SHE:000153 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	94.8	160.83	159.29	154.43	122.98
Depreciation & Amortization	148.37	127.43	126.32	121.7	115.31
Other Amortization	14.59	16.5	14.44	13.02	10.94
Loss (Gain) From Sale of Assets	0.33	1.61	-4.38	0.25	0.51
Asset Writedown & Restructuring Costs	17.54	0.01	0.28	0.01	8.57
Loss (Gain) From Sale of Investments	-8.56	-3.94	1.58	-14.82	-9.73
Provision & Write-off of Bad Debts	-	7.38	0.69	4.51	1.54
Other Operating Activities	53.6	34.64	36.91	39.35	40.39
Change in Accounts Receivable	-52.62	-165.39	-238.77	-89.26	-114.07
Change in Inventory	46.05	-18.38	126.41	-44.9	-40.4
Change in Accounts Payable	-188.35	-33.2	54.5	261.41	138.84
Operating Cash Flow	119.3	126.24	254.75	439.99	264.62
Operating Cash Flow Growth	-5.50%	-50.45%	-42.10%	66.27%	-9.61%
Capital Expenditures	-220.61	-144.02	-152.12	-81.76	-159.84
Sale of Property, Plant & Equipment	0.41	0.47	3.1	5.63	1.05
Investment in Securities	-58.6	-117.18	-	-27	6.9
Other Investing Activities	8.56	9.27	5.36	3.74	0.34
Investing Cash Flow	-270.24	-251.45	-143.66	-99.39	-151.56
Long-Term Debt Issued	1,534	1,156	887.62	855.6	900.6
Total Debt Issued	1,534	1,156	887.62	855.6	900.6
Long-Term Debt Repaid	-1,234	-1,033	-993.2	-834.56	-1,002
Total Debt Repaid	-1,234	-1,033	-993.2	-834.56	-1,002
Net Debt Issued (Repaid)	299.89	123.08	-105.58	21.04	-100.99
Issuance of Common Stock	-	-	-	82.48	-
Repurchase of Common Stock	-	-0.18	-0.35	-	-
Common Dividends Paid	-81.16	-72.17	-64.17	-57.48	-26.28
Other Financing Activities	-155.6	-0.1	4.9	-308.31	-
Financing Cash Flow	63.12	50.63	-165.2	-262.27	-127.27
Foreign Exchange Rate Adjustments	-0.02	0.17	0.17	0.09	-0.34
Net Cash Flow	-87.84	-74.43	-53.93	78.42	-14.54
Free Cash Flow	-101.31	-17.78	102.64	358.23	104.78
Free Cash Flow Growth	-	-	-71.35%	241.90%	2.71%
Free Cash Flow Margin	-2.63%	-0.41%	2.40%	8.95%	2.87%
Free Cash Flow Per Share	-0.22	-0.04	0.22	0.81	0.24
Cash Income Tax Paid	176.72	206.74	282.07	180.28	181.46
Levered Free Cash Flow	236.02	-132.77	-126.98	450.22	-145.6
Unlevered Free Cash Flow	236.02	-113.79	-105.8	470.76	-121.06
Change in Working Capital	-201.38	-218.23	-80.37	121.54	-25.9

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