SHE:300956 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	13.12	10.27	-35.01	-27.85	63.52
Depreciation & Amortization	134.07	108.96	93.04	83.44	59.43
Other Amortization	18.57	15.09	10.96	5.25	2.03
Loss (Gain) From Sale of Assets	0.01	0.02	0.9	-0.21	0.27
Asset Writedown & Restructuring Costs	3.19	3.37	2.84	4.93	0.79
Loss (Gain) From Sale of Investments	-0.61	6.24	2.67	4.27	-3.13
Provision & Write-off of Bad Debts	6.44	3.73	3.15	-6.07	1.4
Other Operating Activities	43.11	34.82	75.21	54.46	21.34
Change in Accounts Receivable	-138.66	-200.36	-211.87	317.46	-133.44
Change in Inventory	-120.54	22.3	-157.17	22.91	-50.69
Change in Accounts Payable	214.55	147.96	266.31	-179.36	-
Change in Other Net Operating Assets	-1.97	-	-	-	-
Operating Cash Flow	177.7	151.15	46.62	276.7	-42.23
Operating Cash Flow Growth	17.57%	224.19%	-83.15%	-	-
Capital Expenditures	-454.35	-374.32	-175.64	-161.77	-403.38
Sale of Property, Plant & Equipment	0.23	3.12	0.67	1.12	1.25
Cash Acquisitions	32.72	-	-	-	-
Investment in Securities	30	90	78	-200	-
Other Investing Activities	0.69	-1.7	-4.85	-5.74	15.35
Investing Cash Flow	-390.7	-282.91	-101.81	-366.39	-386.78
Short-Term Debt Issued	-	-	-	-	603.03
Long-Term Debt Issued	914.8	675.24	343.23	450.81	-
Total Debt Issued	914.8	675.24	343.23	450.81	603.03
Short-Term Debt Repaid	-	-	-	-	-378.6
Long-Term Debt Repaid	-660.86	-395.1	-336.35	-680.89	-9.85
Total Debt Repaid	-660.86	-395.1	-336.35	-680.89	-388.45
Net Debt Issued (Repaid)	253.94	280.15	6.88	-230.08	214.58
Issuance of Common Stock	-	-	-	334.9	405.41
Common Dividends Paid	-46.17	-24.16	-11.18	-24.97	-44.95
Other Financing Activities	-2.13	-4.49	-10.7	53.35	-73.56
Financing Cash Flow	205.64	251.5	-15	133.2	501.48
Foreign Exchange Rate Adjustments	5.36	9.82	3.13	6.24	-4.48
Net Cash Flow	-2.01	129.55	-67.07	49.75	67.98
Free Cash Flow	-276.64	-223.17	-129.02	114.93	-445.62
Free Cash Flow Margin	-12.42%	-12.11%	-8.69%	8.37%	-26.37%
Free Cash Flow Per Share	-1.26	-1.09	-0.69	0.60	-2.48
Cash Income Tax Paid	-80.79	-71.87	-59.21	-100.04	-
Levered Free Cash Flow	-473.02	-253.32	-75.1	55.53	-577.33
Unlevered Free Cash Flow	-455.03	-234.86	-55.39	68.8	-573.15
Change in Working Capital	-40.21	-31.35	-107.14	158.48	-187.88

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