SHE:300408 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	2,618	2,190	1,581	1,505	2,011
Depreciation & Amortization	729.16	649.33	601.33	535.48	380.07
Other Amortization	14.99	9.79	8.1	8.89	7.44
Loss (Gain) From Sale of Assets	-0.37	1.34	-1.93	1.27	3.85
Asset Writedown & Restructuring Costs	2.94	9.46	3.53	4.05	27.61
Loss (Gain) From Sale of Investments	-72.17	-66.89	-111.56	-117.74	-74.99
Provision & Write-off of Bad Debts	15.7	12.53	23.34	-17.55	17.67
Other Operating Activities	-112.71	-64.29	-90.11	84.31	25.45
Change in Accounts Receivable	-575.3	-164.88	-566.13	623.99	-793.36
Change in Inventory	-237.61	-453.46	131.28	-159.41	-901.45
Change in Accounts Payable	490.16	257.65	99.25	-335.01	392.11
Operating Cash Flow	2,878	2,403	1,719	2,074	1,154
Operating Cash Flow Growth	19.74%	39.80%	-17.11%	79.66%	-1.75%
Capital Expenditures	-580.09	-639.04	-545.88	-1,125	-1,910
Sale of Property, Plant & Equipment	3.73	29.46	14.36	61.38	4.69
Investment in Securities	-515.39	-808.06	-3,353	-2,840	-45.6
Other Investing Activities	267.4	63.71	109.86	96.81	74.51
Investing Cash Flow	-824.36	-1,354	-3,775	-3,807	-1,877
Short-Term Debt Issued	-	-	1,105	-	-
Long-Term Debt Issued	30	471.93	-	-	-
Total Debt Issued	30	471.93	1,105	-	-
Short-Term Debt Repaid	-	-	-454.86	-	-90
Long-Term Debt Repaid	-10.04	-1,124	-6.24	-11.15	-7.88
Total Debt Repaid	-10.04	-1,124	-461.1	-11.15	-97.88
Net Debt Issued (Repaid)	19.96	-651.87	643.87	-11.15	-97.88
Issuance of Common Stock	-	-	-	-	3,880
Repurchase of Common Stock	-175.44	-	-	-	-
Common Dividends Paid	-726.63	-553.66	-489.93	-613.28	-454.23
Other Financing Activities	-11.57	-	-	-4.5	-0.28
Financing Cash Flow	-893.68	-1,206	153.94	-628.93	3,328
Foreign Exchange Rate Adjustments	-14.43	-0.46	7.44	10	-8.15
Net Cash Flow	1,145	-156.8	-1,895	-2,352	2,598
Free Cash Flow	2,298	1,764	1,173	949.06	-756.04
Free Cash Flow Growth	30.24%	50.38%	23.60%	-	-
Free Cash Flow Margin	25.51%	23.92%	20.48%	18.43%	-12.16%
Free Cash Flow Per Share	1.20	0.92	0.61	0.50	-0.41
Cash Income Tax Paid	819.02	655.86	625.76	350.97	540.36
Levered Free Cash Flow	1,706	845.32	577.81	431.36	-1,178
Unlevered Free Cash Flow	1,719	862.64	591.86	436.92	-1,174
Change in Working Capital	-318.32	-338.61	-294.72	70.46	-1,244

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