SHE:003008 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	88.19	85.56	58.79	69.01	64.25
Depreciation & Amortization	54.61	52.7	55.92	38.21	32.15
Other Amortization	0.19	0.78	0.19	0.13	-
Loss (Gain) From Sale of Assets	-	-	-	-0	-
Asset Writedown & Restructuring Costs	2.66	0.37	0.11	0.03	0.3
Loss (Gain) From Sale of Investments	-12.62	-15.46	-12.73	-12.84	-10.79
Provision & Write-off of Bad Debts	-	0.09	0.79	0.16	-
Other Operating Activities	0.9	0.03	0.03	0.05	0.02
Change in Accounts Receivable	-6.23	-1.45	-13.31	0.9	7.32
Change in Inventory	1.08	0.44	-0.31	-0.98	-0.77
Change in Accounts Payable	-6.43	-13.86	17.57	12.82	-4.5
Operating Cash Flow	121.94	109.29	107.16	107.81	88.7
Operating Cash Flow Growth	11.58%	1.98%	-0.60%	21.55%	-13.20%
Capital Expenditures	-28.15	-39.27	-47.74	-97.68	-86.48
Sale of Property, Plant & Equipment	0.02	0.03	0.02	0.02	0.17
Investment in Securities	70	-15	-133.48	67.88	-54.57
Other Investing Activities	13.23	16.97	12.74	-	-
Investing Cash Flow	55.1	-37.28	-168.46	-29.78	-140.87
Long-Term Debt Repaid	-	-0.19	-0.19	-0.18	-0.1
Net Debt Issued (Repaid)	-	-0.19	-0.19	-0.18	-0.1
Common Dividends Paid	-119.6	-60.4	-40	-40	-48
Other Financing Activities	-0.2	-	-	-	-
Financing Cash Flow	-119.8	-60.59	-40.19	-40.18	-48.1
Net Cash Flow	57.25	11.41	-101.49	37.84	-100.27
Free Cash Flow	93.79	70.01	59.42	10.13	2.22
Free Cash Flow Growth	33.97%	17.83%	486.73%	356.21%	-95.76%
Free Cash Flow Margin	40.30%	31.63%	31.14%	6.49%	1.54%
Free Cash Flow Per Share	0.90	0.67	0.58	0.10	0.02
Cash Income Tax Paid	17.43	43.76	27.33	4.79	15.52
Levered Free Cash Flow	59.67	58.99	32.02	12.01	-11.01
Unlevered Free Cash Flow	59.67	59.01	32.04	12.04	-10.99
Change in Working Capital	-11.98	-14.78	4.05	13.07	2.76

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