SHE:301069 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	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	128.37	55.99	157.99	234.52	193.38
Depreciation & Amortization	128.09	117	87.54	47.64	38.4
Other Amortization	2.54	1.77	1.69	1.66	1.19
Loss (Gain) From Sale of Assets	-0.05	-0.09	1.04	1.4	0.7
Asset Writedown & Restructuring Costs	2.87	0	5.06	0.78	0.49
Loss (Gain) From Sale of Investments	-11.81	-13.69	-3.36	-6.75	-7.83
Provision & Write-off of Bad Debts	2.65	0.43	2.57	-1.97	2.49
Other Operating Activities	38.95	46.2	7.73	-1.93	2.36
Change in Accounts Receivable	-174.91	-84.85	-337.32	-283.34	-89.41
Change in Inventory	-22.86	-10.36	-15.39	8.74	-28.29
Change in Accounts Payable	5.28	-50.55	97.11	0.41	-25.32
Change in Other Net Operating Assets	0.02	-0.17	-5.07	12.57	2.07
Operating Cash Flow	95.37	51.73	-8.87	10.44	88.63
Operating Cash Flow Growth	84.37%	-	-	-88.22%	-36.66%
Capital Expenditures	-9.18	-6.46	-36.37	-118.8	-88.47
Sale of Property, Plant & Equipment	0.52	1.79	0.98	0.66	0.46
Cash Acquisitions	-	-	-	-15.81	-
Investment in Securities	-96.86	-361.13	41.67	262.36	-284.72
Other Investing Activities	6.54	8.13	5.4	7.9	12.4
Investing Cash Flow	-98.98	-357.68	11.68	136.31	-360.34
Long-Term Debt Issued	-	-	639.73	-	-
Long-Term Debt Repaid	-	-	-1.75	-	-
Net Debt Issued (Repaid)	-	-	637.98	-	-
Issuance of Common Stock	-	-	-	-	290.75
Common Dividends Paid	-44.66	-85.43	-63.1	-105.16	-
Dividends Paid	-44.66	-85.43	-63.1	-105.16	-
Other Financing Activities	2.3	-8.11	-0.14	-	-
Financing Cash Flow	-42.37	-93.53	574.74	-105.16	290.75
Foreign Exchange Rate Adjustments	-0.85	0.78	0.69	0.13	-0.19
Net Cash Flow	-46.82	-398.71	578.25	41.72	18.86
Free Cash Flow	86.19	45.26	-45.24	-108.36	0.16
Free Cash Flow Growth	90.42%	-	-	-	-99.87%
Free Cash Flow Margin	8.40%	4.88%	-4.58%	-10.72%	0.02%
Free Cash Flow Per Share	0.20	0.11	-0.11	-0.26	-
Cash Income Tax Paid	70.62	-10.85	74.76	77.5	56.09
Levered Free Cash Flow	28.77	80.14	24.47	132.8	65.66
Unlevered Free Cash Flow	49.6	100.15	26.46	132.8	65.66
Change in Working Capital	-196.24	-155.88	-269.13	-264.91	-142.57

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