SHE:300388 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	356.06	366.67	392.35	404.94	366.71
Depreciation & Amortization	515.21	474.95	456.51	456.38	448.11
Other Amortization	18.84	12.04	21.72	43.71	69.86
Loss (Gain) From Sale of Assets	0.79	-8.86	-2.75	-96.88	-10.22
Asset Writedown & Restructuring Costs	0.9	23.57	0.08	13.93	17.43
Loss (Gain) From Sale of Investments	-10.76	27.22	-14.69	-25.55	-49.7
Provision & Write-off of Bad Debts	163.21	100.72	92.91	11.73	26.34
Other Operating Activities	229.01	277.66	317.17	327.74	377.13
Change in Accounts Receivable	-423.11	-532.91	-397.97	-413.37	-540.51
Change in Inventory	-9.13	10.06	11.89	102.47	33.81
Change in Accounts Payable	-56.65	15.84	-424.44	-271.2	113.93
Change in Other Net Operating Assets	-	-	-14.13	59.59	79.8
Operating Cash Flow	737.39	744.59	418.73	630.19	928
Operating Cash Flow Growth	-0.97%	77.82%	-33.55%	-32.09%	6.88%
Capital Expenditures	-980.98	-685.39	-747.25	-641.91	-524.15
Sale of Property, Plant & Equipment	0.16	169.89	152.3	152.13	28.47
Divestitures	-	-	-	117	13.51
Investment in Securities	-1.64	-7.98	-36.8	-13.2	-96.8
Other Investing Activities	0.79	0.4	6.57	-	2.6
Investing Cash Flow	-981.67	-523.09	-625.18	-385.97	-576.37
Short-Term Debt Issued	0.92	-	-	-	-
Long-Term Debt Issued	3,536	4,022	3,323	6,081	2,743
Total Debt Issued	3,537	4,022	3,323	6,081	2,743
Long-Term Debt Repaid	-2,947	-3,818	-3,069	-6,023	-2,562
Net Debt Issued (Repaid)	589.97	204.02	253.62	58.36	180.92
Repurchase of Common Stock	-	-	-	-	-128.7
Common Dividends Paid	-321.78	-339.51	-391.05	-399.15	-427.86
Other Financing Activities	-4.11	-10.77	-18.07	-79.78	-
Financing Cash Flow	264.08	-146.26	-155.5	-420.56	-375.63
Foreign Exchange Rate Adjustments	0.4	-3	-3.13	1.09	-0.42
Net Cash Flow	20.21	72.24	-365.09	-175.26	-24.43
Free Cash Flow	-243.59	59.2	-328.52	-11.72	403.85
Free Cash Flow Margin	-6.63%	1.54%	-7.96%	-0.29%	9.02%
Free Cash Flow Per Share	-0.36	0.09	-0.48	-0.02	0.58
Cash Income Tax Paid	213.74	172.43	170.61	108.22	169.99
Levered Free Cash Flow	-567.37	-631.28	-196.61	-708.49	154.73
Unlevered Free Cash Flow	-423.54	-474.57	-19.4	-519.58	363.35
Change in Working Capital	-535.87	-529.38	-844.58	-505.81	-317.65

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