SHE:002859 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	203.5	202.17	255.62	165.87	388.95
Depreciation & Amortization	184.68	168.03	136.94	113.73	78.03
Other Amortization	5.07	3.1	3.64	3.57	2.09
Loss (Gain) From Sale of Assets	-0.09	-0.24	-0.24	-0.56	0.52
Asset Writedown & Restructuring Costs	3.85	0.54	1.01	17.21	-
Loss (Gain) From Sale of Investments	0.64	1.65	0.94	-	-0.56
Provision & Write-off of Bad Debts	-	5.36	8.36	-8.07	2.32
Other Operating Activities	79.63	53.08	20.13	-24.59	17.85
Change in Accounts Receivable	-186.13	-235.44	-261.39	99.3	-98.83
Change in Inventory	-78.26	-55.5	-48.8	13.44	-77.76
Change in Accounts Payable	107.42	114.58	120.35	-66.68	95.31
Change in Other Net Operating Assets	8.63	-	-15.32	27.27	1.27
Operating Cash Flow	326.26	254.59	238.85	351.49	416.48
Operating Cash Flow Growth	28.15%	6.59%	-32.05%	-15.60%	66.24%
Capital Expenditures	-821.16	-1,031	-582.04	-530.32	-826.81
Sale of Property, Plant & Equipment	0.6	3.62	0.26	0.14	0.4
Cash Acquisitions	-16.07	-17.44	-0.28	-12	-
Investment in Securities	-28.6	-	-86.3	-15	115
Other Investing Activities	0.07	0.07	-	-	0.56
Investing Cash Flow	-865.17	-1,045	-668.36	-557.18	-710.85
Long-Term Debt Issued	1,621	1,757	891.19	1,058	944.91
Long-Term Debt Repaid	-872.68	-672.88	-879.35	-957.14	-559.95
Net Debt Issued (Repaid)	748.55	1,084	11.84	100.93	384.97
Issuance of Common Stock	-	-	-	590.79	-
Repurchase of Common Stock	-	-134	-24.59	-	-74.84
Common Dividends Paid	-168.36	-187.63	-82.64	-127.38	-115.22
Other Financing Activities	12.07	-1.66	-1.59	-1.59	59.5
Financing Cash Flow	592.26	761.12	-96.98	562.75	254.4
Foreign Exchange Rate Adjustments	-7.4	6.08	10.54	42	4.12
Net Cash Flow	45.95	-22.94	-515.95	399.06	-35.84
Free Cash Flow	-494.9	-776.39	-343.19	-178.83	-410.32
Free Cash Flow Margin	-23.56%	-42.73%	-21.83%	-13.74%	-22.04%
Free Cash Flow Per Share	-1.15	-1.80	-0.79	-0.44	-0.97
Cash Income Tax Paid	50.08	31.11	32.34	10.4	12.2
Levered Free Cash Flow	-791.39	-742.63	-400.16	-252.56	-471.23
Unlevered Free Cash Flow	-791.39	-709.42	-381.27	-230.87	-457.56
Change in Working Capital	-151.02	-179.1	-187.55	84.33	-72.71

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