SHE:300644 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	134.95	84.34	72.55	55.4	31.78
Depreciation & Amortization	70.07	59.12	49.1	41.07	30.98
Other Amortization	4.45	4.21	5.23	3.22	3.42
Loss (Gain) From Sale of Assets	0.87	0.07	-0.04	0.09	-0.06
Asset Writedown & Restructuring Costs	5.68	0.48	0.29	0.05	0.06
Loss (Gain) From Sale of Investments	-1.15	-2.89	-1.42	-0.43	-2.92
Provision & Write-off of Bad Debts	-	17.21	13.76	10.75	16.03
Other Operating Activities	37.81	35.15	20.95	10.5	13.97
Change in Accounts Receivable	-372.03	-275.54	-233.49	-121.42	-207.59
Change in Inventory	-36.09	-65.95	-44.87	-28.7	-19.5
Change in Accounts Payable	32.26	268.41	117.68	58.33	75.47
Change in Other Net Operating Assets	21	-	-	1.48	4.28
Operating Cash Flow	-110.7	123.38	-3.54	27.72	-56.5
Capital Expenditures	-20.32	-95.39	-84.24	-75.36	-38.71
Sale of Property, Plant & Equipment	1.04	1.51	0.06	0.19	0.08
Cash Acquisitions	-	-	-	0.32	0.02
Investment in Securities	75	79.05	-152	15.93	30.5
Other Investing Activities	1.29	-	0.92	0.36	2.89
Investing Cash Flow	57	-14.83	-235.26	-58.56	-5.22
Long-Term Debt Issued	515.73	338.37	643.21	344.8	304.2
Total Debt Issued	515.73	338.37	643.21	344.8	304.2
Long-Term Debt Repaid	-344.15	-377.31	-348.24	-318.85	-219.16
Total Debt Repaid	-344.15	-377.31	-348.24	-318.85	-219.16
Net Debt Issued (Repaid)	171.58	-38.94	294.97	25.95	85.03
Issuance of Common Stock	-	-	-	-	3.03
Repurchase of Common Stock	-	-8	-22.27	-6.23	-0.85
Common Dividends Paid	-37.22	-37.5	-27.13	-31.55	-28.47
Other Financing Activities	-19.82	0.77	-3.8	2	-
Financing Cash Flow	114.54	-83.67	241.78	-9.83	58.74
Foreign Exchange Rate Adjustments	-1.07	0.59	-0.27	0.55	0.47
Net Cash Flow	59.78	25.47	2.7	-40.11	-2.51
Free Cash Flow	-131.02	27.99	-87.78	-47.64	-95.22
Free Cash Flow Margin	-4.58%	1.17%	-4.80%	-2.79%	-5.74%
Free Cash Flow Per Share	-1.09	0.26	-0.82	-0.44	-0.89
Cash Income Tax Paid	41.03	15.24	30.63	12.85	-4.91
Levered Free Cash Flow	-20.24	95.08	-90.28	-49.75	-113.55
Unlevered Free Cash Flow	-20.24	113.43	-77.44	-41.8	-107.12
Change in Working Capital	-363.38	-74.32	-163.97	-92.92	-149.76

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