SHE:300009 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	Dec '21 Dec 31, 2021
Net Income	735.19	706.95	847.23	703.26	206.63
Depreciation & Amortization	123.34	121.09	101.11	86.57	80.95
Other Amortization	3.48	3.06	1.94	2.3	7.79
Loss (Gain) From Sale of Assets	-6.3	-1.09	-0.12	1.2	-1.68
Asset Writedown & Restructuring Costs	0.38	0.15	1.49	4.47	323.44
Loss (Gain) From Sale of Investments	-20.14	-26.04	15.44	-24.66	-3.86
Provision & Write-off of Bad Debts	8.33	7.19	20.12	5.37	4.62
Other Operating Activities	33.28	15.86	13.3	11.02	3.7
Change in Accounts Receivable	-129.4	-20.45	-214.07	-37.65	-114.19
Change in Inventory	14.14	-69.93	-30.55	-36.62	-27.47
Change in Accounts Payable	97.03	-69.59	131.79	-75.73	123.87
Change in Other Net Operating Assets	24.84	35.37	81.68	16.37	1.2
Operating Cash Flow	863.22	685.37	952.97	698.98	592.17
Operating Cash Flow Growth	25.95%	-28.08%	36.34%	18.04%	27.41%
Capital Expenditures	-126.89	-117.22	-195.34	-474.34	-131.23
Sale of Property, Plant & Equipment	17.59	0.89	0.25	3.58	1.76
Cash Acquisitions	-	-1.2	-8.13	-	-
Divestitures	-	-	1.89	2.01	-
Investment in Securities	-366.92	-91.42	-447.98	-101.07	-103.07
Other Investing Activities	23.22	38.7	32.04	25.94	61.44
Investing Cash Flow	-453	-170.25	-617.27	-543.88	-171.1
Short-Term Debt Issued	7	5	-	3	-
Total Debt Issued	7	5	-	3	-
Short-Term Debt Repaid	-	-	-3.03	-	-14
Long-Term Debt Repaid	-15.93	-10.37	-7.24	-7.56	-3.63
Total Debt Repaid	-15.93	-10.37	-10.27	-7.56	-17.63
Net Debt Issued (Repaid)	-8.93	-5.37	-10.27	-4.56	-17.63
Issuance of Common Stock	23.99	-	18.81	167.35	-
Repurchase of Common Stock	-	-	-	-40.06	-
Common Dividends Paid	-413.48	-415.57	-411.05	-327.61	-273.52
Other Financing Activities	-65.31	-54.44	1.51	51.73	14.85
Financing Cash Flow	-463.73	-475.38	-400.99	-153.15	-276.3
Foreign Exchange Rate Adjustments	-6.89	0.08	-0.11	0.06	-0.01
Net Cash Flow	-60.4	39.82	-65.4	2.01	144.76
Free Cash Flow	736.33	568.15	757.64	224.64	460.94
Free Cash Flow Growth	29.60%	-25.01%	237.27%	-51.27%	41.27%
Free Cash Flow Margin	27.82%	22.40%	26.44%	9.64%	21.25%
Free Cash Flow Per Share	0.44	0.34	0.45	0.14	0.29
Cash Income Tax Paid	236.28	223.79	226.59	233.17	193.24
Levered Free Cash Flow	519.22	360.54	591.82	194.46	450.42
Unlevered Free Cash Flow	520.43	362.04	592.99	195.41	451.44
Change in Working Capital	-14.34	-141.79	-47.53	-90.56	-29.42

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