SHE:300320 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	236.83	161.73	135.31	103.09	148.32
Depreciation & Amortization	102.56	99.1	92.38	82.77	79.6
Other Amortization	0.01	2.39	0.04	0.13	0.13
Loss (Gain) From Sale of Assets	-0.3	0.49	-0.45	-0.03	0.27
Asset Writedown & Restructuring Costs	70.94	9.79	3.09	4.22	4.37
Loss (Gain) From Sale of Investments	-0.04	1.89	-0.04	0.68	0.11
Provision & Write-off of Bad Debts	-	22.52	39.32	33.88	23.57
Other Operating Activities	8.15	38.34	23.55	21.34	20.44
Change in Accounts Receivable	57.63	-105.94	-224.52	-156.25	-81.43
Change in Inventory	-4.21	-165.9	-27.5	28.54	-93.54
Change in Accounts Payable	-115.32	35.33	128.17	1.06	41.97
Operating Cash Flow	358.12	95.03	162.18	115.48	137.78
Operating Cash Flow Growth	276.85%	-41.41%	40.44%	-16.18%	-17.96%
Capital Expenditures	-71.19	-90.19	-162.82	-139.67	-93.01
Sale of Property, Plant & Equipment	1.08	0.68	1.57	0.74	7.22
Investment in Securities	-50.35	-	0.52	4.15	-
Other Investing Activities	0	0.01	-	0.07	0.07
Investing Cash Flow	-120.45	-89.5	-160.73	-134.7	-85.71
Long-Term Debt Issued	252.87	385.81	379.4	480.6	239
Total Debt Issued	252.87	385.81	379.4	480.6	239
Long-Term Debt Repaid	-415.1	-337.4	-379.65	-431.25	-278.43
Total Debt Repaid	-415.1	-337.4	-379.65	-431.25	-278.43
Net Debt Issued (Repaid)	-162.23	48.41	-0.25	49.35	-39.43
Common Dividends Paid	-33.96	-37.47	-23.38	-27.33	-33.7
Other Financing Activities	-10.43	-5.37	-2.24	-7.04	-1.84
Financing Cash Flow	-206.62	5.57	-25.87	14.98	-74.97
Foreign Exchange Rate Adjustments	0.39	-0.29	1.32	2.2	-0.78
Net Cash Flow	31.44	10.81	-23.09	-2.04	-23.68
Free Cash Flow	286.93	4.84	-0.64	-24.18	44.77
Free Cash Flow Growth	5832.16%	-	-	-	-39.25%
Free Cash Flow Margin	7.97%	0.15%	-0.02%	-0.92%	1.77%
Free Cash Flow Per Share	0.48	0.01	-0.00	-0.04	0.07
Cash Income Tax Paid	147.38	111.62	101.15	89.17	126.61
Levered Free Cash Flow	230.3	-21.33	-89.18	-12.4	-8.19
Unlevered Free Cash Flow	230.3	-14.08	-81.69	-4.55	-1.15
Change in Working Capital	-60.04	-241.22	-131.01	-130.6	-139.03

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