SHE:300224 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	307.36	92.34	447.51	404.1	265.04
Depreciation & Amortization	181.99	165.79	136.52	103.31	76.75
Other Amortization	3.05	0.48	0.43	2.38	6.55
Loss (Gain) From Sale of Assets	-	9.61	0	-0.45	0.55
Asset Writedown & Restructuring Costs	0.77	9.88	4.72	1.54	31.78
Loss (Gain) From Sale of Investments	-22.43	-38.29	-28.36	-8.3	-13.87
Provision & Write-off of Bad Debts	3.32	-4.06	-9.04	6.42	2
Other Operating Activities	116.32	172.82	108.2	47.09	23.8
Change in Accounts Receivable	-723.45	-295.7	597.74	-1,481	-439.62
Change in Inventory	-96.29	-256.01	64.8	-453.73	-485.76
Change in Accounts Payable	351.47	397.98	-666.54	1,581	852.82
Change in Other Net Operating Assets	-	-	16.64	34.94	57.9
Operating Cash Flow	121.62	327.98	715.19	231.51	356.41
Operating Cash Flow Growth	-62.92%	-54.14%	208.92%	-35.04%	24.46%
Capital Expenditures	-86.85	-210.01	-395.85	-482.85	-343.07
Sale of Property, Plant & Equipment	0.13	5.54	0.58	2.99	3.77
Investment in Securities	226	166.37	-398	-635	368.95
Other Investing Activities	24.94	35.83	29.2	-4.55	23.99
Investing Cash Flow	164.23	-2.27	-764.06	-1,119	53.64
Short-Term Debt Issued	-	-	-	1,736	31.56
Long-Term Debt Issued	-	-	83.45	-	-
Total Debt Issued	-	-	83.45	1,736	31.56
Short-Term Debt Repaid	-	-	-	-123.35	-
Long-Term Debt Repaid	-4.55	-86.18	-228.67	-7.48	-6.48
Total Debt Repaid	-4.55	-86.18	-228.67	-130.84	-6.48
Net Debt Issued (Repaid)	-4.55	-86.18	-145.21	1,605	25.08
Common Dividends Paid	-166.47	-170.31	-169.45	-1.49	-164.04
Other Financing Activities	0.03	-89.98	-7.87	-176.07	-56.74
Financing Cash Flow	-170.99	-346.47	-322.53	1,428	-195.7
Foreign Exchange Rate Adjustments	4.38	7.26	-3.49	-1.74	-9.15
Net Cash Flow	119.23	-13.49	-374.9	538.26	205.2
Free Cash Flow	34.77	117.97	319.34	-251.33	13.34
Free Cash Flow Growth	-70.53%	-63.06%	-	-	-90.46%
Free Cash Flow Margin	0.50%	2.13%	5.44%	-3.98%	0.40%
Free Cash Flow Per Share	0.04	0.14	0.39	-0.30	0.02
Cash Income Tax Paid	-80.63	6.21	-102.97	-207.62	-105.65
Levered Free Cash Flow	101.52	-25.07	79.16	-189.8	-65.04
Unlevered Free Cash Flow	127.13	18	116.67	-183.84	-60.01
Change in Working Capital	-468.77	-80.59	55.21	-324.58	-36.18

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