SHE:300893 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	366.37	260.38	197.78	118.04	111.27
Depreciation & Amortization	112.19	82.5	59.76	32.81	24.49
Other Amortization	42.95	17.04	10.75	5.9	4.33
Loss (Gain) From Sale of Assets	-0.23	-0.23	-0.03	0.44	0.12
Asset Writedown & Restructuring Costs	0.32	0.11	1.11	-	-
Loss (Gain) From Sale of Investments	-0.22	0.11	0.22	0.15	-4.22
Provision & Write-off of Bad Debts	17.66	44.71	14.57	7.51	2.46
Other Operating Activities	43.87	31.67	19.35	8.88	5.52
Change in Accounts Receivable	-514.22	-505.67	-244.38	-189.91	-46.76
Change in Inventory	-321.03	-97.71	-18.67	-92.48	-54.15
Change in Accounts Payable	277.84	311.68	110.19	142.84	56.46
Change in Other Net Operating Assets	3.78	6.34	6.54	11.69	-
Operating Cash Flow	26.2	139.52	163.4	61.3	104.65
Operating Cash Flow Growth	-81.22%	-14.61%	166.56%	-41.42%	88.42%
Capital Expenditures	-463.72	-621.14	-291.13	-286.63	-211.83
Sale of Property, Plant & Equipment	0.27	1.83	1.41	0.4	1.29
Investment in Securities	0.41	-	-10	60	20
Other Investing Activities	0.22	-	-	2.14	13.72
Investing Cash Flow	-462.83	-619.31	-299.72	-224.08	-176.82
Long-Term Debt Issued	891.92	972.95	506.3	402	181
Total Debt Issued	891.92	972.95	506.3	402	181
Long-Term Debt Repaid	-538.63	-320.68	-351.5	-191.24	-80.13
Total Debt Repaid	-538.63	-320.68	-351.5	-191.24	-80.13
Net Debt Issued (Repaid)	353.28	652.27	154.8	210.76	100.87
Issuance of Common Stock	7.04	8.12	6.79	-	-
Common Dividends Paid	-64.75	-61.13	-34.72	-35.89	-56.98
Other Financing Activities	65.09	-20.86	-20	-60	-
Financing Cash Flow	360.66	578.41	106.87	114.87	43.89
Foreign Exchange Rate Adjustments	0.95	-0.06	-0	-0.76	0
Net Cash Flow	-75.02	98.56	-29.45	-48.66	-28.27
Free Cash Flow	-437.52	-481.62	-127.73	-225.33	-107.18
Free Cash Flow Margin	-16.34%	-24.44%	-9.98%	-22.72%	-14.38%
Free Cash Flow Per Share	-0.95	-1.07	-0.29	-0.51	-0.24
Cash Income Tax Paid	109.97	91.66	40.82	18.69	26.99
Levered Free Cash Flow	-310.39	-582.96	-211.78	-295.75	-155.52
Unlevered Free Cash Flow	-293.16	-570.46	-204.6	-291.99	-153.8
Change in Working Capital	-556.72	-296.77	-140.12	-112.43	-39.31

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