SHE:002896 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	62.46	72.55	73.15	66.36	81.36
Depreciation & Amortization	105.64	91.83	79.72	79.38	72.45
Other Amortization	0.42	1.23	-	-	-
Loss (Gain) From Sale of Assets	0.6	0.08	0.1	0.83	0.8
Asset Writedown & Restructuring Costs	15.28	0.02	0	0	0.28
Loss (Gain) From Sale of Investments	1.01	1.17	-0.02	-2.46	0.5
Provision & Write-off of Bad Debts	-	-1.09	0.81	0.61	0.24
Other Operating Activities	8.22	14.66	10.13	25.57	21.64
Change in Accounts Receivable	-139.06	38.16	-96.14	-62.93	1.62
Change in Inventory	-76.73	-23.08	73.07	-24.84	-104.26
Change in Accounts Payable	58.05	21.72	40.23	14.15	58.79
Operating Cash Flow	30.72	208.96	176.91	96.62	133.74
Operating Cash Flow Growth	-85.30%	18.12%	83.10%	-27.76%	-31.77%
Capital Expenditures	-150.36	-154.35	-199.46	-142.59	-166.66
Sale of Property, Plant & Equipment	1.13	0.07	0.21	0.43	2.1
Investment in Securities	7.28	-10	-	-2.25	-2.25
Other Investing Activities	-	2.36	-20.91	22.93	-
Investing Cash Flow	-141.95	-161.91	-220.16	-121.47	-166.81
Short-Term Debt Issued	-	190	154.5	-	-
Long-Term Debt Issued	209.4	-	-	210	467.23
Total Debt Issued	209.4	190	154.5	210	467.23
Short-Term Debt Repaid	-	-200	-149.5	-	-
Long-Term Debt Repaid	-100	-8.43	-8.56	-258.33	-176
Total Debt Repaid	-100	-208.43	-158.06	-258.33	-176
Net Debt Issued (Repaid)	109.4	-18.43	-3.56	-48.33	291.23
Common Dividends Paid	-42.91	-14.61	-14.5	-36.05	-37.3
Other Financing Activities	-9.21	-	-0.54	-0.7	-11.95
Financing Cash Flow	57.28	-33.04	-18.6	-85.08	241.98
Foreign Exchange Rate Adjustments	1.55	0.1	0.4	-0.96	-1.5
Net Cash Flow	-52.4	14.12	-61.46	-110.89	207.42
Free Cash Flow	-119.64	54.61	-22.55	-45.97	-32.92
Free Cash Flow Margin	-11.49%	5.59%	-2.08%	-5.12%	-3.45%
Free Cash Flow Per Share	-0.61	0.28	-0.11	-0.25	-0.19
Cash Income Tax Paid	49.54	74.68	43.39	31.61	40.26
Levered Free Cash Flow	43.03	48.11	-62.05	-83.66	-105.68
Unlevered Free Cash Flow	43.03	50.12	-59.48	-75.28	-100.5
Change in Working Capital	-162.91	28.51	13.02	-73.68	-43.53

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.