Shunfa Hengneng 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	82.35	84.89	331.33	161.94	95.55
Depreciation & Amortization	105.47	43.51	41.63	41.39	41.93
Other Amortization	4.89	0.61	0.06	0.06	0.09
Loss (Gain) From Sale of Assets	19.29	0	-0	1.6	-0
Asset Writedown & Restructuring Costs	12.61	-8.48	5.02	-30.84	13.82
Loss (Gain) From Sale of Investments	-49.18	-56.53	-54.76	-54.28	-43.61
Provision & Write-off of Bad Debts	-	-	-	-	-0.29
Other Operating Activities	7.99	6.92	7.88	17.17	-7.58
Change in Accounts Receivable	12.17	86.71	-80.32	0.34	-67.89
Change in Inventory	16.22	65.69	1,821	-108.68	-205.9
Change in Accounts Payable	-233.77	-132.86	-2,022	401.68	1,638
Change in Other Net Operating Assets	16.43	12.4	9.39	11.36	23.72
Operating Cash Flow	-6.17	106.62	60.91	452.23	1,495
Operating Cash Flow Growth	-	75.04%	-86.53%	-69.76%	-
Capital Expenditures	-135.66	-67.35	-9.38	-17.15	-1.49
Sale of Property, Plant & Equipment	7.45	0.01	0.01	0.31	0.02
Investment in Securities	-	-166.09	201.29	-1,346	337.55
Other Investing Activities	656.6	-	-	-	-
Investing Cash Flow	528.4	-233.43	191.92	-1,362	336.07
Long-Term Debt Issued	300.35	-	-	-	407
Long-Term Debt Repaid	-277	-20.96	-50.05	-155.5	-514.05
Net Debt Issued (Repaid)	23.35	-20.96	-50.05	-155.5	-107.05
Issuance of Common Stock	-	348.05	2.57	-	-
Repurchase of Common Stock	-	-	-	-220.15	-188.11
Common Dividends Paid	-75.71	-234.17	-604.19	-8.63	-37.05
Other Financing Activities	-43.56	-	-	-45.63	-188.65
Financing Cash Flow	-95.92	92.92	-651.67	-429.91	-520.85
Net Cash Flow	426.31	-33.88	-398.83	-1,340	1,311
Free Cash Flow	-141.82	39.27	51.53	435.09	1,494
Free Cash Flow Growth	-	-23.79%	-88.16%	-70.88%	-
Free Cash Flow Margin	-28.77%	12.54%	2.30%	141.63%	549.31%
Free Cash Flow Per Share	-0.07	0.02	0.02	0.19	0.63
Cash Income Tax Paid	317.25	65.09	72.59	117.59	158.9
Levered Free Cash Flow	32.46	658.36	38.67	283.56	1,354
Unlevered Free Cash Flow	32.46	658.57	39.86	288.79	1,362
Change in Working Capital	-189.59	35.69	-270.24	315.2	1,396

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