SHE:300233 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	42.27	196.78	174.71	273.37	107.98
Depreciation & Amortization	321.52	319.26	308.17	255.77	224.03
Other Amortization	3.16	3.51	3.49	3.01	9.46
Loss (Gain) From Sale of Assets	-2.95	-1.45	2.16	-1.53	-1.02
Asset Writedown & Restructuring Costs	56.84	14.53	2.49	21.32	39.07
Loss (Gain) From Sale of Investments	-2.79	1.67	-0.59	8.68	-12.5
Provision & Write-off of Bad Debts	-	-2.49	2.77	-0.08	-4.52
Other Operating Activities	8.16	42.48	88.03	50.91	78.41
Change in Accounts Receivable	58.17	-28.11	-124.9	-314.2	-89.1
Change in Inventory	101.37	-115.59	32.08	-202.78	-133.37
Change in Accounts Payable	-263.48	-137.11	213.55	127.52	194.72
Change in Other Net Operating Assets	-	-	-16.46	21.35	-
Operating Cash Flow	319.64	296.59	664.08	255.63	437.19
Operating Cash Flow Growth	7.77%	-55.34%	159.78%	-41.53%	-19.95%
Capital Expenditures	-100.88	-142.61	-342.9	-373.67	-376.14
Sale of Property, Plant & Equipment	23.79	62.29	24.86	6.48	5.67
Divestitures	-	-	-	-0.96	-
Investment in Securities	-	-4	10	3.9	129.1
Other Investing Activities	-78.86	0.01	-1.95	6.42	9.84
Investing Cash Flow	-155.96	-84.32	-309.99	-357.82	-231.54
Long-Term Debt Issued	137.98	239	348.37	475.97	383.7
Long-Term Debt Repaid	-272.03	-283.38	-449.03	-418.99	-390.7
Net Debt Issued (Repaid)	-134.06	-44.38	-100.66	56.98	-7
Issuance of Common Stock	-	-	-	56.94	-
Repurchase of Common Stock	-	-55.01	-	-	-80.01
Common Dividends Paid	-162.51	-131.67	-83.52	-104.78	-105.19
Other Financing Activities	-2.14	-12.71	-59.13	-5.31	0.54
Financing Cash Flow	-298.7	-243.77	-243.31	3.83	-191.66
Foreign Exchange Rate Adjustments	1.84	5.96	3.47	4.3	-4.97
Net Cash Flow	-133.17	-25.54	114.24	-94.07	9.01
Free Cash Flow	218.76	153.97	321.18	-118.04	61.04
Free Cash Flow Growth	42.08%	-52.06%	-	-	-77.70%
Free Cash Flow Margin	7.99%	4.56%	9.08%	-3.37%	1.94%
Free Cash Flow Per Share	0.59	0.41	0.83	-0.31	0.16
Cash Income Tax Paid	195.64	172.91	155.47	114.1	151.12
Levered Free Cash Flow	317.05	16.33	251.22	115.33	9.67
Unlevered Free Cash Flow	317.05	27.88	266.8	132.09	26.57
Change in Working Capital	-106.57	-277.69	82.85	-355.82	-3.72

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