SHE:300073 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	632.33	471.83	1,924	2,259	1,091
Depreciation & Amortization	432.31	392.94	268.72	165.89	130.31
Other Amortization	9.18	3.75	2.06	4.43	0.81
Loss (Gain) From Sale of Assets	-0.02	-0.05	-	-0.05	0.03
Asset Writedown & Restructuring Costs	0.01	-3.46	2.57	10.64	-
Loss (Gain) From Sale of Investments	-31.76	-43.74	152	139.84	-176.6
Provision & Write-off of Bad Debts	-4.49	25.91	2.89	-29.85	-101.94
Other Operating Activities	33.45	41.88	-96.08	-90.28	28.89
Change in Accounts Receivable	-2,207	1,263	2,999	-5,841	-2,315
Change in Inventory	-1,845	-411.96	2,354	-1,601	-915.74
Change in Accounts Payable	4,115	-113.63	-6,377	6,148	3,017
Operating Cash Flow	1,150	1,598	1,222	1,160	761.39
Operating Cash Flow Growth	-28.06%	30.74%	5.32%	52.42%	15.19%
Capital Expenditures	-1,923	-871.43	-1,332	-1,117	-618.16
Sale of Property, Plant & Equipment	0.03	6.83	0.34	0.22	0
Investment in Securities	-886.91	35	810	930.12	-2,177
Other Investing Activities	-23.06	32.25	-125.2	-82.4	86.24
Investing Cash Flow	-2,833	-797.36	-646.63	-269.02	-2,709
Short-Term Debt Issued	284.54	-	-	-	-
Long-Term Debt Issued	-	84.85	-	8.9	-
Total Debt Issued	284.54	84.85	-	8.9	-
Long-Term Debt Repaid	-148.84	-83.96	-64.99	-7.21	-9.39
Total Debt Repaid	-148.84	-83.96	-64.99	-7.21	-9.39
Net Debt Issued (Repaid)	135.69	0.89	-64.99	1.69	-9.39
Issuance of Common Stock	1,000	-	-	-	4,624
Common Dividends Paid	-101.93	-381.55	-338.34	-215.11	-74.9
Other Financing Activities	197.5	326.92	203.99	-0.73	-3.41
Financing Cash Flow	1,231	-53.74	-199.34	-214.15	4,537
Foreign Exchange Rate Adjustments	-30.54	17.68	96.82	192.29	-21.17
Net Cash Flow	-482.55	764.48	473.06	869.62	2,568
Free Cash Flow	-773.32	726.46	-109.56	43.54	143.23
Free Cash Flow Growth	-	-	-	-69.60%	21.26%
Free Cash Flow Margin	-7.45%	9.57%	-0.72%	0.21%	1.74%
Free Cash Flow Per Share	-1.48	1.43	-0.22	0.09	0.31
Cash Income Tax Paid	-360.7	75.06	3.15	-189.88	-22.11
Levered Free Cash Flow	-864.95	143.62	-709.6	-381.96	-271.77
Unlevered Free Cash Flow	-864.46	144.05	-709.6	-381.84	-271.77
Change in Working Capital	78.53	708.84	-1,034	-1,299	-211.09

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