SHE:300719 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	-7.79	13.83	113.48	-45.82	10.43
Depreciation & Amortization	22.94	22.38	19.49	23.8	21.56
Other Amortization	1.52	1.35	0.23	0.85	0.44
Loss (Gain) From Sale of Assets	-0.27	-4.94	0.21	-0.48	0.04
Asset Writedown & Restructuring Costs	5.33	0.22	0.09	4.71	3.37
Loss (Gain) From Sale of Investments	0	0	-0.01	-0.06	1.2
Provision & Write-off of Bad Debts	-	7.09	14.35	15.17	-3.59
Other Operating Activities	16.37	13.81	20.55	2.82	4.88
Change in Accounts Receivable	13.44	-165.99	-305.64	12.06	149.43
Change in Inventory	12.81	-6.46	-23.85	-35.33	-19.55
Change in Accounts Payable	9.7	-49.49	183.25	5.11	-31.77
Change in Other Net Operating Assets	-6.15	-3.38	1.14	8.59	4.49
Operating Cash Flow	56.56	-180.96	30.64	-25.68	133.92
Capital Expenditures	-94.01	-89.95	-18.63	-10.92	-14.37
Sale of Property, Plant & Equipment	0.38	15.41	0.5	0.71	0.55
Investment in Securities	0.02	-	-	-	-
Other Investing Activities	-	-	-	0.07	-
Investing Cash Flow	-93.61	-74.55	-18.13	-10.14	-13.82
Short-Term Debt Issued	-	-	-	83	144.1
Long-Term Debt Issued	516.86	383.99	153	-	-
Total Debt Issued	516.86	383.99	153	83	144.1
Short-Term Debt Repaid	-	-0.51	-	-82	-250.5
Long-Term Debt Repaid	-390.13	-181.15	-79.49	-6.97	-8.07
Total Debt Repaid	-390.13	-181.66	-79.49	-88.97	-258.56
Net Debt Issued (Repaid)	126.73	202.33	73.51	-5.97	-114.46
Issuance of Common Stock	-	-	5	9.98	-
Repurchase of Common Stock	-	-3.23	-0.72	-1.95	-0.52
Common Dividends Paid	-22.11	-57.6	-4.15	-7.68	-56.03
Other Financing Activities	-10.16	-	0.03	-	-
Financing Cash Flow	94.46	141.5	73.67	-5.61	-171.01
Net Cash Flow	57.41	-114.01	86.18	-41.43	-50.92
Free Cash Flow	-37.45	-270.91	12.01	-36.6	119.55
Free Cash Flow Margin	-5.51%	-42.81%	1.41%	-8.87%	25.14%
Free Cash Flow Per Share	-0.15	-1.06	0.05	-0.14	0.47
Cash Income Tax Paid	43.95	43.87	43.82	15.78	25.35
Levered Free Cash Flow	-25.58	-270.05	-35.72	-8.9	115.4
Unlevered Free Cash Flow	-25.58	-265.52	-33.15	-6.96	118.13
Change in Working Capital	18.46	-234.71	-137.76	-26.66	95.59

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