SHE:300636 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	73.09	106.58	105.98	100.67	81.12
Depreciation & Amortization	131.17	114.58	69.39	66.88	51.58
Other Amortization	0.51	0.19	-	-	-
Loss (Gain) From Sale of Assets	0.77	1.17	1.32	0.18	1.01
Asset Writedown & Restructuring Costs	61.98	-	-	-	-0.04
Loss (Gain) From Sale of Investments	1.12	-0.62	-0.57	1.21	-0.28
Provision & Write-off of Bad Debts	-	1.27	-0.11	1.48	2.11
Other Operating Activities	13.88	39.78	22.96	15	10.48
Change in Accounts Receivable	-37.2	-12.49	22.41	-11.52	-61.27
Change in Inventory	-20.13	-55.66	-45.2	-131.24	-42.8
Change in Accounts Payable	31.45	100.72	-23.01	133.01	85.34
Change in Other Net Operating Assets	-56.83	-16.3	4.33	14.85	-3.12
Operating Cash Flow	202.07	285.19	163.75	196	131.34
Operating Cash Flow Growth	-29.14%	74.16%	-16.45%	49.23%	64.04%
Capital Expenditures	-291.24	-136.49	-214.65	-311.49	-424.67
Sale of Property, Plant & Equipment	0.39	0.49	0.23	1.12	0.44
Investment in Securities	273.57	-370.33	-493.96	-30	-20
Other Investing Activities	0.37	0.68	2.18	-1.61	0.02
Investing Cash Flow	-16.91	-505.65	-706.21	-341.99	-444.21
Long-Term Debt Issued	459.89	870.49	924.7	391.74	427.46
Long-Term Debt Repaid	-525.62	-937.36	-770.72	-285.68	-211.16
Net Debt Issued (Repaid)	-65.73	-66.87	153.98	106.06	216.3
Issuance of Common Stock	-	-	789.82	41.42	-
Repurchase of Common Stock	-	-12.98	-0.43	-	-
Common Dividends Paid	-28.78	-29.12	-26.91	-32.11	-21.8
Other Financing Activities	-3.46	-2	38.8	-46.8	-6.82
Financing Cash Flow	-97.96	-110.97	955.26	68.57	187.68
Foreign Exchange Rate Adjustments	0.23	4.05	1.82	1.13	-0.74
Net Cash Flow	87.43	-327.39	414.62	-76.29	-125.93
Free Cash Flow	-89.17	148.7	-50.9	-115.5	-293.33
Free Cash Flow Margin	-10.76%	19.59%	-7.05%	-16.04%	-49.54%
Free Cash Flow Per Share	-0.21	0.35	-0.13	-0.33	-0.87
Cash Income Tax Paid	-46.55	-27.75	-41.2	-84.82	-59.22
Levered Free Cash Flow	-574.2	21	-201.9	-197.59	-293.72
Unlevered Free Cash Flow	-574.2	32.34	-195.72	-192.78	-290.16
Change in Working Capital	-80.44	22.24	-35.23	10.57	-14.64

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