SHE:002870 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	Dec '21 Dec 31, 2021
Net Income	134.84	155.26	161.18	86.26	50.1
Depreciation & Amortization	552	374.88	393.26	354.43	342.05
Other Amortization	15.53	143.19	12.38	12.28	9.98
Loss (Gain) From Sale of Assets	1.07	-5.81	-0.49	-0.61	0.21
Asset Writedown & Restructuring Costs	27.68	31.35	27.65	22.44	0.73
Loss (Gain) From Sale of Investments	-42.54	-4.84	55.3	43.78	78.38
Other Operating Activities	134.71	233.35	285.19	237.34	171.17
Change in Accounts Receivable	-207.43	-104.6	-189.83	-135.87	-44.2
Change in Inventory	-188.91	-97.2	-26.15	-250.23	-197.41
Change in Accounts Payable	196.42	39.28	165.18	206.39	61.95
Operating Cash Flow	533.89	712.6	845.81	510.12	424.65
Operating Cash Flow Growth	-25.08%	-15.75%	65.81%	20.13%	150.06%
Capital Expenditures	-325.08	-483.52	-398.4	-540.13	-297.13
Sale of Property, Plant & Equipment	34.05	22.14	8.27	5.48	0.72
Cash Acquisitions	-1.14	-397.66	-300	-200	-
Divestitures	196.6	-	-	-	-
Investment in Securities	-4.9	-2.2	92.65	530	44.01
Other Investing Activities	-25.78	7.36	8.39	-508.14	6.9
Investing Cash Flow	-126.26	-853.88	-589.09	-712.79	-245.5
Long-Term Debt Issued	1,661	2,116	1,723	1,125	671.75
Total Debt Issued	1,661	2,116	1,723	1,125	671.75
Short-Term Debt Repaid	-	-	-101.6	-	-
Long-Term Debt Repaid	-1,408	-1,575	-1,292	-1,101	-726.69
Total Debt Repaid	-1,408	-1,575	-1,394	-1,101	-726.69
Net Debt Issued (Repaid)	253.47	540.77	329.56	24.38	-54.94
Issuance of Common Stock	-	-	-	589.06	-
Common Dividends Paid	-139.35	-147.04	-151.59	-60.98	-94.11
Other Financing Activities	-357.8	117	-622.94	-30.8	-102.86
Financing Cash Flow	-243.68	510.73	-444.96	521.65	-251.91
Foreign Exchange Rate Adjustments	4.43	4.67	7.92	7.05	-5.3
Net Cash Flow	168.38	374.11	-180.33	326.03	-78.06
Free Cash Flow	208.81	229.08	447.41	-30	127.53
Free Cash Flow Growth	-8.85%	-48.80%	-	-	-20.37%
Free Cash Flow Margin	3.46%	3.88%	7.73%	-0.62%	2.61%
Free Cash Flow Per Share	1.58	1.74	3.39	-0.24	1.15
Cash Income Tax Paid	161.55	193.57	193.91	134.77	125.05
Levered Free Cash Flow	294.75	-280.07	292.22	-58.2	-19.87
Unlevered Free Cash Flow	294.75	-187.43	361.9	-9.37	30.49
Change in Working Capital	-289.4	-214.79	-88.66	-245.78	-227.97

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