SHE:300911 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	-171.88	26.54	179.02	209.72	209.55
Depreciation & Amortization	105.52	52.64	39.79	26.17	21.18
Other Amortization	2.6	5.4	4.11	3.26	0.71
Loss (Gain) From Sale of Assets	-0.5	-0.17	0.07	0.04	-0.04
Asset Writedown & Restructuring Costs	27.49	2.78	2.19	19.42	6.97
Loss (Gain) From Sale of Investments	-3.2	-9.02	-12.76	-15.84	-19.99
Other Operating Activities	36.18	28.09	11.84	3.91	5.36
Change in Accounts Receivable	85.54	14.96	-45.71	-11.35	-49.38
Change in Inventory	23.51	-9.91	8.48	8.44	-43.46
Change in Accounts Payable	-91.67	-80.1	-29.58	-67.17	164.35
Operating Cash Flow	8.46	19.95	152.18	164.38	279.79
Operating Cash Flow Growth	-57.63%	-86.89%	-7.42%	-41.25%	37.48%
Capital Expenditures	-69.74	-134.53	-143.98	-328.21	-67.18
Sale of Property, Plant & Equipment	9.96	0.21	0.05	0.44	0.11
Cash Acquisitions	-	-0	-	-	-
Investment in Securities	-888.25	-260	-	280.24	-80.24
Other Investing Activities	4.74	9.29	12.76	15.84	19.99
Investing Cash Flow	-943.29	-385.03	-131.18	-31.69	-127.32
Long-Term Debt Repaid	-	-2.02	-2.52	-1.94	-3.72
Total Debt Repaid	-	-2.02	-2.52	-1.94	-3.72
Net Debt Issued (Repaid)	-	-2.02	-2.52	-1.94	-3.72
Issuance of Common Stock	-	-	517.85	-	42.81
Repurchase of Common Stock	-	-50	-18.71	-20.49	-
Common Dividends Paid	-141.32	-107.05	-64.44	-64.86	-53.33
Other Financing Activities	239.29	-	-2.92	-	-
Financing Cash Flow	97.97	-159.07	429.27	-87.29	-14.24
Foreign Exchange Rate Adjustments	-0	0.05	0.04	0.17	-0.25
Net Cash Flow	-836.87	-524.1	450.31	45.57	137.99
Free Cash Flow	-61.28	-114.57	8.2	-163.82	212.62
Free Cash Flow Growth	-	-	-	-	21.95%
Free Cash Flow Margin	-18.14%	-16.30%	0.67%	-12.84%	17.29%
Free Cash Flow Per Share	-0.26	-0.64	0.04	-0.91	1.18
Cash Income Tax Paid	47.6	49.57	110.46	123.07	119.86
Levered Free Cash Flow	53.7	-33.89	-122.66	-282.35	213.87
Unlevered Free Cash Flow	53.7	-16.3	-122.04	-282.2	214.08
Change in Working Capital	12.25	-86.3	-72.09	-82.3	56.06

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