SHE:300412 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	29.64	36.27	-23.43	-75.2	73.7
Depreciation & Amortization	54.6	49.53	45.62	36.39	33.64
Other Amortization	5.39	4.62	2	1.75	0.86
Loss (Gain) From Sale of Assets	0.13	-0.19	-0.04	-0.21	-0.04
Asset Writedown & Restructuring Costs	9.85	1.13	0.75	34.54	25.37
Loss (Gain) From Sale of Investments	-3.98	-0.85	-	-3.11	-1.64
Provision & Write-off of Bad Debts	-	13.16	8.46	20.3	12.19
Other Operating Activities	20.16	19.63	31.06	58.06	-20.14
Change in Accounts Receivable	32.29	47.84	38.55	-138.02	-94.99
Change in Inventory	73.71	143.94	-174.54	-130.64	-117.39
Change in Accounts Payable	-36.47	-198.64	9.32	270.97	165.31
Change in Other Net Operating Assets	2.28	1.23	-0.65	-	-0.77
Operating Cash Flow	184.53	119.46	-62.97	68.62	75.03
Operating Cash Flow Growth	54.47%	-	-	-8.54%	35.25%
Capital Expenditures	-39.38	-54.41	-164.89	-165.69	-154.87
Sale of Property, Plant & Equipment	0.83	2.54	0.34	0.1	0.7
Investment in Securities	-111.43	-3	25	-120	70
Other Investing Activities	12.49	1.87	9.33	2.33	2.15
Investing Cash Flow	-137.49	-53	-130.22	-283.26	-82.02
Long-Term Debt Issued	397.55	440.2	352.98	182.3	269.34
Total Debt Issued	397.55	440.2	352.98	182.3	269.34
Long-Term Debt Repaid	-342.49	-421.26	-212.32	-165.84	-240.95
Total Debt Repaid	-342.49	-421.26	-212.32	-165.84	-240.95
Net Debt Issued (Repaid)	55.05	18.94	140.66	16.46	28.39
Issuance of Common Stock	1.26	-	-	-	270
Common Dividends Paid	-42.41	-23.27	-12.03	-39.18	-45.62
Other Financing Activities	-6.58	3.78	1.45	8.75	-21.29
Financing Cash Flow	7.33	-0.55	130.08	-13.97	231.49
Foreign Exchange Rate Adjustments	-2.11	0.85	-0.48	-0.38	-0.2
Net Cash Flow	52.26	66.76	-63.6	-228.99	224.29
Free Cash Flow	145.15	65.05	-227.87	-97.08	-79.85
Free Cash Flow Growth	123.12%	-	-	-	-
Free Cash Flow Margin	11.79%	4.70%	-21.76%	-8.80%	-7.54%
Free Cash Flow Per Share	0.29	0.13	-0.49	-0.19	-0.17
Cash Income Tax Paid	-	36.66	48.43	55.92	42.3
Levered Free Cash Flow	163.16	33.6	-259.26	-61.99	-87.92
Unlevered Free Cash Flow	171.31	43.14	-255.01	-58.35	-84.4
Change in Working Capital	68.74	-3.84	-127.39	-3.92	-48.92

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