SHE:002873 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	9.11	52.32	80.87	111.52	100.61
Depreciation & Amortization	39.43	36.12	23.34	25.45	22.81
Other Amortization	5.05	2.87	1.47	1.28	2.69
Loss (Gain) From Sale of Assets	0.78	-18.9	-	0.02	0.1
Asset Writedown & Restructuring Costs	3.78	0.71	0.07	0.12	0.37
Loss (Gain) From Sale of Investments	-0.01	-0.02	0.72	0.4	-
Provision & Write-off of Bad Debts	-	2.61	-0.27	0.52	1.73
Other Operating Activities	16.44	23.33	16.11	15.23	17.52
Change in Accounts Receivable	49.95	-38.03	7	-20.18	-8.45
Change in Inventory	-30.23	35.8	-1.2	-66.75	-40.35
Change in Accounts Payable	-11.11	-10	-52.08	1.79	25.94
Operating Cash Flow	83.73	88.13	77.78	75.82	124.3
Operating Cash Flow Growth	-4.99%	13.30%	2.59%	-39.00%	-29.28%
Capital Expenditures	-51.59	-61.45	-101.7	-129.2	-105.69
Sale of Property, Plant & Equipment	2.14	15.08	5	0.03	0.08
Cash Acquisitions	-2.99	-	-	-	-
Investment in Securities	-40	0	0	50	-112
Other Investing Activities	0.01	-	-	-	-
Investing Cash Flow	-92.43	-46.37	-96.7	-79.17	-217.61
Long-Term Debt Issued	532.75	680	506	347	273
Total Debt Issued	532.75	680	506	347	273
Long-Term Debt Repaid	-421.63	-577.29	-404	-278	-418.63
Total Debt Repaid	-421.63	-577.29	-404	-278	-418.63
Net Debt Issued (Repaid)	111.12	102.71	102	69	-145.63
Issuance of Common Stock	-	-	-	-	27.81
Repurchase of Common Stock	-	-129.48	-2.99	-3.1	-15.02
Common Dividends Paid	-41.42	-35.06	-42.53	-34.35	-30.33
Other Financing Activities	-5.44	-	-	-	-1.12
Financing Cash Flow	64.25	-61.83	56.48	31.54	-164.3
Foreign Exchange Rate Adjustments	-	-	0	-	-
Net Cash Flow	55.56	-20.07	37.57	28.19	-257.61
Free Cash Flow	32.14	26.68	-23.92	-53.38	18.61
Free Cash Flow Growth	20.48%	-	-	-	-82.71%
Free Cash Flow Margin	4.29%	3.11%	-2.51%	-4.91%	1.92%
Free Cash Flow Per Share	0.14	0.12	-0.10	-0.22	0.08
Cash Income Tax Paid	86.33	79.86	97.63	117.84	112
Levered Free Cash Flow	21.2	-6.5	-31.37	-97.92	-17.28
Unlevered Free Cash Flow	21.2	4.48	-23.99	-91.24	-6.9
Change in Working Capital	9.15	-10.9	-44.54	-78.71	-21.52

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