SHE:001382 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	100.39	134.88	164.37	110.76	96.44
Depreciation & Amortization	14.27	15.5	15.86	15.89	15.84
Other Amortization	3.09	0.57	0.41	0.65	0.36
Loss (Gain) From Sale of Assets	-	-	-0	-0	-
Asset Writedown & Restructuring Costs	1.51	1.6	0.06	0.18	0.33
Loss (Gain) From Sale of Investments	3.73	-0.36	-0.06	-1.24	-0.06
Provision & Write-off of Bad Debts	-	-	7.5	-7.61	7.79
Other Operating Activities	11.51	1.47	11.09	21.92	22.42
Change in Accounts Receivable	-203.99	-0.39	-234.51	-88.22	-464.17
Change in Inventory	-36.7	-22.93	-34.5	-30.33	-34.64
Change in Accounts Payable	-131.45	-176.27	-84.34	174.89	45.98
Change in Other Net Operating Assets	0.51	0.51	0.51	0.51	0.51
Operating Cash Flow	-242.51	-43.29	-154.75	199.09	-310.55
Capital Expenditures	-44.62	-5.24	-11.43	-18.66	-16.45
Sale of Property, Plant & Equipment	0.01	0.03	0.14	0.1	0.04
Investing Cash Flow	-44.6	-5.22	-11.29	-18.56	-16.41
Short-Term Debt Issued	-	-	509.29	-	-
Long-Term Debt Issued	315.22	250.15	-	495.41	706.49
Total Debt Issued	315.22	250.15	509.29	495.41	706.49
Short-Term Debt Repaid	-	-	-325.7	-	-
Long-Term Debt Repaid	-214.68	-350.22	-0.18	-546.7	-266.8
Total Debt Repaid	-214.68	-350.22	-325.88	-546.7	-266.8
Net Debt Issued (Repaid)	100.53	-100.07	183.42	-51.29	439.69
Issuance of Common Stock	423.83	-	-	-	-
Common Dividends Paid	-105.89	-4.58	-10.25	-21.08	-18.14
Other Financing Activities	-24.64	7	13	-24.38	-15.19
Financing Cash Flow	393.84	-97.66	186.16	-96.74	406.36
Net Cash Flow	106.72	-146.16	20.12	83.79	79.4
Free Cash Flow	-287.12	-48.53	-166.18	180.43	-327
Free Cash Flow Margin	-9.74%	-1.71%	-5.52%	6.53%	-11.30%
Free Cash Flow Per Share	-0.74	-0.14	-0.47	0.52	-0.95
Cash Income Tax Paid	79.01	102.55	107.33	96.57	72.52
Levered Free Cash Flow	-264.52	-33.78	-32.9	414.89	-92.1
Unlevered Free Cash Flow	-264.52	-33.78	-25.66	427.57	-78.34
Change in Working Capital	-377.01	-196.96	-353.97	58.54	-453.66

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