SHE:300757 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	-66.44	63.89	77.13	26.14	-46.88
Depreciation & Amortization	50.45	27.81	29.99	33.05	21.86
Other Amortization	4.58	0.35	0.71	0.63	0.51
Loss (Gain) From Sale of Assets	0.06	-0.03	-0.38	-	-
Asset Writedown & Restructuring Costs	0.01	0.03	0.09	0.02	0
Loss (Gain) From Sale of Investments	-24.64	-3.11	-1.19	-2.91	-0.46
Provision & Write-off of Bad Debts	71.05	18.24	42.29	-16.99	15.75
Other Operating Activities	54.41	69.57	32.29	60.34	95.74
Change in Accounts Receivable	110	-8.22	-434.67	99.11	-254.58
Change in Inventory	44.31	244.77	-9.08	-234.07	21.52
Change in Accounts Payable	-15.16	-711.71	200.68	305.19	-21.71
Change in Other Net Operating Assets	-	-14.37	30.85	-0.44	1.75
Operating Cash Flow	207.8	-317.16	-27.9	268.96	-178.13
Capital Expenditures	-43.11	-25.02	-8.56	-24.6	-108.71
Sale of Property, Plant & Equipment	0	0.05	1.57	-	0
Cash Acquisitions	-610.3	-	-	-	-
Investment in Securities	-21.46	-29.89	20.22	21.05	-39.39
Other Investing Activities	0.76	-	-	-	-
Investing Cash Flow	-674.11	-54.86	13.23	-3.55	-148.1
Long-Term Debt Issued	1,573	1,045	524.82	586.96	557.42
Total Debt Issued	1,573	1,045	524.82	586.96	557.42
Long-Term Debt Repaid	-1,422	-552.36	-446.19	-750.7	-395.1
Total Debt Repaid	-1,422	-552.36	-446.19	-750.7	-395.1
Net Debt Issued (Repaid)	150.71	492.85	78.63	-163.75	162.32
Issuance of Common Stock	363.28	10.81	-	7.5	198
Repurchase of Common Stock	-1.88	-0.3	-4.26	-	-
Common Dividends Paid	-42.26	-49.59	-24.26	-22.06	-19.17
Other Financing Activities	-37.08	-	-	-	-0.91
Financing Cash Flow	432.78	453.76	50.11	-178.31	340.23
Foreign Exchange Rate Adjustments	-1.4	1.73	2.03	-0.93	-4.11
Net Cash Flow	-34.93	83.47	37.47	86.17	9.9
Free Cash Flow	164.69	-342.18	-36.46	244.37	-286.83
Free Cash Flow Margin	17.34%	-30.93%	-2.32%	27.06%	-26.41%
Free Cash Flow Per Share	1.02	-2.20	-0.24	1.60	-1.92
Cash Income Tax Paid	-12.52	37.31	17.9	4.85	9.17
Levered Free Cash Flow	36.09	-319.55	-43.01	69.19	-243.09
Unlevered Free Cash Flow	58.82	-305.56	-34.99	83.18	-231.83
Change in Working Capital	118.32	-493.9	-208.83	168.68	-264.66

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