SHE:002947 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	531.92	456.85	281.39	193.4	31.26
Depreciation & Amortization	78.1	66.36	61.52	61.26	43.32
Other Amortization	9.66	6.85	4.76	17.28	4.43
Loss (Gain) From Sale of Assets	0.06	0.03	-4.29	-6.1	-0.46
Asset Writedown & Restructuring Costs	0.24	0	3.61	2.37	-0.05
Loss (Gain) From Sale of Investments	-15.41	-8.73	-13.94	-16.42	-17.08
Provision & Write-off of Bad Debts	4.84	21.17	11.1	13.14	15.44
Other Operating Activities	44.04	45.02	20.68	13.68	25.43
Change in Accounts Receivable	-96.03	-309.56	-212.94	-124.39	-390.72
Change in Inventory	-48.14	-116.5	62.01	-122.21	-130.02
Change in Accounts Payable	172.14	106.85	37.12	53.55	286.63
Change in Other Net Operating Assets	2.11	8.09	17.67	4.81	89.78
Operating Cash Flow	686.65	271.24	267.18	102.58	-44.8
Operating Cash Flow Growth	153.15%	1.52%	160.46%	-	-
Capital Expenditures	-72.19	-97.15	-216.46	-112.28	-181.09
Sale of Property, Plant & Equipment	3.69	1.18	31.53	0.91	0.74
Cash Acquisitions	-	-	-	-	-16.71
Investment in Securities	363.01	-878	336	-34	99
Other Investing Activities	13.61	9.4	12.48	16.43	17.08
Investing Cash Flow	308.12	-964.57	163.55	-128.93	-80.99
Short-Term Debt Issued	-	-	141.44	-	14.8
Long-Term Debt Issued	424.81	74.09	-	-	-
Total Debt Issued	424.81	74.09	141.44	-	14.8
Short-Term Debt Repaid	-	-	-	-	-11.65
Long-Term Debt Repaid	-82.15	-94.57	-106.23	-25.03	-19.54
Total Debt Repaid	-82.15	-94.57	-106.23	-25.03	-31.18
Net Debt Issued (Repaid)	342.66	-20.49	35.21	-25.03	-16.39
Issuance of Common Stock	-	744.7	-	22.59	346.1
Repurchase of Common Stock	-432.65	-30	-	-20	-102.27
Common Dividends Paid	-151.28	-114.88	-69.69	-35.27	-36.63
Other Financing Activities	-	-1.05	-0.3	-	-1.3
Financing Cash Flow	-241.26	578.28	-34.78	-57.71	189.51
Foreign Exchange Rate Adjustments	-12.31	14.44	-5.91	11.72	-5.72
Net Cash Flow	741.2	-100.6	390.05	-72.34	58
Free Cash Flow	614.47	174.09	50.72	-9.69	-225.89
Free Cash Flow Growth	252.97%	243.22%	-	-	-
Free Cash Flow Margin	21.50%	7.00%	2.79%	-0.63%	-19.99%
Free Cash Flow Per Share	2.40	0.73	0.22	-0.04	-1.01
Cash Income Tax Paid	72.95	-3.14	19	-19.12	-15.64
Levered Free Cash Flow	416.77	12.11	-69.45	-52.78	-361.48
Unlevered Free Cash Flow	419.81	14.57	-66.56	-50.45	-360.94
Change in Working Capital	33.21	-316.3	-97.64	-176.04	-147.1

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