SHE:300980 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	49.7	25.58	41.02	56.67	87.74
Depreciation & Amortization	71.37	59.09	35.39	26.48	21.77
Other Amortization	2.71	3.91	2.09	1.43	0.71
Loss (Gain) From Sale of Assets	-0.47	-0.33	-0.84	0.33	1.93
Asset Writedown & Restructuring Costs	4.05	0.69	0.52	0.56	5.57
Loss (Gain) From Sale of Investments	-2.02	-4.99	-1.35	-7.97	-2.34
Provision & Write-off of Bad Debts	-	1.33	1.51	-	-
Other Operating Activities	1.56	17.91	14.95	-5.32	3.95
Change in Accounts Receivable	-75	-79.84	-92.95	-19.04	-101.92
Change in Inventory	-44.92	-34.87	-5.94	-5.18	-16.85
Change in Accounts Payable	27.21	25.26	29.68	31.85	16.61
Operating Cash Flow	34.46	12.39	26.53	80.24	22.06
Operating Cash Flow Growth	178.19%	-53.31%	-66.94%	263.81%	-70.02%
Capital Expenditures	-96.31	-80.92	-295.55	-178.12	-124.3
Sale of Property, Plant & Equipment	0.38	0.48	0.94	0.16	0.39
Investment in Securities	93.05	31.89	-183.36	236.68	-256.66
Other Investing Activities	2.57	-	-	-	-
Investing Cash Flow	-0.3	-48.55	-477.98	58.72	-380.57
Short-Term Debt Issued	-	40	555	40	44
Long-Term Debt Issued	20	-	-	-	-
Total Debt Issued	20	40	555	40	44
Short-Term Debt Repaid	-	-71.27	-89	-29	-73
Long-Term Debt Repaid	-20	-2.45	-2.65	-3.03	-2.16
Total Debt Repaid	-20	-73.72	-91.65	-32.03	-75.16
Net Debt Issued (Repaid)	-	-33.72	463.35	7.97	-31.16
Issuance of Common Stock	-	-	-	4.94	589.02
Repurchase of Common Stock	-	-59.15	-1.95	-	-
Common Dividends Paid	-24.73	-34.23	-18.55	-22.65	-1.87
Dividends Paid	-24.73	-34.23	-18.55	-22.65	-1.87
Other Financing Activities	-5.24	-	-0.5	-1.06	-63.57
Financing Cash Flow	-29.97	-127.11	442.35	-10.8	492.43
Foreign Exchange Rate Adjustments	-1.87	2.17	-0.82	4.94	-1.01
Net Cash Flow	2.31	-161.1	-9.91	133.11	132.91
Free Cash Flow	-61.85	-68.54	-269.02	-97.88	-102.24
Free Cash Flow Margin	-10.25%	-14.40%	-70.12%	-26.20%	-22.13%
Free Cash Flow Per Share	-0.46	-0.64	-2.49	-0.92	-1.00
Cash Income Tax Paid	9.7	18.04	0.17	7.3	32.7
Levered Free Cash Flow	-114.83	-108.6	-284.68	-50.79	-105
Unlevered Free Cash Flow	-114.83	-97.38	-276.87	-49.98	-103.66
Change in Working Capital	-92.44	-90.8	-66.77	8.07	-97.27

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