SHE:300294 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	112.7	396.99	237.47	432.2	344.53
Depreciation & Amortization	147.98	102.98	98.57	97.03	99.35
Other Amortization	16.76	13.98	15.39	13.74	13.63
Loss (Gain) From Sale of Assets	-5.1	0.61	-1.3	-0.07	0.87
Asset Writedown & Restructuring Costs	309.6	83.8	326.72	53.65	80.57
Loss (Gain) From Sale of Investments	-59.98	-65.58	-99.75	-43.84	-43.11
Provision & Write-off of Bad Debts	21.51	8.79	2.37	2.8	0.05
Other Operating Activities	-28	-16.59	14.46	13.92	31.26
Change in Accounts Receivable	-471.72	-211.49	40.02	-11.73	799.83
Change in Inventory	-12.6	-120.06	107.01	1.28	11.77
Change in Accounts Payable	102.14	116.59	-92.32	56.24	4.14
Change in Unearned Revenue	5.88	-4.01	-3.57	-4.13	-1.46
Change in Other Net Operating Assets	-	-	-	3.28	11.59
Operating Cash Flow	61.16	299.78	641.73	596.44	1,345
Operating Cash Flow Growth	-79.60%	-53.29%	7.59%	-55.67%	87.23%
Capital Expenditures	-535.31	-197.79	-87.5	-138.41	-68.12
Sale of Property, Plant & Equipment	3.06	1.82	3.26	0.33	4.41
Cash Acquisitions	-	-1,778	-	-	-
Divestitures	193.79	239.61	269	-	-
Investment in Securities	-397.98	975.51	-248.85	-500	-2,505
Other Investing Activities	55.52	111.26	78.33	77.86	32.4
Investing Cash Flow	-680.91	-647.53	14.25	-560.22	-2,536
Long-Term Debt Issued	47.04	-	22.15	-	251.85
Long-Term Debt Repaid	-5.87	-76.3	-24.98	-3.82	-563.55
Net Debt Issued (Repaid)	41.17	-76.3	-2.83	-3.82	-311.7
Issuance of Common Stock	-	-	-	-	2,400
Common Dividends Paid	-156.4	-232.41	-100.85	-83.19	-46.03
Other Financing Activities	-39.84	5.24	-132.97	2	-9.64
Financing Cash Flow	-155.07	-303.47	-236.65	-85.01	2,032
Foreign Exchange Rate Adjustments	-0.13	-	-	-	-
Net Cash Flow	-774.96	-651.23	419.33	-48.79	841.39
Free Cash Flow	-474.15	101.99	554.23	458.03	1,277
Free Cash Flow Growth	-	-81.60%	21.00%	-64.14%	121.72%
Free Cash Flow Margin	-23.03%	5.88%	20.90%	16.60%	48.19%
Free Cash Flow Per Share	-0.93	0.20	1.10	0.91	2.93
Cash Income Tax Paid	183.18	167.06	250.39	227.94	192.85
Levered Free Cash Flow	-361.32	16.4	376.4	354.85	1,141
Unlevered Free Cash Flow	-360.6	16.82	376.68	355.24	1,148
Change in Working Capital	-454.32	-225.2	47.79	27.01	818.22

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