SHE:300559 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	Dec '21 Dec 31, 2021
Net Income	31.66	36.39	131.04	68.95	82.63
Depreciation & Amortization	29.08	27.81	26.67	20.86	16.31
Other Amortization	1.21	0.16	0.63	0.71	0.65
Loss (Gain) From Sale of Assets	0.51	-0.02	0.35	-	-0.01
Asset Writedown & Restructuring Costs	10.23	8.45	6.54	6.93	14.47
Loss (Gain) From Sale of Investments	7.63	2.02	1.7	4.9	-3.78
Provision & Write-off of Bad Debts	4.24	9.15	11.68	19.87	22.39
Other Operating Activities	6.94	-9.5	-0.13	-4.77	-9
Change in Accounts Receivable	32.75	30.95	-24.11	-5.57	21.4
Change in Inventory	-9.89	-27.2	-1.42	-6.23	-26.5
Change in Accounts Payable	3.54	-47.33	15	0.95	-13.81
Change in Other Net Operating Assets	-3.51	24.43	16.54	-	0.03
Operating Cash Flow	120.26	50.14	179.73	104.28	80.34
Operating Cash Flow Growth	139.87%	-72.10%	72.35%	29.79%	-31.68%
Capital Expenditures	-17.96	-16.7	-25.1	-34.85	-80.98
Sale of Property, Plant & Equipment	0.05	0.03	2.33	-	0.02
Divestitures	-	-2.07	-	-	-
Investment in Securities	-140.45	-175.5	-12.52	-2.3	-4.13
Other Investing Activities	5.57	1.77	0.75	3	9.32
Investing Cash Flow	-152.79	-192.47	-34.54	-34.15	-75.78
Short-Term Debt Issued	210	20	-	-	63
Total Debt Issued	210	20	-	-	63
Short-Term Debt Repaid	-20	-	-	-	-
Long-Term Debt Repaid	-0.15	-0.24	-2.52	-63.76	-2.12
Total Debt Repaid	-20.15	-0.24	-2.52	-63.76	-2.12
Net Debt Issued (Repaid)	189.85	19.76	-2.52	-63.76	60.88
Issuance of Common Stock	-	16.38	39.15	-	-
Repurchase of Common Stock	-	-	-	-	-124.47
Common Dividends Paid	-61.01	-59.67	-27.35	-40.1	-78.48
Other Financing Activities	-11.82	-20	0.17	-	2
Financing Cash Flow	117.02	-43.53	9.46	-103.86	-140.07
Net Cash Flow	84.5	-185.87	154.65	-33.73	-135.5
Free Cash Flow	102.31	33.43	154.62	69.43	-0.64
Free Cash Flow Growth	205.99%	-78.38%	122.69%	-	-
Free Cash Flow Margin	23.76%	7.78%	25.58%	16.83%	-0.17%
Free Cash Flow Per Share	0.26	0.08	0.39	0.17	-0.00
Cash Income Tax Paid	21	34.35	30.59	16.57	39.41
Levered Free Cash Flow	104.72	11.5	85.64	28.44	-24.22
Unlevered Free Cash Flow	105.42	11.59	85.7	29.18	-23.75
Change in Working Capital	28.76	-24.32	1.25	-13.17	-43.32

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