SHE:301043 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	68.55	105	96.21	41.7	52.8
Depreciation & Amortization	24.72	23.43	25.12	24.44	20.76
Other Amortization	2.4	3.06	2.71	2.53	0.77
Loss (Gain) From Sale of Assets	-0.08	-0.32	-2.1	0.04	-0.22
Asset Writedown & Restructuring Costs	6.04	0.1	0.11	0.83	1.83
Loss (Gain) From Sale of Investments	-17.69	-20.23	-18.3	-4.66	-1.14
Provision & Write-off of Bad Debts	-	1.94	0.37	1.43	-
Other Operating Activities	5.72	8.64	7.8	6.92	1.44
Change in Accounts Receivable	52.23	-35.67	-23.56	-8.65	-29.48
Change in Inventory	-16.12	-6.77	48.52	-24.23	-45.84
Change in Accounts Payable	-0.26	7.76	17.76	-44.85	26.12
Change in Other Net Operating Assets	-1.71	-1.99	0.72	0.11	1.49
Operating Cash Flow	123.09	84.98	155.62	-3.29	27.89
Operating Cash Flow Growth	44.84%	-45.39%	-	-	-73.98%
Capital Expenditures	-42.63	-57.46	-59.67	-91.41	-75.36
Sale of Property, Plant & Equipment	0.16	0.26	4.36	0.2	0.64
Investment in Securities	-	41	-155	-104	-305
Other Investing Activities	-49.18	21.75	11.95	4.66	1.14
Investing Cash Flow	-91.66	5.55	-198.36	-190.54	-378.58
Short-Term Debt Issued	-	281.55	185	120	45
Long-Term Debt Issued	364.66	-	-	-	-
Total Debt Issued	364.66	281.55	185	120	45
Short-Term Debt Repaid	-	-174.09	-140	-20	-78.34
Long-Term Debt Repaid	-358.59	-1.63	-3.32	-3.14	-1.9
Total Debt Repaid	-358.59	-175.72	-143.32	-23.14	-80.23
Net Debt Issued (Repaid)	6.08	105.83	41.68	96.86	-35.23
Issuance of Common Stock	-	-	-	-	454.75
Common Dividends Paid	-105.28	-66.2	-45.97	-7.3	-1.27
Other Financing Activities	-1.07	-	-	-	-44.28
Financing Cash Flow	-100.27	39.64	-4.29	89.56	373.97
Net Cash Flow	-68.83	130.17	-47.03	-104.27	23.27
Free Cash Flow	80.46	27.52	95.96	-94.7	-47.48
Free Cash Flow Growth	192.36%	-71.32%	-	-	-
Free Cash Flow Margin	14.44%	4.58%	16.83%	-20.00%	-8.61%
Free Cash Flow Per Share	1.19	0.40	1.41	-1.39	-0.84
Cash Income Tax Paid	39.09	50.38	43.25	23.39	31.24
Levered Free Cash Flow	26.76	-5.04	64.67	-118.65	-73.11
Unlevered Free Cash Flow	26.76	-0.93	67.64	-117.28	-72.21
Change in Working Capital	33.44	-36.65	43.69	-76.51	-48.36

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