SHE:300285 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	610.32	604.81	569.14	497.04	795.16
Depreciation & Amortization	332.66	328.68	245.96	193.26	162.57
Other Amortization	11.18	4.36	3.9	-	4.27
Loss (Gain) From Sale of Assets	-0.35	-0.07	0.01	-4.92	-3.57
Asset Writedown & Restructuring Costs	19.63	20.41	12.99	10.23	4.78
Loss (Gain) From Sale of Investments	-30.35	-30.71	-5.86	14.17	-22.01
Provision & Write-off of Bad Debts	43.69	22.39	56	29.43	26.3
Other Operating Activities	151.2	124.91	108.94	6.35	76.85
Change in Accounts Receivable	-230.17	-281.69	-1,025	-269.26	-439.35
Change in Inventory	31.79	-82.47	101.29	-185.5	-214.03
Change in Accounts Payable	-113.85	53.15	561.62	-85.11	201.73
Operating Cash Flow	804.19	753.59	644.9	203.58	571.84
Operating Cash Flow Growth	6.71%	16.85%	216.78%	-64.40%	-25.94%
Capital Expenditures	-405.79	-376.21	-440.77	-545.5	-540.98
Sale of Property, Plant & Equipment	1.95	3.46	0.3	20.88	19.35
Cash Acquisitions	-	-	-401.46	-159.2	-
Divestitures	-	0.03	-	-	3
Investment in Securities	-17.81	21.46	-63.18	100.22	48.11
Other Investing Activities	32.78	31.09	6.67	-30.94	13.09
Investing Cash Flow	-388.87	-320.16	-898.44	-614.18	-456.63
Long-Term Debt Issued	433.59	1,676	597.23	-	500
Total Debt Issued	433.59	1,676	597.23	-	500
Long-Term Debt Repaid	-548.51	-1,843	-159.95	-500	-
Total Debt Repaid	-548.51	-1,843	-159.95	-500	-
Net Debt Issued (Repaid)	-114.92	-167.4	437.28	-500	500
Repurchase of Common Stock	-	-100.1	-	-250	-
Common Dividends Paid	-207.73	-118.14	-116.06	-119.41	-108.15
Other Financing Activities	10.98	-45.27	-	10	168.22
Financing Cash Flow	-311.67	-430.91	321.22	-859.41	560.07
Foreign Exchange Rate Adjustments	-5.09	3.82	2.44	3.08	-3.74
Net Cash Flow	98.57	6.33	70.12	-1,267	671.55
Free Cash Flow	398.4	377.38	204.13	-341.93	30.86
Free Cash Flow Growth	5.57%	84.88%	-	-	-94.43%
Free Cash Flow Margin	8.69%	9.33%	5.29%	-10.80%	0.98%
Free Cash Flow Per Share	0.41	0.38	0.20	-0.34	0.03
Cash Income Tax Paid	300.69	210.48	172.92	126.49	200.54
Levered Free Cash Flow	127.1	361.41	279.58	-455.11	-89.73
Unlevered Free Cash Flow	134.61	377.3	298.76	-436.39	-78.38
Change in Working Capital	-333.61	-320.42	-346.18	-541.98	-472.52

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