SHE:301008 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	32.84	52.47	85.91	67.26	68.04
Depreciation & Amortization	59.61	49.13	37.59	33.53	25.97
Other Amortization	9.63	2.4	1.04	0.9	0.86
Loss (Gain) From Sale of Assets	-0.17	-0.03	0.09	0.04	0.27
Asset Writedown & Restructuring Costs	0.13	0.27	0.05	0.03	5.56
Loss (Gain) From Sale of Investments	-12.61	-6.61	-3.49	-2.17	-0.94
Provision & Write-off of Bad Debts	-5.45	3.06	0.15	3.01	-
Other Operating Activities	9.53	17.95	12.16	3.29	1.89
Change in Accounts Receivable	6.73	-131.41	-3.93	-124.08	-129.13
Change in Inventory	-41	-0.96	-26.8	-3.06	-49.01
Change in Accounts Payable	90.91	95.75	42.51	32.17	102.4
Change in Other Net Operating Assets	21.58	4.23	0.36	1.74	0.85
Operating Cash Flow	172.57	84.46	142.32	16.78	25.68
Operating Cash Flow Growth	104.33%	-40.66%	747.99%	-34.64%	-63.02%
Capital Expenditures	-75.75	-119.5	-148.82	-108.63	-73.18
Sale of Property, Plant & Equipment	1.39	0.26	0.11	0.22	0.18
Cash Acquisitions	-	-11.13	-	-	-
Divestitures	15.3	-	-	-	-
Investment in Securities	-139.53	-156.5	-0.06	29.7	-110
Other Investing Activities	9.05	4.53	3.12	2.07	0.78
Investing Cash Flow	-189.54	-282.34	-145.64	-76.64	-182.21
Short-Term Debt Issued	120	166.96	193.78	113.23	59.31
Long-Term Debt Issued	-	-	374.16	-	-
Total Debt Issued	120	166.96	567.94	113.23	59.31
Short-Term Debt Repaid	-89.4	-145.8	-143.1	-89.31	-50.31
Long-Term Debt Repaid	-1.97	-2.43	-2.55	-0.85	-1.09
Total Debt Repaid	-91.37	-148.23	-145.65	-90.16	-51.4
Net Debt Issued (Repaid)	28.63	18.73	422.29	23.07	7.91
Issuance of Common Stock	1	-	-	-	545.87
Repurchase of Common Stock	-	-24.77	-	-	-
Common Dividends Paid	-12.83	-50.77	-34.84	-1.84	-41.88
Other Financing Activities	-1.64	-	-	0.5	2.5
Financing Cash Flow	15.16	-56.8	387.45	21.73	514.4
Net Cash Flow	-1.8	-254.68	384.12	-38.12	357.87
Free Cash Flow	96.83	-35.04	-6.5	-91.85	-47.5
Free Cash Flow Margin	8.44%	-3.41%	-0.73%	-11.11%	-6.19%
Free Cash Flow Per Share	0.80	-0.31	-0.06	-0.82	-0.49
Cash Income Tax Paid	22.63	28.67	18.68	28.44	22.9
Levered Free Cash Flow	176.5	38.82	-40.04	-154.44	-34.31
Unlevered Free Cash Flow	181.27	49.15	-34.23	-153.12	-33.12
Change in Working Capital	78.58	-32.28	10.77	-93.08	-75.96

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