	1.77	2.17
Loss (Gain) From Sale of Assets	0.65	0.24	-3.23	-7.43	-47.77
Asset Writedown & Restructuring Costs	80.97	25.79	0.48	26.43	29.68
Loss (Gain) From Sale of Investments	-31.05	-11.95	-30.58	9.92	-26.36
Provision & Write-off of Bad Debts	-	7.63	-4.6	1.06	27.05
Other Operating Activities	-2.24	47.6	54.88	39.18	52.53
Change in Accounts Receivable	421.49	-415.02	77.04	26.33	38.45
Change in Inventory	229.95	-25.49	-241.47	73.5	-152.67
Change in Accounts Payable	23.14	-634.38	-286.2	662.12	57.9
Change in Other Net Operating Assets	-	2.77	25.66	15.16	10.43
Operating Cash Flow	574.97	-307.48	889.69	1,975	865.23
Operating Cash Flow Growth	-	-	-54.96%	128.30%	-26.04%
Capital Expenditures	-96.1	-92.79	-149.16	-152.9	-118.31
Sale of Property, Plant & Equipment	0.52	0.33	4.05	3.98	0.69
Cash Acquisitions	-	-	-	-	-1.1
Investment in Securities	-492.46	60.53	147.7	-517.45	-790.76
Other Investing Activities	35.42	34.47	33.61	21.94	19.76
Investing Cash Flow	-552.62	2.54	36.2	-644.43	-889.72
Short-Term Debt Issued	-	0.02	14.43	-	-
Long-Term Debt Issued	118	-	-	420	306.58
Total Debt Issued	118	0.02	14.43	420	306.58
Long-Term Debt Repaid	-13	-16.7	-426.47	-238.12	-383.49
Total Debt Repaid	-13	-16.7	-426.47	-238.12	-383.49
Net Debt Issued (Repaid)	105	-16.68	-412.04	181.88	-76.91
Issuance of Common Stock	-	-	-	22.13	28.01
Common Dividends Paid	-292.12	-885.2	-588.51	-416.7	-212.19
Other Financing Activities	-23.07	-40.63	-38.28	-33.87	-48.24
Financing Cash Flow	-210.19	-942.51	-1,039	-246.57	-309.33
Foreign Exchange Rate Adjustments	-0.19	-0.3	0.23	-0.02	-
Net Cash Flow	-188.04	-1,248	-112.71	1,084	-333.82
Free Cash Flow	478.86	-400.27	740.52	1,822	746.92
Free Cash Flow Growth	-	-	-59.37%	144.00%	-21.96%
Free Cash Flow Margin	20.66%	-11.85%	12.99%	35.77%	16.74%
Free Cash Flow Per Share	0.82	-0.68	1.27	3.11	1.28
Cash Income Tax Paid	232.58	459.29	723.41	579.81	565.31
Levered Free Cash Flow	658.38	-504.18	349.11	1,537	698.11
Unlevered Free Cash Flow	658.38	-501.96	352.84	1,543	704.48
Change in Working Capital	646.11	-1,053	-429.66	768.39	-44.59

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