SHE:300539 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	52.87	38	33.87	27.95	22.06
Depreciation & Amortization	50.74	48.41	50.16	49.32	50.77
Other Amortization	29.88	24.56	14.97	11.59	7.21
Loss (Gain) From Sale of Assets	-0.03	-0.08	0.01	-0.11	-0.18
Asset Writedown & Restructuring Costs	6.57	0.07	-0	0.05	-0
Loss (Gain) From Sale of Investments	-0.49	0.05	0.29	1.47	0.41
Provision & Write-off of Bad Debts	-	4.33	0.98	2.77	-0.04
Other Operating Activities	18.02	18.13	15.38	14.85	18.97
Change in Accounts Receivable	-98.47	-62	-8.8	-8.14	-116.61
Change in Inventory	3.99	-33.95	13.45	-35.79	-27.6
Change in Accounts Payable	21.44	8.87	-4.81	2.9	117.73
Change in Other Net Operating Assets	3.66	3.13	-0.32	1.83	2.61
Operating Cash Flow	87.41	49.54	116.44	67.26	75.6
Operating Cash Flow Growth	76.45%	-57.46%	73.13%	-11.04%	18.82%
Capital Expenditures	-131.94	-113.66	-50.51	-53.82	-63.04
Sale of Property, Plant & Equipment	1.14	0.17	1.54	0.98	2.74
Cash Acquisitions	-0.09	-	-	-	-
Investment in Securities	-301.43	-0.56	-0.11	-	2.88
Other Investing Activities	-2.02	0.2	0.94	-0.8	0.32
Investing Cash Flow	-434.33	-113.85	-48.14	-53.64	-57.1
Long-Term Debt Issued	395.58	436	368.81	463	392.4
Total Debt Issued	395.58	436	368.81	463	392.4
Long-Term Debt Repaid	-544.58	-397.95	-386.87	-449.54	-376.65
Total Debt Repaid	-544.58	-397.95	-386.87	-449.54	-376.65
Net Debt Issued (Repaid)	-149	38.05	-18.07	13.46	15.75
Issuance of Common Stock	586.75	-	-	-	3.02
Common Dividends Paid	-39.18	-30.66	-27.68	-29.52	-28.24
Other Financing Activities	2.14	21.37	-5.24	-10.84	-22.74
Financing Cash Flow	400.72	28.76	-50.99	-26.9	-32.21
Foreign Exchange Rate Adjustments	0.76	1.57	0.52	4.68	-0.31
Net Cash Flow	54.55	-33.98	17.84	-8.6	-14.02
Free Cash Flow	-44.53	-64.13	65.94	13.44	12.56
Free Cash Flow Growth	-	-	390.65%	6.96%	-59.07%
Free Cash Flow Margin	-4.62%	-8.54%	9.73%	2.01%	1.80%
Free Cash Flow Per Share	-0.19	-0.29	0.29	0.06	0.06
Cash Income Tax Paid	13.9	8.17	22.98	11.83	10.45
Levered Free Cash Flow	-28.81	-98.54	40.32	-17.44	-19.43
Unlevered Free Cash Flow	-28.81	-90.9	47.95	-8.85	-11.2
Change in Working Capital	-70.16	-83.94	0.78	-40.64	-23.59

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