SHE:300446 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	791.71	423.33	262.35	4.99
Depreciation & Amortization	576.79	405.73	418.47	19.1
Other Amortization	6.47	7.73	17.31	0.03
Loss (Gain) From Sale of Assets	-3.59	-2.99	-2.74	-0
Asset Writedown & Restructuring Costs	6.92	10.2	13.58	3.23
Loss (Gain) From Sale of Investments	-17.05	2.2	-9.08	-13.52
Provision & Write-off of Bad Debts	29.51	7	-1.48	-
Other Operating Activities	110.17	160.59	185.03	0.79
Change in Accounts Receivable	-29.67	-293.01	-211.42	-6.76
Change in Inventory	-497.27	-550.93	13.5	20.67
Change in Accounts Payable	80.36	665.52	35.15	14.59
Change in Other Net Operating Assets	-	-0.22	-	0.83
Operating Cash Flow	1,049	838.24	724.8	43.12
Operating Cash Flow Growth	25.11%	15.65%	1580.87%	10.88%
Capital Expenditures	-445.46	-430.6	-317.8	-115.23
Sale of Property, Plant & Equipment	2.4	6.38	16.73	-
Investment in Securities	-	198.68	31.32	17.37
Other Investing Activities	11.4	1.68	8.93	11.34
Investing Cash Flow	-431.66	-223.85	-260.82	-86.51
Long-Term Debt Issued	200	1,306	2,352	20
Total Debt Issued	200	1,306	2,352	20
Long-Term Debt Repaid	-1,069	-1,627	-2,781	-
Total Debt Repaid	-1,069	-1,627	-2,781	-
Net Debt Issued (Repaid)	-868.81	-321.96	-429.73	20
Issuance of Common Stock	-	2,073	-	-
Common Dividends Paid	-92.6	-39.8	-55.5	-1.68
Other Financing Activities	-29.15	18.73	11.23	-0.64
Financing Cash Flow	-990.56	1,730	-474.01	17.68
Foreign Exchange Rate Adjustments	1.83	1.43	3.77	-0.07
Net Cash Flow	-371.65	2,345	-6.25	-25.78
Free Cash Flow	603.27	407.64	407	-72.11
Free Cash Flow Growth	47.99%	0.16%	-	-
Free Cash Flow Margin	7.75%	6.96%	8.34%	-47.10%
Free Cash Flow Per Share	0.71	0.60	0.61	-0.36
Cash Income Tax Paid	328.64	317.82	212.18	-0.22
Levered Free Cash Flow	695.58	294.38	287.33	-211.42
Unlevered Free Cash Flow	703.63	321.65	322.89	-211.42
Change in Working Capital	-452.2	-175.55	-158.63	28.5

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