SHE:002972 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	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	87.43	88.09	62.16	122.35	151.41
Depreciation & Amortization	17.03	16.49	14.6	12.83	11.52
Other Amortization	0.75	0.82	0.81	0.77	0.68
Loss (Gain) From Sale of Assets	0	-	-	-0.06	-0.47
Asset Writedown & Restructuring Costs	36.37	4.43	1.25	2.32	18.33
Loss (Gain) From Sale of Investments	-6.35	-7.58	-8.91	-13.66	-10.87
Provision & Write-off of Bad Debts	-	-	-	25.77	-
Other Operating Activities	-7.33	0.44	2.51	13.43	-1.74
Change in Accounts Receivable	49.51	70.72	21.03	-155.83	-124.8
Change in Inventory	26.73	-18.54	-48.52	-20.86	29.79
Change in Accounts Payable	-2.55	36.11	-73.24	60.92	7.22
Operating Cash Flow	193.25	179.83	-33.56	45.36	74.77
Operating Cash Flow Growth	7.46%	-	-	-39.33%	-8.47%
Capital Expenditures	-15.2	-17.45	-15.91	-34.72	-34.77
Sale of Property, Plant & Equipment	0.02	-	0.01	0.13	0.64
Cash Acquisitions	-	-	-	-	-0.43
Investment in Securities	107	-77.67	-	-	-
Other Investing Activities	18.4	2.31	3.89	-89.68	-9.13
Investing Cash Flow	110.22	-92.81	-12.01	-124.27	-43.7
Short-Term Debt Issued	40	59.93	-	80	-
Total Debt Issued	40	59.93	-	80	-
Short-Term Debt Repaid	-60	-10	-50	-30	-
Long-Term Debt Repaid	-4.69	-5.13	-7.59	-4.19	-7.8
Total Debt Repaid	-64.69	-15.13	-57.59	-34.19	-7.8
Net Debt Issued (Repaid)	-24.69	44.8	-57.59	45.81	-7.8
Repurchase of Common Stock	-	-10	-	-15	-21
Common Dividends Paid	-73.93	-110.78	-104.53	-88.49	-35.02
Dividends Paid	-73.93	-110.78	-104.53	-88.49	-35.02
Financing Cash Flow	-98.62	-75.98	-162.12	-57.68	-63.83
Foreign Exchange Rate Adjustments	5.07	-2.24	6	1.7	0.29
Net Cash Flow	209.92	8.79	-201.68	-134.89	-32.46
Free Cash Flow	178.05	162.38	-49.47	10.64	40
Free Cash Flow Growth	9.65%	-	-	-73.39%	-41.34%
Free Cash Flow Margin	46.96%	50.87%	-20.23%	2.90%	9.98%
Free Cash Flow Per Share	0.72	0.66	-0.20	0.04	0.16
Cash Income Tax Paid	47.83	41.58	62.92	21.96	47.46
Levered Free Cash Flow	149.14	110.44	-80.22	6.02	-42.65
Unlevered Free Cash Flow	149.37	110.49	-80.22	6.98	-42.65
Change in Working Capital	65.33	77.15	-105.97	-118.39	-94.1

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