SHE:300978 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	Jan '25 Jan 1, 2025	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Dec '21 Dec 31, 2021
Net Income	142.44	150.43	140.7	85.52	115.85
Depreciation & Amortization	98.26	104.18	86.99	92.04	69.76
Other Amortization	16.65	14.53	29.82	9.94	4.27
Loss (Gain) From Sale of Assets	1.29	1.4	1.51	1.19	-0.16
Asset Writedown & Restructuring Costs	20.7	3.21	12.92	1.95	3.62
Loss (Gain) From Sale of Investments	-5.9	-2.87	4.45	35.14	-30.38
Provision & Write-off of Bad Debts	5.58	31.7	8.12	20.22	-4.11
Other Operating Activities	59.75	50.92	21.79	4.53	60.2
Change in Accounts Receivable	56.91	-21.96	-183.59	32.8	6.05
Change in Inventory	47.88	25.37	-33.16	68.99	-90.3
Change in Accounts Payable	-128.54	-38.64	210.32	-63.42	-3.35
Change in Other Net Operating Assets	1.53	1.88	1.76	1.92	0.65
Operating Cash Flow	318.76	315.69	294.86	260.13	125.43
Operating Cash Flow Growth	0.97%	7.06%	13.35%	107.40%	-55.98%
Capital Expenditures	-75.63	-113.6	-157.82	-288.63	-99.55
Sale of Property, Plant & Equipment	9.22	3.87	7.25	3.42	4.43
Cash Acquisitions	-	-	-1.44	-	-76.56
Investment in Securities	-81.6	-133.56	-107.78	71.71	-195.42
Other Investing Activities	7.61	2.41	-4.09	4.4	24.07
Investing Cash Flow	-140.4	-240.87	-263.88	-209.09	-343.02
Long-Term Debt Issued	476.59	647.65	455.73	789.56	757.51
Long-Term Debt Repaid	-502.41	-629.25	-700.57	-754.97	-620.1
Net Debt Issued (Repaid)	-25.82	18.4	-244.84	34.59	137.42
Issuance of Common Stock	-	-	-	-	326.85
Common Dividends Paid	-158.09	-119.32	-78.12	-61.51	-220.99
Other Financing Activities	-65.5	33.4	-22.77	-73.25	-53.32
Financing Cash Flow	-249.41	-67.51	-345.73	-100.17	189.95
Foreign Exchange Rate Adjustments	-2.21	11.91	2.17	52.54	-22.63
Net Cash Flow	-73.26	19.22	-312.58	3.41	-50.28
Free Cash Flow	243.13	202.1	137.04	-28.5	25.88
Free Cash Flow Growth	20.30%	47.47%	-	-	-89.86%
Free Cash Flow Margin	11.95%	9.23%	6.70%	-1.61%	1.58%
Free Cash Flow Per Share	0.58	0.48	0.32	-0.07	0.06
Cash Income Tax Paid	-136	-126.59	45.05	9.78	-18.54
Levered Free Cash Flow	168.76	68.08	54.3	-164.54	-5.43
Unlevered Free Cash Flow	174.7	77.96	64.93	-148.21	2.94
Change in Working Capital	-20.01	-37.82	-11.43	9.6	-93.63

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