SHE:301086 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	Dec '21 Dec 31, 2021
Net Income	90.66	109.72	105.86	158.36	136.78
Depreciation & Amortization	79.56	52.57	43.29	35.27	26.25
Other Amortization	2.21	2.48	1.18	2.61	4.96
Loss (Gain) From Sale of Assets	-0.49	0.23	0.1	-0.18	-
Asset Writedown & Restructuring Costs	10.22	19.3	22.22	-	8.33
Loss (Gain) From Sale of Investments	-6.11	-13.28	-8.09	-13.11	-2.03
Provision & Write-off of Bad Debts	-	-	-	10.2	-
Other Operating Activities	16.87	3.06	1.49	7.59	8.44
Change in Accounts Receivable	68.51	-155.75	18.11	-181.15	-12.77
Change in Inventory	-56.08	-50.13	12.21	-36.11	-20.78
Change in Accounts Payable	-98.96	148.18	-122.42	162.7	-25.59
Change in Other Net Operating Assets	0.35	-1.06	4.16	5.48	4.14
Operating Cash Flow	97.89	113.17	72.25	144.33	122.95
Operating Cash Flow Growth	-13.50%	56.64%	-49.94%	17.39%	6.14%
Capital Expenditures	-886.26	-156.55	-340.97	-295.02	-238.4
Sale of Property, Plant & Equipment	0.16	0.2	0.66	5.33	-
Investment in Securities	-0.4	0.41	-136.39	302.24	-713.98
Other Investing Activities	7.14	0.09	-	12.39	0.26
Investing Cash Flow	-879.36	-155.85	-476.7	24.94	-952.13
Long-Term Debt Issued	1,328	255.74	330.02	119.72	227.02
Total Debt Issued	1,328	255.74	330.02	119.72	227.02
Long-Term Debt Repaid	-160.48	-216.05	-147.7	-178.38	-240.47
Total Debt Repaid	-160.48	-216.05	-147.7	-178.38	-240.47
Net Debt Issued (Repaid)	1,168	39.69	182.32	-58.66	-13.45
Issuance of Common Stock	-	-	-	4.03	1,334
Common Dividends Paid	-84.17	-90.28	-83.42	-63.24	-26.14
Other Financing Activities	-20.16	1.35	5.46	-0.94	-17.22
Financing Cash Flow	1,064	-49.24	104.36	-118.81	1,277
Foreign Exchange Rate Adjustments	-4.13	2.45	-0.95	3.64	-1.57
Net Cash Flow	278.03	-89.47	-301.04	54.1	446.36
Free Cash Flow	-788.37	-43.38	-268.72	-150.69	-115.45
Free Cash Flow Margin	-86.52%	-5.30%	-40.07%	-21.07%	-15.61%
Free Cash Flow Per Share	-8.78	-0.48	-8.61	-1.68	-1.62
Cash Income Tax Paid	62.62	53.07	67.73	32.26	46.45
Levered Free Cash Flow	-487.99	-10.52	-319.94	-183.21	-156.26
Unlevered Free Cash Flow	-487.99	-7.41	-317.95	-180.95	-151.61
Change in Working Capital	-95.02	-60.91	-93.79	-56.4	-59.78

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