SHE:001389 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 2021	FY 2020
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	1,016	676.1	414.69	101.09	155.53
Depreciation & Amortization	212.89	174.46	166.53	92.59	50.21
Other Amortization	19.73	2.54	2.05	1.95	1.21
Loss (Gain) From Sale of Assets	1.4	0.63	0.58	-0.57	-0.63
Asset Writedown & Restructuring Costs	2.03	7.62	2.11	47.83	10.66
Loss (Gain) From Sale of Investments	-14.37	11.96	41.54	-	-1.49
Provision & Write-off of Bad Debts	40.54	17.18	12.4	12.52	0.12
Other Operating Activities	95.95	80.98	25.37	4.46	5.28
Change in Accounts Receivable	-895.77	-426.28	-237.5	-339.13	-26.94
Change in Inventory	-379.85	-133.41	-74.66	-301.44	-51.05
Change in Accounts Payable	879.55	394.27	161.53	605.87	167.24
Change in Other Net Operating Assets	64.21	15.39	6.55	7.13	6.39
Operating Cash Flow	1,032	796.28	527.51	219.43	333.55
Operating Cash Flow Growth	29.55%	50.95%	140.40%	-34.21%	30.22%
Capital Expenditures	-1,309	-827.51	-404.07	-488.5	-444.11
Sale of Property, Plant & Equipment	5.25	0.14	1.71	2.27	2.04
Investment in Securities	88	-290	-	-	3
Other Investing Activities	4.33	-6.36	-22.51	6.53	7.52
Investing Cash Flow	-1,212	-1,124	-424.86	-479.69	-431.55
Long-Term Debt Issued	395.56	220.8	320.37	287.21	206.08
Long-Term Debt Repaid	-234.65	-203.8	-260.23	-234.39	-79.25
Net Debt Issued (Repaid)	160.91	17	60.14	52.82	126.83
Issuance of Common Stock	11.04	733.24	-	214.5	31.23
Common Dividends Paid	-220.94	-119.52	-14.3	-4.41	-5.08
Other Financing Activities	-20.24	-21.65	-2.7	-18.79	-31.58
Financing Cash Flow	-69.22	609.07	43.13	244.12	121.39
Foreign Exchange Rate Adjustments	24.79	4.25	3.37	-6.4	-8.23
Net Cash Flow	-224.7	285.87	149.16	-22.54	15.16
Free Cash Flow	-277.86	-31.23	123.45	-269.06	-110.56
Free Cash Flow Margin	-5.07%	-0.84%	4.61%	-12.96%	-6.88%
Free Cash Flow Per Share	-0.65	-0.08	0.32	-0.74	-0.32
Cash Income Tax Paid	-84.64	-47.51	-49.32	-162.18	-81.87
Levered Free Cash Flow	-770.58	-87.98	-	-58.43	-125.18
Unlevered Free Cash Flow	-760.22	-78.06	-	-54.82	-121.3
Change in Working Capital	-342.38	-175.18	-137.76	-40.43	112.66

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