SHE:301075 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	-132.4	-62.67	18.85	20.5	68.51
Depreciation & Amortization	52.31	29.26	18.91	15.77	14.81
Other Amortization	0.32	0.47	0.38	1.13	1.12
Loss (Gain) From Sale of Assets	0.11	-0.04	-0.08	-	-
Asset Writedown & Restructuring Costs	6.78	-0.26	-0.05	3.07	1.45
Loss (Gain) From Sale of Investments	-0.85	-5.33	-5.65	-0.3	-0.18
Provision & Write-off of Bad Debts	-	5.64	0.85	-	-
Other Operating Activities	29.78	-5.76	-3.09	-3.98	-1.47
Change in Accounts Receivable	16.29	-32.38	-12.99	-4.87	6.57
Change in Inventory	-43.51	-18.95	2.91	-23.31	4.91
Change in Accounts Payable	26	25.17	-7.15	-6.75	-47.45
Operating Cash Flow	-45.83	-67.18	12.41	1.13	48.15
Operating Cash Flow Growth	-	-	1001.79%	-97.66%	-24.34%
Capital Expenditures	-101.82	-40.92	-23.69	-32.73	-5.35
Sale of Property, Plant & Equipment	0.78	-	0.57	0.01	-
Cash Acquisitions	-	-47.99	-35.09	-	-
Divestitures	8.8	60	0.54	-	-
Investment in Securities	109	-167.02	-13.52	-185	-
Other Investing Activities	155.83	3.58	2.81	14.87	-109.82
Investing Cash Flow	172.58	-192.35	-68.38	-202.84	-115.16
Short-Term Debt Issued	-	1.9	-	-	50
Long-Term Debt Issued	127.7	167.81	230.1	100	-
Total Debt Issued	127.7	169.71	230.1	100	50
Short-Term Debt Repaid	-	-	-	-20	-65
Long-Term Debt Repaid	-183.91	-111.72	-168.57	-	-
Total Debt Repaid	-183.91	-111.72	-168.57	-20	-65
Net Debt Issued (Repaid)	-56.21	57.99	61.53	80	-15
Issuance of Common Stock	-	-	-	-	507.8
Repurchase of Common Stock	-	-20.99	-	-	-
Common Dividends Paid	-8.79	-17.08	-3.25	-50.84	-1.15
Other Financing Activities	-86.59	20.72	2.6	15.87	-48.36
Financing Cash Flow	-151.59	40.64	60.87	45.04	443.29
Foreign Exchange Rate Adjustments	-0	-	-	-	-
Net Cash Flow	-24.84	-218.88	4.91	-156.68	376.28
Free Cash Flow	-147.65	-108.09	-11.28	-31.6	42.8
Free Cash Flow Growth	-	-	-	-	233.99%
Free Cash Flow Margin	-95.77%	-44.92%	-3.37%	-7.88%	8.08%
Free Cash Flow Per Share	-1.86	-1.36	-0.14	-0.40	0.66
Cash Income Tax Paid	8.82	17.8	38.3	39.32	67.14
Levered Free Cash Flow	43.37	-83.69	-9.17	-37.18	11.76
Unlevered Free Cash Flow	43.37	-78.75	-7.22	-36.33	12.5
Change in Working Capital	-1.87	-28.49	-17.7	-35.06	-36.09

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