SHE:300022 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	-11.23	-30.81	16.8	11.09	15.33
Depreciation & Amortization	23.6	22.9	23.22	21.52	15.93
Other Amortization	2.79	2.12	1.7	2.5	2.69
Loss (Gain) From Sale of Assets	0.05	-0.35	-0.96	-0.05	-0.11
Asset Writedown & Restructuring Costs	16.77	0.28	1.5	0.95	5.65
Loss (Gain) From Sale of Investments	0.38	-0.21	0.55	-0.05	-10.1
Provision & Write-off of Bad Debts	-	6.66	5.7	13.2	9.47
Other Operating Activities	55.97	53.01	83.48	110.09	108.19
Change in Accounts Receivable	-36.15	-36.88	82.03	-117.53	113.08
Change in Inventory	20.93	-31.71	-217.55	46.74	-119.81
Change in Accounts Payable	83.18	34.82	47.26	28.19	-56.01
Change in Other Net Operating Assets	4.92	35.12	20.76	4.14	-
Operating Cash Flow	162.01	52.49	64.86	121.23	82.79
Operating Cash Flow Growth	208.62%	-19.06%	-46.50%	46.43%	-37.16%
Capital Expenditures	-19.3	-22.41	-9.11	-9.67	-16.53
Sale of Property, Plant & Equipment	0.13	0.95	1.35	0.2	0.7
Divestitures	3.38	-	-	5.31	24.25
Investment in Securities	-0.56	0.03	2.21	12.64	0.21
Other Investing Activities	0.2	-	-	-	0.25
Investing Cash Flow	-16.16	-21.3	-4.9	10.2	17.7
Long-Term Debt Issued	507.39	440.26	410.91	429.62	589.17
Total Debt Issued	507.39	440.26	410.91	429.62	589.17
Long-Term Debt Repaid	-445.06	-477.9	-779.95	-409.6	-533.41
Total Debt Repaid	-445.06	-477.9	-779.95	-409.6	-533.41
Net Debt Issued (Repaid)	62.33	-37.64	-369.04	20.01	55.76
Common Dividends Paid	-28.38	-32.99	-42.52	-10.45	-26.52
Other Financing Activities	-37.86	-32.53	417.55	-81.25	-67.1
Financing Cash Flow	-3.91	-103.16	5.99	-71.69	-37.86
Foreign Exchange Rate Adjustments	-0.11	-	-	-	0
Net Cash Flow	141.83	-71.97	65.94	59.74	62.63
Free Cash Flow	142.7	30.09	55.74	111.56	66.27
Free Cash Flow Growth	374.28%	-46.02%	-50.03%	68.35%	-23.23%
Free Cash Flow Margin	5.16%	1.11%	2.10%	4.12%	2.78%
Free Cash Flow Per Share	0.29	0.06	0.12	0.29	0.17
Cash Income Tax Paid	26.1	25.24	39.32	22.47	31.83
Levered Free Cash Flow	245.54	93.42	24.83	-39.29	-90.49
Unlevered Free Cash Flow	245.54	100.97	40.58	-13.05	-57.76
Change in Working Capital	73.69	-1.1	-67.15	-38.03	-64.26

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