SHE:300765 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	-241.13	53.73	434.44	726.28	393.23
Depreciation & Amortization	223.15	217.33	155.56	72.94	69.15
Other Amortization	0.08	-	-	-	-
Loss (Gain) From Sale of Assets	-2.78	-0.55	-	4.61	-
Asset Writedown & Restructuring Costs	3.66	2.94	1.82	-	13.19
Loss (Gain) From Sale of Investments	17.57	0.89	-12.58	-16.82	-21.31
Provision & Write-off of Bad Debts	8.01	-2.95	-4.85	7.8	6.03
Other Operating Activities	-372.29	-361.62	-305.12	-54.64	9.16
Change in Accounts Receivable	-203.08	253.91	224.79	-224.89	-119.21
Change in Inventory	-102.41	-176.63	-9.17	-24.82	-113.85
Change in Accounts Payable	473.24	-1,219	1,081	157.24	56.71
Change in Other Net Operating Assets	-	-	-845.85	-	-
Operating Cash Flow	-195.69	-1,235	721.14	640.72	292.09
Operating Cash Flow Growth	-	-	12.55%	119.36%	-16.32%
Capital Expenditures	-568.39	-477.78	-581.42	-114.05	-195.41
Sale of Property, Plant & Equipment	9.02	3.81	11.24	5.82	2.3
Cash Acquisitions	-29	-	-	-	-
Divestitures	-	-	-	-	118.79
Investment in Securities	235	-820	-1	416.52	-88.46
Other Investing Activities	14.85	2.53	-	3.59	7.43
Investing Cash Flow	-338.51	-1,291	-571.18	311.88	-155.36
Short-Term Debt Issued	3.2	-	-	-	-
Long-Term Debt Issued	-	-	-	20	-
Total Debt Issued	3.2	-	-	20	-
Long-Term Debt Repaid	-0.86	-1.57	-20.86	-0.86	-0.86
Total Debt Repaid	-0.86	-1.57	-20.86	-0.86	-0.86
Net Debt Issued (Repaid)	2.34	-1.57	-20.86	19.14	-0.86
Issuance of Common Stock	-	-	1,989	-	-
Repurchase of Common Stock	-	-316.78	-4.25	-0.07	-
Common Dividends Paid	-36.43	-374.16	-97.85	-82.07	-42
Other Financing Activities	458.28	300	-480.01	-	-
Financing Cash Flow	424.19	-392.51	1,386	-63.01	-42.86
Foreign Exchange Rate Adjustments	20.27	7.8	30.82	57.55	-6.88
Net Cash Flow	-89.75	-2,911	1,567	947.14	86.98
Free Cash Flow	-764.08	-1,713	139.72	526.67	96.67
Free Cash Flow Growth	-	-	-73.47%	444.79%	-58.21%
Free Cash Flow Margin	-35.41%	-86.47%	5.50%	20.05%	5.23%
Free Cash Flow Per Share	-0.55	-1.22	0.10	0.39	0.07
Cash Income Tax Paid	69.76	118.12	5.46	93.04	108.71
Levered Free Cash Flow	139.27	-1,164	1,127	434.79	-59.54
Unlevered Free Cash Flow	152.91	-1,160	1,138	434.92	-57.76
Change in Working Capital	168.04	-1,145	451.86	-99.45	-177.36

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