SHE:002876 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	47.09	68.09	42.8	206.42	337.52
Depreciation & Amortization	233.85	166.4	130.19	110.59	81.79
Other Amortization	12.06	7.96	6.52	4.78	3.83
Loss (Gain) From Sale of Assets	0.02	-0.02	-0	-	-
Asset Writedown & Restructuring Costs	1.73	3.65	1.29	12.37	32.93
Loss (Gain) From Sale of Investments	31.18	11.74	-0.95	-1.47	-1.43
Provision & Write-off of Bad Debts	13.76	19.8	33	-	-
Other Operating Activities	117.31	69.8	53.55	34.3	14.72
Change in Accounts Receivable	-327.15	-313.36	-179.95	193.68	-228.82
Change in Inventory	-108.08	-245.7	-23.92	-124.51	-126.27
Change in Accounts Payable	184.19	269.7	0.2	-48.82	64.27
Change in Other Net Operating Assets	-	-	-	16.33	2.76
Operating Cash Flow	193.1	42.21	41.5	404.25	173.35
Operating Cash Flow Growth	357.45%	1.70%	-89.73%	133.19%	7.38%
Capital Expenditures	-349.84	-480.52	-678.89	-251.51	-142.52
Sale of Property, Plant & Equipment	-	0	0.14	-	0.73
Investment in Securities	-291.7	-58	358.7	40	-250
Other Investing Activities	-25.27	-12.85	3.02	0.78	0.46
Investing Cash Flow	-666.81	-551.37	-317.03	-210.72	-391.33
Long-Term Debt Issued	3,599	2,615	1,845	1,732	1,712
Long-Term Debt Repaid	-2,941	-2,052	-1,605	-1,898	-1,524
Net Debt Issued (Repaid)	657.54	563.08	239.91	-166.36	188.53
Issuance of Common Stock	-	-	-	6.46	45.74
Repurchase of Common Stock	-	-11	-	-	-32.87
Common Dividends Paid	-74.5	-38.61	-56.94	-85.73	-57.72
Other Financing Activities	-	-35.11	0.05	-47.75	-
Financing Cash Flow	583.04	478.36	183.02	-293.38	143.68
Foreign Exchange Rate Adjustments	-10.45	16.35	6.87	7.57	3.07
Net Cash Flow	98.88	-14.46	-85.63	-92.29	-71.22
Free Cash Flow	-156.75	-438.31	-637.39	152.74	30.84
Free Cash Flow Growth	-	-	-	395.32%	-
Free Cash Flow Margin	-4.25%	-16.93%	-30.83%	7.03%	1.34%
Free Cash Flow Per Share	-0.90	-2.51	-3.72	0.88	0.18
Cash Income Tax Paid	49.8	69.52	92.69	79.85	187.11
Levered Free Cash Flow	-185.27	-518.78	-614.98	19.58	-25.38
Unlevered Free Cash Flow	-149.18	-498.86	-598.69	39.15	-4.52
Change in Working Capital	-263.91	-305.21	-224.89	37.25	-296.01

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