SHE:300801 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	74.86	120.58	141.84	397.63	278.48
Depreciation & Amortization	155.47	133.39	121.69	97.79	74.42
Other Amortization	38.55	5.39	3.33	0.07	-
Loss (Gain) From Sale of Assets	2	20.83	-0.35	0.05	2.75
Asset Writedown & Restructuring Costs	37.39	9.8	26.91	0.59	0.14
Loss (Gain) From Sale of Investments	-10.88	-21.95	-11.4	-4.87	-11.62
Provision & Write-off of Bad Debts	-	6.26	0.7	0.7	13.33
Other Operating Activities	29.15	2.48	27.77	-6.24	3.37
Change in Accounts Receivable	138.44	-116.4	-18.63	1.04	-120.81
Change in Inventory	35.55	-33.55	8.41	-40.22	-75.78
Change in Accounts Payable	-245.39	163.79	99.8	31.48	94.38
Change in Other Net Operating Assets	14.2	19.63	6.72	-	-
Operating Cash Flow	258.8	297.28	407.02	476.75	254.89
Operating Cash Flow Growth	-12.95%	-26.96%	-14.63%	87.04%	25.43%
Capital Expenditures	-324.04	-366.6	-318.99	-412.98	-116.76
Sale of Property, Plant & Equipment	0.91	27.75	2.14	0.58	0.86
Investment in Securities	201.5	42.06	-27.7	-55.77	199.4
Other Investing Activities	11.18	15.43	-9.99	10.49	10.94
Investing Cash Flow	-110.45	-275.25	-369.76	-557.67	94.44
Long-Term Debt Repaid	-	-50.69	-14.14	-41.43	-
Total Debt Repaid	-	-50.69	-14.14	-41.43	-
Net Debt Issued (Repaid)	-	-50.69	-14.14	-41.43	-
Issuance of Common Stock	-	55.94	11.81	16.71	-
Repurchase of Common Stock	-	-40	-77.01	-72.99	-
Common Dividends Paid	-21.53	-52.06	-100.52	-86.4	-54
Other Financing Activities	-19.98	-	-	-	-
Financing Cash Flow	-41.51	-86.81	-179.86	-184.11	-54
Foreign Exchange Rate Adjustments	4.87	12.03	2.43	6.79	-2.68
Net Cash Flow	111.7	-52.74	-140.17	-258.24	292.65
Free Cash Flow	-65.25	-69.31	88.03	63.78	138.13
Free Cash Flow Growth	-	-	38.03%	-53.83%	131.26%
Free Cash Flow Margin	-2.32%	-2.94%	3.99%	2.34%	6.25%
Free Cash Flow Per Share	-0.30	-0.33	0.41	0.29	0.64
Cash Income Tax Paid	-61.19	-53.28	-37.56	-33.03	-44.69
Levered Free Cash Flow	-427.69	-56.72	-1.15	-259.73	72.27
Unlevered Free Cash Flow	-427.69	-52.67	3.45	-256.04	72.27
Change in Working Capital	-67.74	20.5	96.53	-8.97	-105.96

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