SHE:300896 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	1,291	1,958	1,858	1,264	957.98
Depreciation & Amortization	59.12	45.16	44.49	26.43	18.67
Other Amortization	16.31	9.88	8.12	2.2	1.04
Loss (Gain) From Sale of Assets	-0.03	-0.07	-0.01	-0	0.01
Asset Writedown & Restructuring Costs	-0.22	0	0.12	2.79	2.62
Loss (Gain) From Sale of Investments	-156.36	-99.01	-23.59	-62.54	-45.85
Provision & Write-off of Bad Debts	-	-1.88	4.12	-	-
Other Operating Activities	40.61	0.97	-0.83	7.17	1.67
Change in Accounts Receivable	53.98	50.95	-102.61	-25.2	-60.5
Change in Inventory	-3.81	-16.45	-3.06	-5.61	-8.14
Change in Accounts Payable	29.32	-8.91	138.31	-29.31	70.2
Change in Other Net Operating Assets	-	-15.2	47	-	-
Operating Cash Flow	1,324	1,927	1,954	1,194	942.78
Operating Cash Flow Growth	-31.29%	-1.38%	63.67%	26.64%	121.48%
Capital Expenditures	-170.7	-239.24	-63.68	-155.68	-23.03
Sale of Property, Plant & Equipment	0.05	0.02	0.02	0	0.01
Cash Acquisitions	-1,396	-5.17	-70	-238.92	-
Investment in Securities	1,064	-2,166	-1,173	-573.76	-651.53
Other Investing Activities	62.56	52.79	27.46	24.65	26.77
Investing Cash Flow	-439.54	-2,357	-1,279	-943.71	-647.78
Long-Term Debt Repaid	-26.2	-20.42	-15.46	-15.27	-8.75
Net Debt Issued (Repaid)	-26.2	-20.42	-15.46	-15.27	-8.75
Issuance of Common Stock	417.45	30.49	-	-	-
Repurchase of Common Stock	-	-	-399.78	-	-
Common Dividends Paid	-1,523	-499.9	-1,005	-454.36	-420.7
Other Financing Activities	-0.88	-0.3	40.15	95.45	-57.85
Financing Cash Flow	-1,132	-490.13	-1,380	-374.18	-487.3
Foreign Exchange Rate Adjustments	-38.99	0.45	-0.83	-	-
Net Cash Flow	-286.68	-919.88	-705.74	-123.96	-192.3
Free Cash Flow	1,154	1,688	1,890	1,038	919.75
Free Cash Flow Growth	-31.66%	-10.71%	82.07%	12.88%	133.69%
Free Cash Flow Margin	47.03%	55.79%	65.88%	53.55%	63.52%
Free Cash Flow Per Share	3.82	5.61	6.26	3.43	3.04
Cash Income Tax Paid	476.51	557.64	416.65	294.75	195.61
Levered Free Cash Flow	1,037	1,202	1,238	725.24	626.99
Unlevered Free Cash Flow	1,041	1,204	1,239	727.21	628.32
Change in Working Capital	73.77	14.53	63.17	-45.67	6.64

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