SHE:002985 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	200.03	16.15	217.43	314.88	422.31
Depreciation & Amortization	76.47	69.02	83.84	57.8	41.32
Other Amortization	3.61	7.76	6.96	4.34	3.1
Loss (Gain) From Sale of Assets	0.01	0.24	-0.02	-0.01	-0.03
Asset Writedown & Restructuring Costs	0.55	9.47	0.21	0.64	-
Loss (Gain) From Sale of Investments	-2.68	-0.42	-1.1	-0.11	-
Provision & Write-off of Bad Debts	51.57	121.36	130.86	26.29	52.46
Other Operating Activities	-10.72	23.64	28.43	103.88	124.04
Change in Accounts Receivable	86.44	174.89	-171.87	-433.01	-553.35
Change in Inventory	-108.13	-169.76	-176.2	-178.78	-127.07
Change in Accounts Payable	83.49	-46.5	103.19	-43.79	192.84
Change in Other Net Operating Assets	-	-	-	9.05	3.71
Operating Cash Flow	378.43	184.52	200.62	-144.85	147.24
Operating Cash Flow Growth	105.10%	-8.03%	-	-	36.41%
Capital Expenditures	-66.66	-80.7	-121.72	-163.82	-122.22
Sale of Property, Plant & Equipment	0.01	0.55	-	0.05	-
Cash Acquisitions	-	-	-	-	-25.11
Investment in Securities	-5	-30	-30.3	-	-3.5
Other Investing Activities	-	0.42	1.1	-16.81	-
Investing Cash Flow	-71.65	-109.73	-150.93	-179.95	-151.36
Short-Term Debt Issued	-	-	-	-	83.02
Long-Term Debt Issued	-	309.98	-	-	-
Total Debt Issued	-	309.98	-	-	83.02
Short-Term Debt Repaid	-	-	-	-12.68	-30.37
Long-Term Debt Repaid	-320.99	-16.81	-11.93	-14	-9.01
Total Debt Repaid	-320.99	-16.81	-11.93	-26.68	-39.38
Net Debt Issued (Repaid)	-320.99	293.17	-11.93	-26.68	43.64
Issuance of Common Stock	2	-	0.1	-	-
Common Dividends Paid	-10.26	-120.41	-	-51.05	-45.84
Other Financing Activities	-4.11	-595.04	8.61	-35.54	428.3
Financing Cash Flow	-333.36	-422.28	-3.22	-113.28	426.1
Foreign Exchange Rate Adjustments	-0.01	-	-	-	-
Net Cash Flow	-26.59	-347.5	46.47	-438.08	421.98
Free Cash Flow	311.77	103.82	78.9	-308.67	25.02
Free Cash Flow Growth	200.30%	31.59%	-	-	-70.09%
Free Cash Flow Margin	33.96%	19.30%	8.27%	-30.93%	2.21%
Free Cash Flow Per Share	0.94	0.32	0.24	-0.93	0.07
Cash Income Tax Paid	-61.97	-55.54	69.76	208.96	188.2
Levered Free Cash Flow	240.28	594.48	33.76	-1,007	488.31
Unlevered Free Cash Flow	243.18	600.68	35.39	-1,006	490.46
Change in Working Capital	59.59	-62.72	-266	-652.55	-495.95

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