SHE:300002 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	1,428	887.18	541.48	384.52
Depreciation & Amortization	50.13	154.74	157.89	132.78
Other Amortization	78.8	0.67	1.8	3.63
Loss (Gain) From Sale of Assets	-0.17	0.21	-6.7	0.01
Asset Writedown & Restructuring Costs	108.27	82.66	78.19	4.63
Loss (Gain) From Sale of Investments	-19.38	2.88	-7.5	57.9
Provision & Write-off of Bad Debts	11.93	1.1	2.73	49.75
Other Operating Activities	-285.75	-16.53	-8.47	10.92
Change in Accounts Receivable	194.18	-207.94	94.86	-486.79
Change in Inventory	13.61	-10.97	-8.29	33.29
Change in Accounts Payable	104.39	42.47	92.56	193.77
Change in Other Net Operating Assets	-32.13	118.33	116.34	39.89
Operating Cash Flow	1,648	1,078	1,045	410.6
Operating Cash Flow Growth	52.83%	3.20%	154.48%	-35.99%
Capital Expenditures	-163.87	-169.08	-101.73	-186.64
Sale of Property, Plant & Equipment	0.15	0.72	16.05	0.9
Cash Acquisitions	-1.15	-7.55	-0.89	-
Divestitures	-	-0.02	74.57	7.65
Investment in Securities	-1,605	-523.34	90.37	-31.53
Other Investing Activities	44.24	-24.67	-0.27	0.44
Investing Cash Flow	-1,726	-723.94	78.1	-209.18
Short-Term Debt Issued	17.04	40.84	151	182.66
Total Debt Issued	17.04	40.84	151	182.66
Short-Term Debt Repaid	-26.39	-70.5	-238.28	-351.01
Long-Term Debt Repaid	-15.23	-12.63	-6.27	-5.1
Total Debt Repaid	-41.62	-83.13	-244.55	-356.11
Net Debt Issued (Repaid)	-24.58	-42.29	-93.55	-173.45
Issuance of Common Stock	22.77	19.18	0.83	-
Repurchase of Common Stock	-	-	-50.02	-
Common Dividends Paid	-118.2	-60.01	-56.15	-11.53
Other Financing Activities	-107.98	-4.03	-30.59	4.49
Financing Cash Flow	-228	-87.16	-229.47	-180.49
Foreign Exchange Rate Adjustments	21.5	39.55	67.37	-19.15
Net Cash Flow	-284.03	306.83	960.9	1.78
Free Cash Flow	1,484	909.3	943.17	223.96
Free Cash Flow Growth	63.22%	-3.59%	321.14%	-60.52%
Free Cash Flow Margin	23.00%	15.25%	19.63%	5.19%
Free Cash Flow Per Share	0.76	0.47	0.48	0.12
Cash Income Tax Paid	304.05	227.9	169.89	162.02
Levered Free Cash Flow	793.07	625.27	744.63	86.35
Unlevered Free Cash Flow	793.53	625.71	748.97	98.12
Change in Working Capital	276.57	-34.54	285.49	-233.54

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