SHE:300236 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	300.67	175.71	166.84	53.23	93.67
Depreciation & Amortization	130.94	87.49	72.9	55.95	46.81
Other Amortization	3.96	5.92	3.9	4.85	4.53
Loss (Gain) From Sale of Assets	-0.05	-	-2.76	0.05	-0.45
Asset Writedown & Restructuring Costs	17.46	0.36	2.2	6.21	14.12
Loss (Gain) From Sale of Investments	-13.83	-1.82	-44.25	64.91	-21.14
Provision & Write-off of Bad Debts	-	-	-	-	1.89
Other Operating Activities	1.36	4.24	2.1	1.35	-3.82
Change in Accounts Receivable	-85.88	-86.93	-112.49	-88.11	-37.2
Change in Inventory	-78.76	-56.59	23.93	-27.08	-134.41
Change in Accounts Payable	201.82	59.39	23.41	-125.99	245.17
Change in Other Net Operating Assets	8.89	40.54	11.2	23.31	0.56
Operating Cash Flow	475.1	224.74	151.39	-38.61	175.83
Operating Cash Flow Growth	111.40%	48.46%	-	-	4.02%
Capital Expenditures	-468.55	-209.5	-213.16	-200.87	-411.65
Sale of Property, Plant & Equipment	0.67	4.1	6.6	2.7	0.86
Cash Acquisitions	-	-	-	-36.6	-30
Divestitures	-	-0.38	-	2.58	-2.51
Investment in Securities	234.87	23.83	367.74	-46.39	-77.25
Other Investing Activities	21.99	17.54	31.35	27.12	274.69
Investing Cash Flow	-211.02	-164.41	192.54	-251.47	-245.87
Short-Term Debt Issued	-	-	-	-	52
Long-Term Debt Issued	530.06	430.06	389.46	610.94	731.38
Total Debt Issued	530.06	430.06	389.46	610.94	783.38
Short-Term Debt Repaid	-	-	-	-	-132
Long-Term Debt Repaid	-252.71	-610.49	-524.63	-527.28	-451.55
Total Debt Repaid	-252.71	-610.49	-524.63	-527.28	-583.55
Net Debt Issued (Repaid)	277.34	-180.43	-135.17	83.66	199.83
Issuance of Common Stock	-	30.64	13.03	4.26	787.54
Repurchase of Common Stock	-	-	-31.27	-127.79	-
Common Dividends Paid	-94.99	-78.12	-66.65	-71.95	-79.08
Other Financing Activities	-17.62	13.14	-9.06	32.98	-5.85
Financing Cash Flow	164.73	-214.76	-229.12	-78.84	902.44
Foreign Exchange Rate Adjustments	0.18	-0.26	0.46	0.23	0.01
Net Cash Flow	429	-154.69	115.26	-368.69	832.41
Free Cash Flow	6.55	15.24	-61.77	-239.48	-235.82
Free Cash Flow Growth	-57.03%	-	-	-	-
Free Cash Flow Margin	0.34%	1.03%	-5.10%	-20.03%	-23.20%
Free Cash Flow Per Share	0.02	0.05	-0.20	-0.77	-0.77
Cash Income Tax Paid	-	72.94	109.94	71.5	45.87
Levered Free Cash Flow	47.74	-62.87	-104.32	-293.41	-318.21
Unlevered Free Cash Flow	55.42	-53.94	-93.4	-281.95	-306.39
Change in Working Capital	34.59	-47.15	-49.55	-225.16	40.22

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.