SHE:300926 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	844.12	613.11	308.5	148.19	84.23
Depreciation & Amortization	295.41	164.68	98.06	60.75	47.73
Other Amortization	-	1.84	0.5	0.5	0.53
Loss (Gain) From Sale of Assets	-1.36	-0.3	0.11	0.03	-0.3
Asset Writedown & Restructuring Costs	73.29	62.64	48.27	28.54	25.72
Loss (Gain) From Sale of Investments	-	-	-	1.69	-3.25
Provision & Write-off of Bad Debts	-	50.44	20.54	17.06	-
Other Operating Activities	96.81	63.55	30.57	14.86	6.21
Change in Accounts Receivable	-955.82	-1,477	-567.77	-408.32	-317.6
Change in Inventory	-396.41	-276.21	-335.52	-363.4	-95.01
Change in Accounts Payable	453.77	705.81	553.4	399.3	270.71
Change in Other Net Operating Assets	-	-	-	-	-0.01
Operating Cash Flow	432.96	-63.22	193.22	-89.06	14.18
Operating Cash Flow Growth	-	-	-	-	-64.12%
Capital Expenditures	-1,192	-549.53	-529.75	-326.86	-215.03
Sale of Property, Plant & Equipment	1.42	0.45	0.15	0.21	0.43
Cash Acquisitions	-	-169.55	-	-	-
Investment in Securities	-5.3	-	-	-	-
Other Investing Activities	-	-	-	-	3.25
Investing Cash Flow	-1,196	-718.62	-529.61	-326.66	-211.35
Long-Term Debt Issued	1,899	1,818	1,271	602.33	226.97
Long-Term Debt Repaid	-1,405	-939.43	-616.19	-305.21	-216.45
Net Debt Issued (Repaid)	494.37	878.74	655.2	297.13	10.52
Issuance of Common Stock	299	-	-	198.03	-
Common Dividends Paid	-105.25	-77.06	-35.63	-33.82	-13.04
Other Financing Activities	315.75	-78.32	-195.52	-45.03	-27.92
Financing Cash Flow	1,004	723.36	424.06	416.31	-30.43
Foreign Exchange Rate Adjustments	1.1	1.03	1.24	-0.03	-2.17
Net Cash Flow	242.13	-57.46	88.91	0.55	-229.77
Free Cash Flow	-758.95	-612.75	-336.53	-415.92	-200.85
Free Cash Flow Margin	-13.07%	-14.50%	-12.94%	-29.90%	-24.93%
Free Cash Flow Per Share	-1.74	-1.47	-0.83	-1.11	-0.54
Cash Interest Paid	-	1	-	-	-
Cash Income Tax Paid	117.25	93.41	36.57	7.7	21.6
Levered Free Cash Flow	-49.46	-231.29	-303.1	-301.37	-149.44
Unlevered Free Cash Flow	-49.46	-190.92	-283.21	-291.65	-144.54
Change in Working Capital	-875.3	-1,019	-313.33	-360.69	-146.68

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