SHE:002879 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	133.76	74.68	72.13	29.71	140.38
Depreciation & Amortization	72.18	64.65	40.77	35.73	30.33
Other Amortization	4.19	0.52	0.04	0.01	-
Loss (Gain) From Sale of Assets	-0.49	-2.21	-0.11	0.04	-0.13
Asset Writedown & Restructuring Costs	-0.03	0.19	1.07	0.02	0.24
Loss (Gain) From Sale of Investments	0.4	-0.62	-0.94	-8.8	-13.27
Provision & Write-off of Bad Debts	-2.03	3.71	6.35	14.43	3.35
Other Operating Activities	23.6	9.32	0.23	0.26	0.64
Change in Accounts Receivable	42.49	3.06	-5.59	-43.35	-51.9
Change in Inventory	5.17	-14.98	14.66	7.86	-41.71
Change in Accounts Payable	-38.06	-26.72	50.01	-41.94	32.45
Change in Other Net Operating Assets	-116.01	17.14	37.91	60.21	-
Operating Cash Flow	139.65	127.01	209.04	37.17	101.38
Operating Cash Flow Growth	9.96%	-39.24%	462.46%	-63.34%	25.50%
Capital Expenditures	-70.36	-74.51	-134.62	-187.57	-77.43
Sale of Property, Plant & Equipment	1.19	0.73	0.7	0.12	0.73
Cash Acquisitions	-15.81	-109	-	-	-
Investment in Securities	-	20.06	71.05	-78.74	353.21
Other Investing Activities	0.13	-0.15	0.3	0.4	-
Investing Cash Flow	-84.84	-162.87	-62.58	-265.8	276.51
Long-Term Debt Issued	315	-	-	-	-
Long-Term Debt Repaid	-154.75	-86.17	-1.8	-2.98	-1.71
Net Debt Issued (Repaid)	160.25	-86.17	-1.8	-2.98	-1.71
Issuance of Common Stock	34.4	-	-	97.27	32.21
Repurchase of Common Stock	-	-98.88	-	-	-
Common Dividends Paid	-42.69	-47.88	-28.97	-41.6	-41.33
Other Financing Activities	3	19.73	-	-	-
Financing Cash Flow	154.96	-213.2	-30.76	52.69	-10.83
Net Cash Flow	209.77	-249.07	115.7	-175.95	367.06
Free Cash Flow	69.29	52.5	74.42	-150.41	23.95
Free Cash Flow Growth	31.99%	-29.46%	-	-	171.65%
Free Cash Flow Margin	4.81%	4.23%	7.14%	-15.21%	2.26%
Free Cash Flow Per Share	0.40	0.29	0.39	-0.76	0.13
Cash Income Tax Paid	61.26	87.21	84.3	74.95	81.12
Levered Free Cash Flow	-4.58	-159.82	19.22	-57.4	8.11
Unlevered Free Cash Flow	-0.93	-158.78	19.36	-57.25	8.16
Change in Working Capital	-91.93	-23.23	89.5	-34.22	-60.16

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