SHE:300975 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	301.81	70.8	33.99	132.38	236.27
Depreciation & Amortization	22.67	20.2	18.92	13.34	11.01
Other Amortization	0.62	3.77	1.23	0.93	0.51
Loss (Gain) From Sale of Assets	-0.34	-0.25	-0.03	-0	-0.04
Asset Writedown & Restructuring Costs	144.59	0.01	0	0.08	0.06
Loss (Gain) From Sale of Investments	7.34	8.36	7.64	-8.07	-4.34
Provision & Write-off of Bad Debts	-	36.54	7.2	-7.74	35.34
Other Operating Activities	60.56	163.3	127.07	157.39	87.44
Change in Accounts Receivable	-1,718	-1,693	201.83	-611.62	-937.74
Change in Inventory	-376.14	-404.64	-75.39	-263.58	-358.11
Change in Accounts Payable	454.15	860.51	-115	645.57	104.82
Operating Cash Flow	-1,109	-951.19	201.02	54.37	-832.93
Operating Cash Flow Growth	-	-	269.71%	-	-
Capital Expenditures	-10.16	-11.97	-47.07	-134.7	-103.32
Sale of Property, Plant & Equipment	0.09	-	0.02	-	0
Cash Acquisitions	-497.35	-	-7.49	-33.47	-
Investment in Securities	-1.2	-8.33	-37.27	6.52	-111.5
Other Investing Activities	1.09	-0.1	2.8	15.18	-12.96
Investing Cash Flow	-507.53	-20.41	-89	-146.47	-227.78
Long-Term Debt Issued	5,197	2,973	1,667	2,446	3,027
Total Debt Issued	5,197	2,973	1,667	2,446	3,027
Long-Term Debt Repaid	-3,061	-1,973	-1,685	-2,382	-1,948
Total Debt Repaid	-3,061	-1,973	-1,685	-2,382	-1,948
Net Debt Issued (Repaid)	2,136	999.75	-18.18	64.11	1,078
Issuance of Common Stock	-	-	-	-	248.69
Repurchase of Common Stock	-	-9.97	-15.5	-	-
Common Dividends Paid	-35.01	-28.89	-38.33	-62.44	-62.22
Dividends Paid	-35.01	-28.89	-38.33	-62.44	-62.22
Other Financing Activities	-44.26	-3	3.5	7.21	-22.3
Financing Cash Flow	2,057	957.9	-68.51	8.88	1,243
Foreign Exchange Rate Adjustments	-25.38	6.02	7.2	31.24	-2.73
Net Cash Flow	414.59	-7.69	50.7	-51.98	179.19
Free Cash Flow	-1,119	-963.16	153.95	-80.33	-936.25
Free Cash Flow Margin	-13.09%	-14.71%	3.02%	-1.42%	-17.46%
Free Cash Flow Per Share	-1.64	-1.45	0.24	-0.13	-1.55
Cash Income Tax Paid	98.39	11.83	4.43	94.09	51.4
Levered Free Cash Flow	-809.41	-798.8	253.38	-98.64	-890.76
Unlevered Free Cash Flow	-809.41	-773.19	278.07	-69	-867.67
Change in Working Capital	-1,646	-1,254	5	-233.92	-1,199

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