SHE:001311 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	234.33	424.93	496.57	447.16	385.55
Depreciation & Amortization	252.52	195.82	139.15	113.16	93.03
Other Amortization	26.5	27.51	38.08	44.08	37.84
Loss (Gain) From Sale of Assets	-0.69	-0.02	-0.32	-1.7	0.02
Asset Writedown & Restructuring Costs	37.8	-	16.33	0.43	-0.31
Loss (Gain) From Sale of Investments	-2.92	-6.17	-6.17	0.3	0.59
Provision & Write-off of Bad Debts	-	28.36	56.32	13.6	12.3
Other Operating Activities	14.44	23.75	25.31	29.56	25.67
Change in Accounts Receivable	-801.52	64.33	-396.09	-333.64	-319.19
Change in Inventory	-352.3	-295.97	51.52	-224.67	-185.36
Change in Accounts Payable	1,108	177.01	102.62	191.34	159.7
Change in Other Net Operating Assets	16.68	2.08	6.56	8.22	-3.17
Operating Cash Flow	506.25	609.13	510.72	283.69	206.73
Operating Cash Flow Growth	-16.89%	19.27%	80.03%	37.22%	-29.42%
Capital Expenditures	-535.45	-714.36	-942.36	-490.42	-168.95
Sale of Property, Plant & Equipment	0.7	0.34	1.29	3.14	0.41
Cash Acquisitions	-	-	-14.34	-	-
Investment in Securities	-91.47	185.68	-374.28	-	-
Other Investing Activities	133.3	-	0.88	-3.78	-0.49
Investing Cash Flow	-492.92	-528.35	-1,329	-491.05	-169.04
Long-Term Debt Issued	90	-	21.34	589.78	570.4
Long-Term Debt Repaid	-90	-51.77	-608.38	-357.51	-350.36
Net Debt Issued (Repaid)	-	-51.77	-587.05	232.27	220.04
Issuance of Common Stock	-	-	2,056	-	-
Common Dividends Paid	-160.1	-150.93	-109.05	-14.89	-214.52
Other Financing Activities	2.93	16.01	-23.72	-8.35	-7.67
Financing Cash Flow	-157.17	-186.69	1,336	209.03	-2.15
Foreign Exchange Rate Adjustments	-4.26	2.42	1.1	4.84	-1.11
Net Cash Flow	-148.1	-103.49	519.33	6.51	34.43
Free Cash Flow	-29.2	-105.23	-431.63	-206.73	37.78
Free Cash Flow Growth	-	-	-	-	-84.28%
Free Cash Flow Margin	-0.70%	-2.93%	-11.03%	-6.16%	1.36%
Free Cash Flow Per Share	-0.09	-0.34	-1.44	-0.89	0.16
Cash Income Tax Paid	113.98	178.22	179.34	190.54	136.44
Levered Free Cash Flow	390.07	-20.17	-639.97	-281.37	-175.73
Unlevered Free Cash Flow	390.07	-18.64	-633.78	-270.23	-165.49
Change in Working Capital	-55.74	-85.04	-254.53	-362.9	-347.95

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