SHE:001309 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	688.33	350.55	25	67.5	98.17
Depreciation & Amortization	56.45	46.71	38.65	21.58	12.57
Other Amortization	48.31	35.42	18.31	16.27	4.23
Loss (Gain) From Sale of Assets	0.21	-15.58	1.73	-0.8	-
Asset Writedown & Restructuring Costs	0.07	0.07	-	-	-
Loss (Gain) From Sale of Investments	-0.76	-19.24	2.14	-33.02	-
Provision & Write-off of Bad Debts	10.46	0.79	5.27	6.65	0.83
Other Operating Activities	244.42	177.04	78	58.38	28.74
Change in Accounts Receivable	-1,294	-53.89	4.31	-376.72	-74.07
Change in Inventory	-2,590	-2,546	-1,170	-215.24	-129.46
Change in Accounts Payable	462.23	693.58	-19.32	122.66	64.56
Change in Other Net Operating Assets	145.1	51.24	18.17	2.74	9.44
Operating Cash Flow	-2,241	-1,263	-1,015	-330.74	10.62
Capital Expenditures	-493.68	-123.67	-102.16	-122.34	-57.15
Sale of Property, Plant & Equipment	0.41	15.56	1.84	-	-
Divestitures	-	-	-	31.87	-
Investment in Securities	509.83	3.34	-346.44	-178.55	-
Other Investing Activities	-562.51	-14.96	539.08	-	-
Investing Cash Flow	-545.95	-119.72	92.32	-269.03	-57.15
Short-Term Debt Issued	-	-	-	-	303.14
Long-Term Debt Issued	5,957	4,295	2,223	555.75	-
Total Debt Issued	5,957	4,295	2,223	555.75	303.14
Short-Term Debt Repaid	-	-	-	-	-182.42
Long-Term Debt Repaid	-3,204	-3,176	-1,055	-499.34	-6.25
Total Debt Repaid	-3,204	-3,176	-1,055	-499.34	-188.67
Net Debt Issued (Repaid)	2,753	1,118	1,169	56.41	114.47
Issuance of Common Stock	13.15	1,032	26.72	532.65	-
Common Dividends Paid	-184.2	-106.9	-45.47	-13.02	-18.52
Other Financing Activities	-5.57	7.95	-4.82	-25.81	-29.55
Financing Cash Flow	2,576	2,052	1,145	550.22	66.4
Foreign Exchange Rate Adjustments	2.73	-16.55	-9.14	8.43	-1.89
Net Cash Flow	-207.75	652.3	212.74	-41.11	17.99
Free Cash Flow	-2,735	-1,387	-1,118	-453.08	-46.52
Free Cash Flow Margin	-25.35%	-29.06%	-62.93%	-38.05%	-4.31%
Free Cash Flow Per Share	-12.04	-6.69	-5.43	-2.54	-0.30
Cash Income Tax Paid	-39.67	-34.82	8.49	37.95	26.5
Levered Free Cash Flow	-3,150	-1,570	-1,219	-514.68	-86.09
Unlevered Free Cash Flow	-3,060	-1,508	-1,196	-504.14	-75.88
Change in Working Capital	-3,288	-1,839	-1,185	-467.29	-133.92

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