SHE:300161 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	12.91	-55.37	27.09	18.59	31.23
Depreciation & Amortization	130.14	125.47	95.11	79.77	71.51
Other Amortization	5.37	7.99	7.95	7.69	5.62
Loss (Gain) From Sale of Assets	-0.18	-0.15	-2.06	-1.67	-0.41
Asset Writedown & Restructuring Costs	52.73	28.53	0.03	0.15	37.52
Loss (Gain) From Sale of Investments	-11.29	-7.57	-2	1.62	-1.16
Provision & Write-off of Bad Debts	-	36.39	22.96	44.42	26.03
Other Operating Activities	61.47	77.18	98.83	56.08	53.11
Change in Accounts Receivable	-265.35	314.49	-264.64	-310.85	-124.5
Change in Inventory	94.6	-290.23	-58.09	-94.92	-96.97
Change in Accounts Payable	92.6	139.83	366.37	172.83	256.02
Change in Other Net Operating Assets	-	-	-75.04	3.51	-36.56
Operating Cash Flow	179.83	364.96	211.53	-31.55	215.37
Operating Cash Flow Growth	-50.73%	72.54%	-	-	221.69%
Capital Expenditures	-216.88	-612.87	-456.69	-350.27	-108.31
Sale of Property, Plant & Equipment	2.14	1.66	4.17	10.75	0.61
Cash Acquisitions	-	-	-	20.81	-
Divestitures	-	-63.77	-	-	0.53
Investment in Securities	45.41	-5.25	-10.84	-13.38	-21.76
Other Investing Activities	-	0.51	-15.57	0.16	0.5
Investing Cash Flow	-169.33	-679.72	-478.93	-331.93	-128.42
Long-Term Debt Issued	539.37	1,064	1,243	713.16	498.73
Long-Term Debt Repaid	-686.55	-695.21	-864.9	-587.87	-772.88
Net Debt Issued (Repaid)	-147.17	368.41	378.19	125.29	-274.15
Issuance of Common Stock	-	-	-	-	422.39
Common Dividends Paid	-47.03	-56.75	-38.48	-37.07	-27.5
Other Financing Activities	-51.55	0.2	0.45	0.45	-0.71
Financing Cash Flow	-245.75	311.86	340.16	88.68	120.02
Foreign Exchange Rate Adjustments	-0.21	-0.03	0.03	0.02	-
Net Cash Flow	-235.47	-2.93	72.79	-274.78	206.97
Free Cash Flow	-37.05	-247.91	-245.17	-381.81	107.06
Free Cash Flow Growth	-	-	-	-	817.89%
Free Cash Flow Margin	-2.37%	-13.91%	-11.59%	-22.95%	6.55%
Free Cash Flow Per Share	-0.19	-1.25	-1.23	-1.92	0.57
Cash Income Tax Paid	42.54	29.59	55.08	49.98	52.15
Levered Free Cash Flow	73.18	-552.62	-397.4	-480.43	-40.74
Unlevered Free Cash Flow	73.18	-523.48	-375.5	-459.79	-22.61
Change in Working Capital	-71.3	152.48	-36.38	-238.21	-8.07

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