SHE:300760 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	8,136	11,668	11,582	9,607	8,002
Depreciation & Amortization	1,699	1,469	1,010	885.06	700.41
Other Amortization	47.65	34.42	29.16	26.31	16.65
Loss (Gain) From Sale of Assets	-10.72	-4.24	-2.46	-6.16	-4.07
Asset Writedown & Restructuring Costs	16.47	1.75	274.92	0.74	0.62
Loss (Gain) From Sale of Investments	-115.44	-178.72	-69.56	5.06	-0.81
Provision & Write-off of Bad Debts	195.27	298.93	244.18	36.78	-5.94
Other Operating Activities	771.05	388.97	33.63	-145.31	-103.06
Change in Accounts Receivable	-345.55	-347.15	-680.91	-1,047	-153.44
Change in Inventory	-677.85	-782.05	-201.43	-523.01	-133.63
Change in Accounts Payable	583.91	402.21	-769.19	3,094	615.09
Change in Other Net Operating Assets	-177.47	-78.85	253.87	382.89	5.4
Operating Cash Flow	10,145	12,432	11,062	12,141	8,999
Operating Cash Flow Growth	-18.40%	12.38%	-8.89%	34.92%	1.45%
Capital Expenditures	-2,038	-1,959	-2,689	-1,916	-1,402
Sale of Property, Plant & Equipment	38.42	30.74	21.66	73.33	21.73
Cash Acquisitions	-	-5,773	-870.82	-	-3,520
Investment in Securities	1,348	311.61	2,689	-1,558	-
Other Investing Activities	142.32	7.18	156.15	180.02	88.32
Investing Cash Flow	-509.4	-7,383	-692.93	-3,220	-4,812
Long-Term Debt Issued	19.71	15.14	-	-	-
Total Debt Issued	19.71	15.14	-	-	-
Long-Term Debt Repaid	-162.08	-162.94	-142.46	-103.35	-537.94
Total Debt Repaid	-162.08	-162.94	-142.46	-103.35	-537.94
Net Debt Issued (Repaid)	-142.37	-147.79	-142.46	-103.35	-537.94
Issuance of Common Stock	-	-	-	152.43	-
Repurchase of Common Stock	-148.93	-5.4	-6.08	-999.94	-999.99
Common Dividends Paid	-5,615	-8,743	-10,670	-4,233	-3,039
Other Financing Activities	-817.77	13.98	42.47	-10.54	-27.71
Financing Cash Flow	-6,724	-8,882	-10,776	-5,194	-4,605
Foreign Exchange Rate Adjustments	-194.71	72.19	101.37	113.82	-171.45
Net Cash Flow	2,717	-3,761	-305.22	3,841	-589.78
Free Cash Flow	8,107	10,473	8,373	10,226	7,596
Free Cash Flow Growth	-22.59%	25.07%	-18.11%	34.62%	-1.19%
Free Cash Flow Margin	24.36%	28.52%	23.97%	33.67%	30.06%
Free Cash Flow Per Share	6.69	8.65	6.91	8.45	6.25
Cash Income Tax Paid	2,387	3,293	3,100	2,712	2,069
Levered Free Cash Flow	6,213	6,577	3,871	7,485	4,887
Unlevered Free Cash Flow	6,228	6,590	3,879	7,492	4,893
Change in Working Capital	-594.54	-1,246	-2,040	1,731	393.3

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