SHE:002777 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	86.2	73.26	166.35	184.17	218.5
Depreciation & Amortization	68.38	66.3	56.71	48.82	36.8
Other Amortization	2.72	6.36	6.64	4.42	1.91
Loss (Gain) From Sale of Assets	-0.39	-0.04	-0.03	-0.2	-0
Asset Writedown & Restructuring Costs	84.25	48.57	26.97	13.78	14.26
Loss (Gain) From Sale of Investments	-10.26	-8.29	-7.9	-9.74	-12.65
Provision & Write-off of Bad Debts	-	13.35	25.24	32.76	21.24
Other Operating Activities	3.18	24.4	10.68	20.75	26.72
Change in Accounts Receivable	108.87	46.14	-124.12	-155.08	-149.56
Change in Inventory	-45.26	69.34	-47.16	-31.46	13.33
Change in Accounts Payable	-29.71	-36.68	79.17	-63.5	37.65
Operating Cash Flow	260.69	295.4	188.38	37.57	202.42
Operating Cash Flow Growth	-11.75%	56.81%	401.38%	-81.44%	-2.53%
Capital Expenditures	-67.22	-119.5	-154.48	-95.8	-89.83
Sale of Property, Plant & Equipment	0	0.01	0.07	0.25	0.03
Cash Acquisitions	-	-	-	-	-8.4
Investment in Securities	-	-156.07	80.3	56.28	-91.8
Other Investing Activities	55.13	7.92	10.52	11.3	12.92
Investing Cash Flow	-12.09	-267.64	-63.59	-27.97	-177.08
Long-Term Debt Issued	-	-	1.74	-	-
Long-Term Debt Repaid	-	-12.61	-11.99	-11.31	-8.51
Total Debt Repaid	-	-12.61	-11.99	-11.31	-8.51
Net Debt Issued (Repaid)	-	-12.61	-10.25	-11.31	-8.51
Issuance of Common Stock	-	1.2	-	-	-
Common Dividends Paid	-61.23	-48.99	-40.82	-62.8	-47.1
Other Financing Activities	-10.74	-1.05	-29.19	-	-5.92
Financing Cash Flow	-71.97	-61.45	-80.26	-74.12	-61.54
Net Cash Flow	176.64	-33.69	44.53	-64.52	-36.2
Free Cash Flow	193.47	175.9	33.9	-58.22	112.59
Free Cash Flow Growth	9.99%	418.95%	-	-	-28.19%
Free Cash Flow Margin	15.70%	13.13%	2.52%	-4.54%	8.62%
Free Cash Flow Per Share	0.48	0.43	0.08	-0.14	0.28
Cash Income Tax Paid	70.1	80.34	80.38	73.98	106.15
Levered Free Cash Flow	-280.32	149.33	-56.23	-89.14	28.3
Unlevered Free Cash Flow	-280.32	149.89	-55.62	-88.54	28.65
Change in Working Capital	26.61	71.49	-96.28	-257.19	-104.35

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