SHE:002988 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	118.37	209.4	181.3	-111.42	139.15
Depreciation & Amortization	146.27	139.48	126.46	118.69	95.81
Other Amortization	3.89	5.35	3.02	1.7	1.08
Loss (Gain) From Sale of Assets	6.73	-0.12	-0.33	-1.35	-0.13
Asset Writedown & Restructuring Costs	36.34	1.43	3.53	27.92	1.54
Loss (Gain) From Sale of Investments	9.25	0.95	5.23	-1.1	-1.87
Provision & Write-off of Bad Debts	-	27.42	32.68	42.45	37.48
Other Operating Activities	130.44	96.56	122.74	150.54	72.66
Change in Accounts Receivable	-374.32	-369.55	-394.65	48.18	-775.09
Change in Inventory	-5.09	-76.77	78.65	-147.47	-174.83
Change in Accounts Payable	310.01	185.7	106.35	-257.47	277.19
Change in Other Net Operating Assets	-	-	-	40.22	-
Operating Cash Flow	380.65	219.64	270.33	-117.86	-332.82
Operating Cash Flow Growth	73.30%	-18.75%	-	-	-
Capital Expenditures	-198.32	-194.13	-275.87	-266.54	-400.44
Sale of Property, Plant & Equipment	6.41	1.46	3.5	4.25	0.42
Investment in Securities	-8	10.02	-	-	-
Other Investing Activities	15.18	146.24	-158.41	-8.91	3.7
Investing Cash Flow	-184.73	-36.41	-430.78	-271.21	-396.32
Long-Term Debt Issued	1,705	2,156	1,803	2,638	1,809
Long-Term Debt Repaid	-1,646	-1,991	-1,465	-1,998	-1,406
Net Debt Issued (Repaid)	58.54	165.08	337.58	640.01	402.44
Repurchase of Common Stock	-	-45	-161.18	-	-
Common Dividends Paid	-103.62	-126.68	-73.7	-127.61	-100.45
Other Financing Activities	-207.66	4.5	-3	-42.82	-4
Financing Cash Flow	-252.74	-2.09	99.7	469.59	297.99
Foreign Exchange Rate Adjustments	1.27	0.98	1.32	-1.43	-0.53
Net Cash Flow	-55.55	182.12	-59.43	79.09	-431.69
Free Cash Flow	182.33	25.51	-5.55	-384.41	-733.27
Free Cash Flow Growth	614.70%	-	-	-	-
Free Cash Flow Margin	2.34%	0.38%	-0.09%	-7.10%	-13.10%
Free Cash Flow Per Share	0.72	0.10	-0.02	-1.66	-3.15
Cash Income Tax Paid	103	85.61	63.73	44.83	50.98
Levered Free Cash Flow	257.28	-113.59	-237.82	-495.25	-951.22
Unlevered Free Cash Flow	257.28	-55.54	-173.81	-421.01	-906.64
Change in Working Capital	-70.65	-260.82	-204.3	-345.3	-678.54

Source: S&P Global Market Intelligence. Standard template. Financial Sources.