SHE:300880 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	76.88	193.07	153.86	139.72	106.1
Depreciation & Amortization	25.93	24.48	24.17	11.18	5.58
Other Amortization	0.02	0.26	0.01	-	1.02
Loss (Gain) From Sale of Assets	-0	-	-	-	-
Asset Writedown & Restructuring Costs	2.04	-	-	-	0.01
Loss (Gain) From Sale of Investments	-6.12	-6.06	-6.07	-3.01	-6.93
Provision & Write-off of Bad Debts	-	5.59	-2.88	2.54	5.54
Other Operating Activities	-4.23	-2.1	1.32	1.43	0.72
Change in Accounts Receivable	53.22	-10.32	-11.08	46.25	-61.18
Change in Inventory	10.58	-30.73	31.4	-28.11	6.77
Change in Accounts Payable	-87.44	132.19	41	24.13	-48.23
Change in Other Net Operating Assets	-1.02	2.4	20.94	25.99	2.16
Operating Cash Flow	70.83	309.37	252.69	217.92	10.36
Operating Cash Flow Growth	-77.10%	22.43%	15.95%	2002.96%	-51.10%
Capital Expenditures	-83.35	-68.01	-29.2	-103.96	-78.04
Sale of Property, Plant & Equipment	0.01	0	-	-	-
Investment in Securities	79	-88.94	24.46	84.69	55.9
Other Investing Activities	20.78	-	-5.39	7.9	2.95
Investing Cash Flow	16.44	-156.95	-10.13	-11.36	-19.2
Long-Term Debt Issued	53.9	-	-	-	-
Total Debt Issued	53.9	-	-	-	-
Long-Term Debt Repaid	-	-2.5	-2.88	-2.29	-1.2
Total Debt Repaid	-	-2.5	-2.88	-2.29	-1.2
Net Debt Issued (Repaid)	53.9	-2.5	-2.88	-2.29	-1.2
Issuance of Common Stock	-	7.71	8.35	10.33	-
Common Dividends Paid	-88.32	-58.26	-96.6	-48.01	-26.67
Other Financing Activities	-24.62	46.77	-	-	-
Financing Cash Flow	-59.04	-6.28	-91.13	-39.97	-27.88
Foreign Exchange Rate Adjustments	-0.87	0.49	-0.14	1.14	-
Net Cash Flow	27.37	146.63	151.28	167.72	-36.71
Free Cash Flow	-12.52	241.36	223.49	113.96	-67.68
Free Cash Flow Growth	-	8.00%	96.11%	-	-
Free Cash Flow Margin	-1.96%	23.80%	24.56%	14.17%	-10.12%
Free Cash Flow Per Share	-0.06	1.24	1.15	0.59	-0.35
Cash Income Tax Paid	16.58	52.29	64.03	32.93	41.25
Levered Free Cash Flow	-47.29	180.65	142.06	81.81	-118.46
Unlevered Free Cash Flow	-47.29	180.74	142.1	81.9	-118.35
Change in Working Capital	-23.7	94.13	82.27	66.07	-101.68

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