SHE:300228 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	301.91	219.22	147.11	-223.42	42.2
Depreciation & Amortization	172.27	169.88	147.85	121.51	103.94
Other Amortization	12.54	14.91	9.93	6.68	4.53
Loss (Gain) From Sale of Assets	-0.37	-1.51	-20.82	-3.02	-0.41
Asset Writedown & Restructuring Costs	17.23	16.93	24.04	17.37	0.66
Loss (Gain) From Sale of Investments	-0.39	-8.79	0.94	3.46	4.12
Provision & Write-off of Bad Debts	-	11.9	8.94	14.11	6.69
Other Operating Activities	22.97	88.09	92.73	163.68	53.62
Change in Accounts Receivable	-81.95	-31.89	-509.56	-44.8	441.84
Change in Inventory	54.78	176.59	-162.24	-156.83	-82.77
Change in Accounts Payable	38.61	-334.16	503.89	464.29	-299.41
Change in Other Net Operating Assets	55.62	78.61	26.7	-15.73	17.11
Operating Cash Flow	603	391.42	271.52	331.28	293.09
Operating Cash Flow Growth	54.06%	44.16%	-18.04%	13.03%	191.88%
Capital Expenditures	-112.02	-181.36	-206.43	-337.08	-125.62
Sale of Property, Plant & Equipment	0.76	0.47	54.61	7.34	1.48
Cash Acquisitions	-	-	-	-2.49	-2
Divestitures	1.87	6.69	-	-	-
Investment in Securities	-	-0.68	242	59	-302.44
Other Investing Activities	-1.84	2.25	-1.8	-8.63	6.03
Investing Cash Flow	-111.23	-172.63	88.37	-281.86	-422.54
Long-Term Debt Issued	160.61	205.67	597.51	657.43	551.65
Long-Term Debt Repaid	-216.31	-380.12	-869.21	-671.58	-841.41
Net Debt Issued (Repaid)	-55.7	-174.45	-271.7	-14.16	-289.76
Issuance of Common Stock	35.39	-	-	-	459.41
Common Dividends Paid	-50.18	-33.1	-22.72	-31.38	-38.79
Other Financing Activities	-78.05	29.25	59.59	26.28	58.44
Financing Cash Flow	-148.54	-178.3	-234.83	-19.25	189.3
Foreign Exchange Rate Adjustments	-0.36	0.97	4.8	2.33	-3.67
Net Cash Flow	342.87	41.46	129.87	32.5	56.17
Free Cash Flow	490.98	210.05	65.08	-5.8	167.46
Free Cash Flow Growth	133.74%	222.74%	-	-	160.13%
Free Cash Flow Margin	15.59%	6.32%	2.14%	-0.36%	10.55%
Free Cash Flow Per Share	0.82	0.35	0.11	-0.01	0.32
Cash Income Tax Paid	117.99	110.67	23.71	-42.18	6.92
Levered Free Cash Flow	284.8	-77.61	195.92	55.21	60.6
Unlevered Free Cash Flow	284.8	-71.53	210.3	71.33	82.16
Change in Working Capital	76.84	-119.22	-139.2	230.92	77.75

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