SHE:001283 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	203.07	91.25	50.3	159.13	253.88
Depreciation & Amortization	327.5	310.47	200.43	157.57	111.67
Other Amortization	20.42	21.52	17.04	17.68	13.56
Loss (Gain) From Sale of Assets	-0.02	3.64	5.11	0.31	0.28
Asset Writedown & Restructuring Costs	65.78	0.75	-17.1	2.39	1.78
Loss (Gain) From Sale of Investments	-16.91	0.63	79.39	17.1	-75
Provision & Write-off of Bad Debts	-	4.32	5.5	0.52	-0.19
Other Operating Activities	108.14	142.91	34.16	120.08	25.84
Change in Accounts Receivable	-929.49	-914.45	-1,213	-211.84	-297.1
Change in Inventory	78.01	-199.95	-68.39	-158.59	-134.47
Change in Accounts Payable	826.4	1,054	1,130	251.2	230.91
Change in Other Net Operating Assets	79.19	-9.8	44.33	1.61	9.81
Operating Cash Flow	756.69	468.73	237.53	334.67	132.01
Operating Cash Flow Growth	61.44%	97.33%	-29.03%	153.53%	-61.04%
Capital Expenditures	-713.18	-1,016	-1,389	-708.43	-556.23
Sale of Property, Plant & Equipment	7.37	16.28	0.41	1.1	3.26
Investment in Securities	115	-146.76	63.4	-100	8.25
Other Investing Activities	10.24	-4.37	-61.85	-21.17	56.52
Investing Cash Flow	-580.56	-1,151	-1,387	-828.49	-488.2
Long-Term Debt Issued	1,144	1,079	1,321	531.38	465.59
Long-Term Debt Repaid	-1,106	-899.38	-570.24	-447.7	-197.69
Net Debt Issued (Repaid)	37.48	179.47	750.78	83.68	267.9
Issuance of Common Stock	79.1	-	1,149	964.3	-
Common Dividends Paid	-82.72	-91.09	-60.79	-33.3	-13.97
Other Financing Activities	-65.42	-243.32	-110.31	-25	-
Financing Cash Flow	-31.56	-154.93	1,728	989.68	253.93
Foreign Exchange Rate Adjustments	-6.42	-0.2	0.08	-16.52	2.89
Net Cash Flow	138.15	-837.64	579.18	479.33	-99.38
Free Cash Flow	43.51	-547.66	-1,151	-373.75	-424.23
Free Cash Flow Margin	0.74%	-10.72%	-25.35%	-10.66%	-12.79%
Free Cash Flow Per Share	0.53	-6.96	-14.19	-5.61	-7.07
Cash Income Tax Paid	-80.71	-148.37	-208.45	-222.85	-176.3
Levered Free Cash Flow	-315.82	-857.54	-386.97	-437.52	-340.51
Unlevered Free Cash Flow	-315.82	-790.64	-362.15	-417.39	-325.24
Change in Working Capital	48.71	-106.77	-137.29	-140.11	-199.82

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