SHE:002922 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	200.24	292.1	209.32	191.45	194.78
Depreciation & Amortization	179.02	120.2	89.29	59.77	47.6
Other Amortization	12.98	1.2	1.14	0.45	0.59
Loss (Gain) From Sale of Assets	0.34	-16.74	-0.55	-0.83	-121.88
Asset Writedown & Restructuring Costs	0.64	3.05	3.44	2.61	17.74
Loss (Gain) From Sale of Investments	-3.33	-17.26	-19.02	3.56	-17.09
Provision & Write-off of Bad Debts	2.43	15.81	62.1	4.87	4.35
Other Operating Activities	100.5	106.19	77.19	14.51	15.34
Change in Accounts Receivable	223.18	-808.45	-596.7	-347.74	-458.28
Change in Inventory	-231.86	-252.58	-119.21	37.65	-184.9
Change in Accounts Payable	180.99	736.22	485.46	216.79	425.74
Operating Cash Flow	640.52	179.45	174.01	185.55	-67.83
Operating Cash Flow Growth	256.94%	3.12%	-6.22%	-	-
Capital Expenditures	-1,277	-1,749	-549.61	-255.55	-157.4
Sale of Property, Plant & Equipment	3.85	33.37	1.21	0.61	139.16
Cash Acquisitions	-20.21	-	-	-	-
Investment in Securities	58.33	586.29	-485.85	-57.3	168.98
Other Investing Activities	6.07	7.36	7.31	1.3	16.66
Investing Cash Flow	-1,229	-1,122	-1,027	-310.93	167.4
Long-Term Debt Issued	2,429	1,977	1,116	526.95	274.09
Total Debt Issued	2,429	1,977	1,116	526.95	274.09
Long-Term Debt Repaid	-1,849	-800.55	-1,047	-311.45	-446.04
Total Debt Repaid	-1,849	-800.55	-1,047	-311.45	-446.04
Net Debt Issued (Repaid)	579.82	1,177	68.71	215.49	-171.95
Issuance of Common Stock	415.62	45.39	1,202	22.38	-
Repurchase of Common Stock	-3.71	-93.32	-8.38	-	-0.95
Common Dividends Paid	-165.04	-149.1	-100.19	-69.95	-49.08
Other Financing Activities	-11.65	-102.23	-17.29	-	-
Financing Cash Flow	815.04	877.52	1,145	167.93	-221.98
Foreign Exchange Rate Adjustments	-10.16	-17.96	5.96	17.53	-2.86
Net Cash Flow	216.41	-82.59	298	60.08	-125.27
Free Cash Flow	-636.51	-1,569	-375.6	-70	-225.23
Free Cash Flow Margin	-12.09%	-33.80%	-10.35%	-2.48%	-10.10%
Free Cash Flow Per Share	-1.59	-4.03	-1.13	-0.23	-0.76
Cash Income Tax Paid	124.42	66.82	-1.16	-4.21	-32.46
Levered Free Cash Flow	-313.15	-2,443	-659.23	1.56	-199.34
Unlevered Free Cash Flow	-280.77	-2,416	-644.36	10.9	-191.34
Change in Working Capital	147.72	-325.1	-248.9	-90.83	-209.26

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