Shahe Industrial 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-150.36	16.45	521.77	248.68	35.42
Depreciation & Amortization	13.04	13.37	11.58	11.9	11.76
Other Amortization	1.14	1.36	1.71	1.91	1.64
Loss (Gain) From Sale of Assets	-	-	-	-	0.01
Asset Writedown & Restructuring Costs	0.1	0.01	0.06	0.04	-
Provision & Write-off of Bad Debts	-0.07	0.03	0.01	-0.01	-0.3
Other Operating Activities	90.08	5.39	9.57	15.61	45.96
Change in Accounts Receivable	0.75	-4.23	118.53	-1.39	-4.81
Change in Inventory	102.22	98.88	338.16	-118.29	-207.68
Change in Accounts Payable	29.57	-280.51	-506.99	173.71	69.43
Operating Cash Flow	75.77	-141.73	479.91	352.48	-72.48
Operating Cash Flow Growth	-	-	36.15%	-	-
Capital Expenditures	-0.09	-0.88	-12.74	-18.71	-19.48
Sale of Property, Plant & Equipment	0	0	0	0.01	0.05
Investing Cash Flow	-0.09	-0.88	-12.73	-18.71	-19.44
Long-Term Debt Issued	-	-	-	100	118
Long-Term Debt Repaid	-4.4	-5.45	-465.09	-25.35	-210.3
Net Debt Issued (Repaid)	-4.4	-5.45	-465.09	74.65	-92.3
Common Dividends Paid	-	-52.28	-35.65	-33.13	-20.21
Other Financing Activities	-	-	-	-12.21	-7.55
Financing Cash Flow	-4.4	-57.73	-500.74	29.32	-120.06
Foreign Exchange Rate Adjustments	-	0	0	0	-0
Net Cash Flow	71.28	-200.35	-33.56	363.09	-211.98
Free Cash Flow	75.68	-142.62	467.18	333.77	-91.97
Free Cash Flow Growth	-	-	39.97%	-	-
Free Cash Flow Margin	24.40%	-39.85%	33.63%	43.71%	-14.33%
Free Cash Flow Per Share	0.31	-0.59	1.93	1.38	-0.38
Cash Income Tax Paid	14.2	85.79	312.12	128.22	89.23
Levered Free Cash Flow	125.43	-91.31	328.26	74.38	96.69
Unlevered Free Cash Flow	127.93	-91.06	329.07	74.61	97.26
Change in Working Capital	121.84	-178.34	-64.78	74.36	-166.98

Source: S&P Global Market Intelligence. Standard template. Financial Sources.