SHE:003025 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	154.55	181.78	97.59	139.32	123.46
Depreciation & Amortization	47.7	37.07	35.61	20.58	14.27
Other Amortization	-	0.61	-	-	-
Loss (Gain) From Sale of Assets	-0.05	-64.85	0.02	-0.79	-0.01
Asset Writedown & Restructuring Costs	4.51	-0.03	0.99	-	0.52
Loss (Gain) From Sale of Investments	-1.75	-1.9	-2.68	-10.36	-5.23
Provision & Write-off of Bad Debts	-	2.37	-1.3	2.58	-
Other Operating Activities	7.31	0.53	-0.31	-8.02	0.97
Change in Accounts Receivable	21.23	5.79	4.39	-51.97	19.38
Change in Inventory	-26.36	31.08	-12.1	-86.95	-103.21
Change in Accounts Payable	70.45	39.58	-8.59	18.01	78.97
Operating Cash Flow	275.46	230.07	112.56	25.63	131.37
Operating Cash Flow Growth	19.73%	104.39%	339.21%	-80.49%	7.07%
Capital Expenditures	-56.44	-129.98	-213.81	-107	-109.06
Sale of Property, Plant & Equipment	0.16	37.05	19.71	1.36	0.04
Investment in Securities	-35	10	45	191	-326
Other Investing Activities	1.85	2.01	2.68	10.36	5.23
Investing Cash Flow	-89.43	-80.91	-146.43	95.73	-429.79
Long-Term Debt Repaid	-	-0.17	-0.17	-	-
Total Debt Repaid	-	-0.17	-0.17	-	-
Net Debt Issued (Repaid)	-	-0.17	-0.17	-	-
Common Dividends Paid	-52.06	-47.33	-58.75	-50.65	-43.41
Other Financing Activities	-8.23	-	-0.57	-	-4.57
Financing Cash Flow	-60.28	-47.49	-59.49	-50.65	-47.98
Foreign Exchange Rate Adjustments	-5.83	1.98	2.02	10.07	-0.97
Net Cash Flow	119.92	103.65	-91.33	80.78	-347.38
Free Cash Flow	219.03	100.09	-101.25	-81.37	22.31
Free Cash Flow Growth	118.82%	-	-	-	-59.91%
Free Cash Flow Margin	29.84%	16.04%	-20.84%	-16.01%	4.67%
Free Cash Flow Per Share	0.77	0.35	-0.35	-0.29	0.08
Cash Income Tax Paid	49.24	59.77	17.36	21.09	33.58
Levered Free Cash Flow	190.75	88.43	-175.23	-110.38	-2.35
Unlevered Free Cash Flow	190.75	88.43	-175.22	-110.38	-2.35
Change in Working Capital	63.2	74.49	-17.36	-117.68	-2.6

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