SHE:000045 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	68.42	89.37	79.27	73.31	55.73
Depreciation & Amortization	248.7	251.94	249.03	270.65	191.69
Other Amortization	5.27	2.93	2.16	1.82	1.17
Loss (Gain) From Sale of Assets	-1.16	-	-0	-0.03	0.6
Asset Writedown & Restructuring Costs	0.03	8.94	0.11	18.89	0.4
Loss (Gain) From Sale of Investments	-1.23	-2.25	-12.98	-19.38	-24.81
Provision & Write-off of Bad Debts	-8.5	-5.09	-4.13	4.62	4.98
Other Operating Activities	189.67	195.8	200.44	251.37	155
Change in Accounts Receivable	-34.64	29.43	-126.52	-81.47	-58.55
Change in Inventory	-233.23	-176.9	-304.03	1.25	-270.09
Change in Accounts Payable	111.34	-164.17	90.57	40.69	-64.6
Operating Cash Flow	347.79	231.26	184.77	490.24	-4.44
Operating Cash Flow Growth	50.39%	25.17%	-62.31%	-	-
Capital Expenditures	-238.97	-29.44	-64.07	-123.21	-447.62
Sale of Property, Plant & Equipment	3.37	-	0.01	0.1	0.08
Investment in Securities	-14.25	741.9	-386.5	204.07	174.13
Other Investing Activities	17.32	-637.25	13.77	18.08	14.88
Investing Cash Flow	-232.53	75.2	-436.79	99.03	-258.53
Long-Term Debt Issued	141.76	-	8	73.23	339.22
Total Debt Issued	141.76	-	8	73.23	339.22
Long-Term Debt Repaid	-53.96	-415.72	-112.16	-35.79	-4.82
Total Debt Repaid	-53.96	-415.72	-112.16	-35.79	-4.82
Net Debt Issued (Repaid)	87.8	-415.72	-104.16	37.44	334.4
Repurchase of Common Stock	-	-	-	-	-7.82
Common Dividends Paid	-42.12	-50.63	-57.32	-56.6	-38.31
Financing Cash Flow	45.67	-466.36	-161.49	-19.15	288.27
Foreign Exchange Rate Adjustments	-13.77	0.56	0.46	1.95	-1.24
Net Cash Flow	147.17	-159.34	-413.05	572.07	24.07
Free Cash Flow	108.82	201.82	120.7	367.03	-452.06
Free Cash Flow Growth	-46.08%	67.22%	-67.12%	-	-
Free Cash Flow Margin	3.36%	6.05%	3.92%	12.93%	-19.40%
Free Cash Flow Per Share	0.22	0.41	0.24	0.70	-0.89
Cash Income Tax Paid	41.98	11.02	49.56	-54.75	92.36
Levered Free Cash Flow	-5.61	152.86	56.29	293.08	-422.08
Unlevered Free Cash Flow	-1.16	164.02	73.38	312.54	-413.14
Change in Working Capital	-153.39	-310.38	-329.14	-111.01	-389.2

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