SHE:300859 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	71.16	86.51	105.58	-9.3	26.95
Depreciation & Amortization	51.01	38.12	31.29	30.01	31.2
Other Amortization	6.2	0.93	0.01	-	-
Loss (Gain) From Sale of Assets	-	-0.61	0.01	-0.04	-0.05
Asset Writedown & Restructuring Costs	0.89	-	0.1	3.07	0.06
Loss (Gain) From Sale of Investments	-8.43	-7.31	-6.62	0.59	0.34
Provision & Write-off of Bad Debts	-	-0.53	0.56	0.24	0.42
Other Operating Activities	6.85	2.9	2.09	2.09	3.34
Change in Accounts Receivable	-2.4	-17.24	1.9	-2.32	-0.8
Change in Inventory	-0.58	-1.5	-0.09	-0.04	-0.02
Change in Accounts Payable	7.49	14.67	15.5	-3.51	4.83
Change in Other Net Operating Assets	-	-	-	0.06	0.05
Operating Cash Flow	132.04	115.94	150.37	20.37	66.4
Operating Cash Flow Growth	13.89%	-22.90%	638.09%	-69.32%	-
Capital Expenditures	-82.17	-232.4	-41.55	-7.57	-18.02
Sale of Property, Plant & Equipment	0.7	0.76	0	0.06	0.49
Investment in Securities	-	3.11	-	-	60.93
Other Investing Activities	4.82	-	-	-	4.65
Investing Cash Flow	-76.65	-228.53	-41.55	-7.52	48.05
Long-Term Debt Issued	27.86	124.48	-	-	-
Long-Term Debt Repaid	-12	-4.49	-38.83	-23.27	-20.95
Total Debt Repaid	-12	-4.49	-38.83	-23.27	-20.95
Net Debt Issued (Repaid)	15.86	119.99	-38.83	-23.27	-20.95
Issuance of Common Stock	-	10.67	8.94	1.8	-
Common Dividends Paid	-50.41	-50.61	-0.45	-17.53	-2.27
Dividends Paid	-50.41	-50.61	-0.45	-17.53	-2.27
Other Financing Activities	-7.31	-	-	-	-
Financing Cash Flow	-41.86	80.05	-30.34	-39	-23.23
Net Cash Flow	13.53	-32.54	78.47	-26.15	91.22
Free Cash Flow	49.87	-116.47	108.81	12.8	48.39
Free Cash Flow Growth	-	-	750.26%	-73.55%	-
Free Cash Flow Margin	15.30%	-38.35%	35.65%	12.51%	32.38%
Free Cash Flow Per Share	0.32	-0.75	0.70	0.08	0.30
Cash Income Tax Paid	26.07	36.83	41.9	7.34	10.28
Levered Free Cash Flow	26.87	-81.79	76.05	11.4	22.34
Unlevered Free Cash Flow	26.87	-79.98	76.47	12.81	24.7
Change in Working Capital	4.37	-4.08	17.35	-6.27	4.14

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