SHE:300026 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	22.22	21.47	506.63	624.24	687.32
Depreciation & Amortization	331.19	335.18	346.11	306.8	261.47
Other Amortization	27.92	33.46	27.09	30.31	32.14
Loss (Gain) From Sale of Assets	-0.7	-1.08	-1.06	-0.01	2.87
Asset Writedown & Restructuring Costs	167.47	47.67	27.57	2.36	81.71
Loss (Gain) From Sale of Investments	3.66	5.63	1.4	-3.16	22.98
Provision & Write-off of Bad Debts	-	100.51	54.84	74.21	85.59
Other Operating Activities	97.68	97.93	78.28	57.76	54.13
Change in Accounts Receivable	252.02	-10.92	690.83	172.98	-1,041
Change in Inventory	255.25	158.12	223.74	-914.09	106.36
Change in Accounts Payable	-329.86	135.65	-430.08	380.85	97.1
Change in Other Net Operating Assets	-6.02	5.19	5.51	16.45	-5.51
Operating Cash Flow	811.34	852.24	1,530	745.35	391.6
Operating Cash Flow Growth	-4.80%	-44.30%	105.29%	90.33%	99.12%
Capital Expenditures	-130.25	-193.12	-347.12	-770.27	-677.45
Sale of Property, Plant & Equipment	0.7	0.39	1.89	0.22	2.79
Divestitures	-	-1.59	-53.03	-	0.21
Investment in Securities	0.66	6.79	-3.13	34.72	14.73
Other Investing Activities	1.54	-	-1.53	6.88	17.44
Investing Cash Flow	-127.34	-170.26	-402.92	-728.44	-642.27
Long-Term Debt Issued	55.33	56.51	439.2	843.39	1,603
Total Debt Issued	55.33	56.51	439.2	843.39	1,603
Short-Term Debt Repaid	-	-	-	-	-0.82
Long-Term Debt Repaid	-352.52	-868.3	-1,044	-802.29	-967.76
Total Debt Repaid	-352.52	-868.3	-1,044	-802.29	-968.58
Net Debt Issued (Repaid)	-297.19	-811.79	-604.34	41.1	634.9
Common Dividends Paid	-105.4	-137.11	-154.7	-190.79	-157.84
Other Financing Activities	-67.43	-11.74	-9.46	-0.92	-12.26
Financing Cash Flow	-470.01	-960.64	-768.5	-150.6	464.8
Foreign Exchange Rate Adjustments	-3.46	4.29	5.49	22.91	-6.27
Net Cash Flow	210.53	-274.37	364.17	-110.78	207.85
Free Cash Flow	681.09	659.12	1,183	-24.93	-285.85
Free Cash Flow Growth	3.33%	-44.28%	-	-	-
Free Cash Flow Margin	13.78%	11.40%	19.36%	-0.38%	-3.73%
Free Cash Flow Per Share	0.37	0.31	0.40	-0.01	-0.10
Cash Income Tax Paid	451.99	481.3	434.17	439.93	619.4
Levered Free Cash Flow	786.93	576.51	679.83	-320.75	-610.66
Unlevered Free Cash Flow	786.93	604.55	718.32	-277.21	-579.35
Change in Working Capital	161.9	211.48	489.23	-347.16	-836.61

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