SHE:003013 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	478.37	491.93	431.86	399.84	356.54
Depreciation & Amortization	89.07	69.95	81.18	81.18	69.45
Other Amortization	10.67	13.18	6.66	7.16	8.82
Loss (Gain) From Sale of Assets	-13.01	-	-	0.07	0.68
Asset Writedown & Restructuring Costs	16.18	0.2	0.2	30.76	82.21
Loss (Gain) From Sale of Investments	-10.97	-13.63	-14.47	-5.6	-7.18
Provision & Write-off of Bad Debts	-	122.2	125	16.41	8.61
Other Operating Activities	82.45	38.63	16.01	9.05	8.08
Change in Accounts Receivable	-382.7	-355.63	-609.47	-167.61	-263.81
Change in Inventory	-23.58	-83.34	-82.61	2.15	-82.27
Change in Accounts Payable	-136.42	-200.68	269.69	-6.68	264.14
Change in Other Net Operating Assets	2.83	-	-	-	-
Operating Cash Flow	78.43	37.62	184.91	342.75	404.74
Operating Cash Flow Growth	108.46%	-79.65%	-46.05%	-15.32%	45.66%
Capital Expenditures	-70.29	-297.52	-290.89	-155.1	-70.08
Sale of Property, Plant & Equipment	28.76	0.11	0.33	0.01	1.11
Investment in Securities	13.49	-32.15	-25	0.9	2.24
Other Investing Activities	64.51	-41.24	3.68	-	-
Investing Cash Flow	36.48	-370.79	-311.88	-154.19	-66.73
Short-Term Debt Issued	-	619.74	296	-	-
Long-Term Debt Issued	656.1	-	-	-	-
Total Debt Issued	656.1	619.74	296	-	-
Short-Term Debt Repaid	-	-596	-	-	-
Long-Term Debt Repaid	-547.08	-28.2	-42.12	-53.26	-47.35
Total Debt Repaid	-547.08	-624.2	-42.12	-53.26	-47.35
Net Debt Issued (Repaid)	109.02	-4.46	253.88	-53.26	-47.35
Issuance of Common Stock	-	69.53	-	-	-
Common Dividends Paid	-208.1	-208.48	-184.94	-160	-265.03
Other Financing Activities	-24.22	60.86	4.9	2.48	-0.91
Financing Cash Flow	-123.3	-82.55	73.84	-210.79	-313.29
Foreign Exchange Rate Adjustments	-0.19	-	-	-	-
Net Cash Flow	-8.58	-415.71	-53.13	-22.23	24.72
Free Cash Flow	8.14	-259.9	-105.98	187.65	334.66
Free Cash Flow Growth	-	-	-	-43.93%	-
Free Cash Flow Margin	0.32%	-9.46%	-4.12%	7.58%	14.06%
Free Cash Flow Per Share	0.02	-0.65	-0.27	0.47	0.83
Cash Income Tax Paid	231.89	170.28	132.38	130.32	190.67
Levered Free Cash Flow	-123.14	-233.1	-159.04	102.15	277.77
Unlevered Free Cash Flow	-123.14	-224.02	-154.28	103.9	279.61
Change in Working Capital	-574.32	-689.52	-461.52	-196.11	-122.47

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