SHE:301011 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	68.95	84.65	51.96	-71.22	52.53
Depreciation & Amortization	87.91	73.79	72.89	74.15	68.97
Other Amortization	11.3	13.76	12.46	11.99	9.91
Loss (Gain) From Sale of Assets	0.24	-	0.35	-0.48	-0.01
Asset Writedown & Restructuring Costs	25.16	5.28	0.12	46.14	7.86
Loss (Gain) From Sale of Investments	-0.77	-0.13	0.82	-0.04	-
Provision & Write-off of Bad Debts	-	14.78	7.63	25.89	9.19
Other Operating Activities	19.3	38.36	28.66	32.17	13.77
Change in Accounts Receivable	-30.35	-59.73	28.48	-59.1	-47.45
Change in Inventory	-70.29	-27.14	-7.48	-33.95	-97.48
Change in Accounts Payable	-12.44	73.45	48.82	-3.39	36.29
Change in Other Net Operating Assets	7.95	2.12	-	-	-
Operating Cash Flow	102.79	214.27	251.59	19.78	44.83
Operating Cash Flow Growth	-52.03%	-14.83%	1172.15%	-55.89%	8.65%
Capital Expenditures	-169.63	-90.42	-48.83	-76.33	-103.3
Sale of Property, Plant & Equipment	1.59	-	0.02	-	0.01
Cash Acquisitions	-3.44	-8.98	-	-	-
Divestitures	-	-	3.07	-	-
Investment in Securities	-0.84	-	-	-	-
Other Investing Activities	-2.94	-2.35	0.15	0.04	-
Investing Cash Flow	-175.26	-101.76	-45.59	-76.28	-103.28
Long-Term Debt Issued	140	41.5	299.92	332.18	359.85
Long-Term Debt Repaid	-89.8	-110.26	-416.05	-301.15	-482.24
Net Debt Issued (Repaid)	50.2	-68.76	-116.13	31.03	-122.39
Issuance of Common Stock	165.37	-	-	-	287.28
Common Dividends Paid	-31.12	-31.72	-5.55	-22.57	-8.16
Dividends Paid	-31.12	-31.72	-5.55	-22.57	-8.16
Other Financing Activities	-59.45	-0.11	-1.06	-2.31	-16.3
Financing Cash Flow	125	-100.59	-122.75	6.15	140.43
Foreign Exchange Rate Adjustments	-4.08	-5.02	-2.34	3.5	-3.01
Net Cash Flow	48.44	6.9	80.92	-46.86	78.97
Free Cash Flow	-66.84	123.85	202.76	-56.55	-58.47
Free Cash Flow Growth	-	-38.92%	-	-	-
Free Cash Flow Margin	-6.70%	12.17%	24.84%	-9.35%	-9.32%
Free Cash Flow Per Share	-0.46	0.85	1.37	-0.39	-0.45
Cash Income Tax Paid	32.71	39.13	21.45	12.66	16.01
Levered Free Cash Flow	-81.63	91.16	176.91	-57.92	-123.26
Unlevered Free Cash Flow	-81.63	95.87	182.87	-51.46	-114.6
Change in Working Capital	-109.31	-16.23	76.7	-98.82	-117.39

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