SHE:001298 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	76.2	30.14	55.88	99.22	186.49
Depreciation & Amortization	9.58	10.43	11.11	9.3	8.74
Other Amortization	3.24	3.04	1.45	0.67	0.29
Loss (Gain) From Sale of Assets	-0.02	0.05	0	-0.13	-0.1
Asset Writedown & Restructuring Costs	0	0	-	0.84	21.9
Loss (Gain) From Sale of Investments	-2.39	-6.07	-5.69	-0.84	-0.58
Provision & Write-off of Bad Debts	6.73	3.3	-43.76	-	-
Other Operating Activities	72.58	69.32	69.52	39.4	21.33
Change in Accounts Receivable	-761.66	-540.41	-84.74	179.56	-169.92
Change in Inventory	-220.75	18.83	-54.97	259.04	-426.68
Change in Accounts Payable	428.9	25.73	22.15	-383.9	177.1
Change in Other Net Operating Assets	5.42	13.22	4.3	-	0
Operating Cash Flow	-395.9	-379.79	-28.16	198.12	-180.98
Capital Expenditures	-3.01	-3.44	-10.5	-2.15	-2.9
Sale of Property, Plant & Equipment	-	0.01	-	-	-
Investment in Securities	1,347	1,671	-169.7	-102	-
Other Investing Activities	-1,304	-1,552	5.69	0.84	0.58
Investing Cash Flow	40.18	115.54	-174.51	-103.31	-2.32
Short-Term Debt Issued	4,306	4,846	5,237	5,859	5,800
Total Debt Issued	4,306	4,846	5,237	5,859	5,800
Short-Term Debt Repaid	-3,660	-4,775	-5,187	-6,101	-5,512
Long-Term Debt Repaid	-8.96	-9.51	-10.64	-9.35	-9.02
Total Debt Repaid	-3,669	-4,784	-5,198	-6,110	-5,521
Net Debt Issued (Repaid)	637.28	61.11	39.38	-251.14	279.7
Issuance of Common Stock	4.9	-	23.78	847.68	-
Repurchase of Common Stock	-0.27	-1.2	-	-	-
Common Dividends Paid	-51.92	-81.09	-74.48	-30.19	-15.28
Other Financing Activities	12.56	-15.56	-31.91	-61.12	-2.29
Financing Cash Flow	602.55	-36.75	-43.23	505.22	262.12
Foreign Exchange Rate Adjustments	-4.22	-8.83	0.38	-5.41	-0.74
Net Cash Flow	242.6	-309.82	-245.51	594.62	78.09
Free Cash Flow	-398.92	-383.23	-38.66	195.97	-183.88
Free Cash Flow Margin	-4.77%	-5.30%	-0.67%	3.06%	-2.69%
Free Cash Flow Per Share	-1.36	-1.27	-0.13	0.86	-0.84
Cash Income Tax Paid	36.21	7.74	18.4	53.45	49.99
Levered Free Cash Flow	-377.33	-467.84	-90.11	92.71	-223.22
Unlevered Free Cash Flow	-351.45	-435.63	-60.46	111.92	-212.23
Change in Working Capital	-561.83	-490.01	-116.67	49.66	-419.04

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