SHE:002782 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	303.02	230.18	113.94	111.31	26.27
Depreciation & Amortization	105.04	91.21	79.95	55.25	35.6
Other Amortization	7.56	11.01	8.72	8.11	4.33
Loss (Gain) From Sale of Assets	1.49	3.01	0.5	0.69	0.03
Asset Writedown & Restructuring Costs	14.51	54.63	47.72	58.45	17.3
Loss (Gain) From Sale of Investments	-7.42	-11.42	57.87	68.46	59.98
Other Operating Activities	15.72	4.07	27.33	-3.14	8.89
Change in Accounts Receivable	-176.56	-80.96	-119.77	-669.99	-193.32
Change in Inventory	-76.34	-39.98	31.65	-20.32	-143.73
Change in Accounts Payable	179.75	221.41	114.21	468.35	79.65
Operating Cash Flow	357.28	476.4	354.21	75.32	-134.03
Operating Cash Flow Growth	-25.00%	34.50%	370.26%	-	-
Capital Expenditures	-87.58	-101.19	-136.66	-113.76	-70.32
Sale of Property, Plant & Equipment	0.17	0.67	0.11	0.69	0.26
Cash Acquisitions	-	-	-	-120.99	-
Investment in Securities	-39.67	-20	1	-50	-6.1
Other Investing Activities	7.64	5.44	9.69	2.9	98.32
Investing Cash Flow	-119.44	-115.08	-125.85	-281.16	22.15
Long-Term Debt Issued	32	121.8	421.14	340.66	120.98
Total Debt Issued	32	121.8	421.14	340.66	120.98
Long-Term Debt Repaid	-60.6	-298.31	-492.47	-324.27	-18.35
Total Debt Repaid	-60.6	-298.31	-492.47	-324.27	-18.35
Net Debt Issued (Repaid)	-28.6	-176.51	-71.33	16.39	102.63
Issuance of Common Stock	51.85	-	236.62	-	-
Repurchase of Common Stock	-	-47.41	-0.76	-0.73	-
Common Dividends Paid	-74.54	-49.34	-51.86	-32.45	-71.84
Other Financing Activities	35.74	-131.04	-105.39	-10.49	-
Financing Cash Flow	-15.55	-404.3	7.28	-27.29	30.79
Foreign Exchange Rate Adjustments	-6.78	7.2	2.58	23.1	-8.89
Net Cash Flow	215.52	-35.78	238.21	-210.03	-89.97
Free Cash Flow	269.7	375.22	217.55	-38.44	-204.35
Free Cash Flow Growth	-28.12%	72.47%	-	-	-
Free Cash Flow Margin	4.88%	7.99%	4.66%	-1.18%	-12.39%
Free Cash Flow Per Share	0.55	0.77	0.45	-0.08	-0.42
Cash Income Tax Paid	121.14	82.02	124.84	39.5	-18.82
Levered Free Cash Flow	233.99	260.44	135.6	-156.83	-252.1
Unlevered Free Cash Flow	233.99	265.68	144.68	-151.05	-251.51
Change in Working Capital	-82.64	93.72	18.17	-223.81	-286.42

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