SHE:300151 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	64.59	101.96	31.66	128.22	111.84
Depreciation & Amortization	70.5	74.53	71.5	69.77	65.39
Other Amortization	15.69	9.83	7.63	6.2	5.45
Loss (Gain) From Sale of Assets	-2.91	0.38	-0.17	3.42	-2.63
Asset Writedown & Restructuring Costs	0.95	7.3	1.56	0.97	0.23
Loss (Gain) From Sale of Investments	-14.07	-6.15	-4.45	-3.48	-3.39
Other Operating Activities	26.03	22.46	25.84	36.83	29.99
Change in Accounts Receivable	8.94	-17.09	75.43	-35.53	-52.89
Change in Inventory	-14.08	-26.28	31.94	-15.77	-49
Change in Accounts Payable	38.23	32.43	-76.77	11.48	-14.36
Change in Other Net Operating Assets	-7.32	-17.11	29.98	19.57	7.52
Operating Cash Flow	188.2	173.92	193.24	218.28	97.11
Operating Cash Flow Growth	8.21%	-10.00%	-11.47%	124.78%	-58.26%
Capital Expenditures	-252.47	-228.6	-232.84	-352.03	-196.8
Sale of Property, Plant & Equipment	3.2	1.88	4.39	9.99	15.53
Investment in Securities	-41.88	-174.83	-84.98	-8.24	48.83
Other Investing Activities	20.22	10.91	5.45	4.15	33.99
Investing Cash Flow	-270.93	-390.63	-307.98	-346.14	-98.45
Long-Term Debt Issued	294.64	64.74	110	147.64	510.01
Long-Term Debt Repaid	-144.25	-164.34	-94.13	-52.97	-34.64
Net Debt Issued (Repaid)	150.39	-99.61	15.87	94.67	475.37
Issuance of Common Stock	0.7	36.55	447.87	59.09	-
Common Dividends Paid	-56.73	-72.42	-109.49	-96.49	-100.6
Other Financing Activities	-0.43	-19	-37.56	17.44	2.38
Financing Cash Flow	93.93	-154.47	316.68	74.71	377.15
Foreign Exchange Rate Adjustments	1.51	-2.72	3.06	11.7	-4.46
Net Cash Flow	12.7	-373.91	205	-41.45	371.35
Free Cash Flow	-64.27	-54.68	-39.6	-133.75	-99.69
Free Cash Flow Margin	-6.47%	-5.26%	-4.25%	-10.89%	-8.84%
Free Cash Flow Per Share	-0.12	-0.10	-0.07	-0.27	-0.22
Cash Income Tax Paid	35.5	25.68	39.21	21.88	30.41
Levered Free Cash Flow	-64.78	-157.06	-83.31	-246.72	-133.53
Unlevered Free Cash Flow	-46.98	-137.81	-66.24	-230.88	-122.39
Change in Working Capital	27.42	-36.4	59.68	-23.65	-109.79

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