SHE:002912 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	69.41	59.92	114.24	-122.06	56.27
Depreciation & Amortization	30.9	33.29	34.84	36.48	35.01
Other Amortization	2.56	0.74	1.54	1.11	1.05
Loss (Gain) From Sale of Assets	0.87	1.53	-0.01	-0.71	-0.03
Asset Writedown & Restructuring Costs	21.58	21.95	-6.82	38.77	47.26
Loss (Gain) From Sale of Investments	-7.63	-10.87	-7.68	-10.7	-18.7
Other Operating Activities	11.61	-7.69	-7.41	-35.39	7.58
Change in Accounts Receivable	-57	137.26	-143.49	63.28	-75.64
Change in Inventory	-45.24	35.85	10.54	-69.63	-6.5
Change in Accounts Payable	68.18	-150.11	92.48	23.98	-132.52
Operating Cash Flow	95.25	121.87	88.23	-121.23	-109.99
Operating Cash Flow Growth	-21.84%	38.13%	-	-	-
Capital Expenditures	-13.01	-18.04	-16.97	-14.52	-121.8
Sale of Property, Plant & Equipment	0.94	0.51	0.04	0.86	0.56
Investment in Securities	70	-5	-295	390	-16
Other Investing Activities	7.45	6.74	3.65	9.09	18.3
Investing Cash Flow	65.38	-15.79	-308.28	385.42	-118.94
Short-Term Debt Issued	-	11.88	12.19	-	-
Total Debt Issued	-	11.88	12.19	-	-
Short-Term Debt Repaid	-11.88	-5.69	-6.5	-	-
Long-Term Debt Repaid	-2.87	-3.25	-2.81	-2.31	-2.01
Total Debt Repaid	-14.75	-8.94	-9.31	-2.31	-2.01
Net Debt Issued (Repaid)	-14.75	2.94	2.87	-2.31	-2.01
Issuance of Common Stock	-	-	-	-	19.79
Repurchase of Common Stock	-	-	-36.06	-108.82	-7.49
Common Dividends Paid	-34.21	-51.55	-0.11	-0.06	-70.09
Financing Cash Flow	-48.96	-48.61	-33.29	-111.19	-59.8
Foreign Exchange Rate Adjustments	-11.43	8.14	7.77	35.69	-7.37
Net Cash Flow	100.25	65.62	-245.57	188.69	-296.09
Free Cash Flow	82.25	103.83	71.26	-135.75	-231.79
Free Cash Flow Growth	-20.79%	45.70%	-	-	-
Free Cash Flow Margin	10.95%	15.77%	10.91%	-31.15%	-33.41%
Free Cash Flow Per Share	0.49	0.61	0.42	-0.79	-1.36
Cash Income Tax Paid	13.56	30.56	20.61	7.62	36.02
Levered Free Cash Flow	64.47	58.7	-33.37	-167.43	-263.22
Unlevered Free Cash Flow	64.59	58.98	-33.14	-167.25	-263.09
Change in Working Capital	-34.06	23	-40.48	-28.73	-238.42

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