SHE:002119 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	Dec '21 Dec 31, 2021
Net Income	116.47	83.19	80.58	101.98	181.24
Depreciation & Amortization	91.78	90.21	88.57	84.21	78.81
Other Amortization	1.7	0.37	2.01	0.89	1.26
Loss (Gain) From Sale of Assets	-2.49	-0.33	-1.7	-2.62	2.47
Asset Writedown & Restructuring Costs	65.09	23.53	17.84	5.58	9.59
Loss (Gain) From Sale of Investments	-44.02	-22.97	-10.87	-2.09	3.53
Other Operating Activities	16.7	13.91	16.45	2.03	27.08
Change in Accounts Receivable	-188.12	-151.31	-184.98	249.56	-269.53
Change in Inventory	-167.28	-5.15	-67.69	27.47	-86.92
Change in Accounts Payable	192.18	13.98	67.16	-168.08	161.06
Operating Cash Flow	78.21	43.92	7.79	297.4	112.46
Operating Cash Flow Growth	78.08%	463.73%	-97.38%	164.45%	-29.93%
Capital Expenditures	-53.82	-16.28	-29.03	-24.48	-35.14
Sale of Property, Plant & Equipment	16.53	4.54	4.28	4.21	6.04
Investment in Securities	-24.08	3.86	-311.22	-38	4
Other Investing Activities	23.38	10.22	7.06	-0.13	-3.75
Investing Cash Flow	-38	2.35	-328.91	-58.41	-28.84
Short-Term Debt Issued	25	40	109.13	-	-
Long-Term Debt Issued	876.76	694.65	587.51	703.28	490
Total Debt Issued	901.76	734.65	696.64	703.28	490
Short-Term Debt Repaid	-40	-109.13	-	-	-
Long-Term Debt Repaid	-808.04	-694.51	-418.28	-837.95	-487.06
Total Debt Repaid	-848.04	-803.64	-418.28	-837.95	-487.06
Net Debt Issued (Repaid)	53.72	-68.99	278.36	-134.67	2.94
Repurchase of Common Stock	-100	-	-	-	-
Common Dividends Paid	-24.84	-28.52	-29.86	-37.77	-35.17
Financing Cash Flow	-71.12	-97.51	248.5	-172.44	-32.23
Foreign Exchange Rate Adjustments	-2.9	-0.2	0.65	10.46	-2.21
Net Cash Flow	-33.81	-51.44	-71.97	77.01	49.18
Free Cash Flow	24.39	27.64	-21.24	272.92	77.32
Free Cash Flow Growth	-11.77%	-	-	252.97%	-32.08%
Free Cash Flow Margin	1.11%	1.41%	-1.19%	16.03%	3.52%
Free Cash Flow Per Share	0.07	0.07	-0.06	0.72	0.20
Cash Income Tax Paid	19.99	12.3	22.11	51.7	31.55
Levered Free Cash Flow	23.19	38.09	-14.4	236.55	65.91
Unlevered Free Cash Flow	34.18	48.84	-2.68	250.06	83.96
Change in Working Capital	-167.02	-143.99	-185.07	107.43	-191.52

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