SHE:001277 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	86.57	140.32	162.33	104.92	102.08
Depreciation & Amortization	51.56	44.72	38.83	36.34	15.33
Other Amortization	30.77	27.89	17.46	13.36	2.73
Loss (Gain) From Sale of Assets	0.05	-1.13	0.04	-0.37	-0.47
Asset Writedown & Restructuring Costs	0.25	0.4	0.12	0.23	1.44
Loss (Gain) From Sale of Investments	-8.37	-1.9	-2.98	-3.49	-3.21
Provision & Write-off of Bad Debts	8.5	15.25	8.88	15.7	3.74
Other Operating Activities	22.14	12.78	22.29	18.35	8.21
Change in Accounts Receivable	-41.02	14.36	-12.46	-129.36	-230.14
Change in Inventory	-73.51	44.7	-51.02	24.63	-220.02
Change in Accounts Payable	18.64	-141.59	-39.84	-49.44	367.59
Change in Other Net Operating Assets	-0.88	2.09	1.14	0.82	2.32
Operating Cash Flow	94.35	159.4	155.67	38.52	40.13
Operating Cash Flow Growth	-40.81%	2.39%	304.18%	-4.01%	-41.99%
Capital Expenditures	-96.38	-102.34	-28.66	-86.57	-103.84
Sale of Property, Plant & Equipment	0.86	0.68	0.05	0.86	2.6
Investment in Securities	155	-369	-	-	1.1
Other Investing Activities	25.33	8.06	10.73	0.01	0.13
Investing Cash Flow	84.81	-462.6	-17.88	-85.7	-100.01
Short-Term Debt Issued	7	6	-	-	-
Long-Term Debt Issued	-	-	229.7	80.17	107.24
Total Debt Issued	7	6	229.7	80.17	107.24
Short-Term Debt Repaid	-7	-185	-	-	-
Long-Term Debt Repaid	-5.03	-10.65	-266.63	-30.53	-9.5
Total Debt Repaid	-12.03	-195.65	-266.63	-30.53	-9.5
Net Debt Issued (Repaid)	-5.03	-189.65	-36.93	49.64	97.74
Issuance of Common Stock	-	553	-	-	-
Common Dividends Paid	-42.15	-4.75	-8.45	-38.53	-4.14
Other Financing Activities	0.38	-4.73	16.09	-2.73	1.91
Financing Cash Flow	-46.8	353.88	-29.29	8.38	95.51
Net Cash Flow	132.35	50.68	108.51	-38.81	35.63
Free Cash Flow	-2.03	57.06	127.02	-48.05	-63.71
Free Cash Flow Growth	-	-55.08%	-	-	-
Free Cash Flow Margin	-0.19%	4.89%	10.13%	-4.46%	-7.75%
Free Cash Flow Per Share	-0.03	0.90	2.23	-0.84	-1.12
Cash Interest Paid	0.3	-	-	-	-
Cash Income Tax Paid	43.94	74.14	117.79	45.99	83.63
Levered Free Cash Flow	22.43	6.75	80.5	-41.08	-
Unlevered Free Cash Flow	22.67	9.88	85.41	-36.44	-
Change in Working Capital	-97.12	-78.92	-91.28	-146.52	-89.73

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