SHE:301173 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	Dec '21 Dec 31, 2021
Net Income	172.9	170.8	159.65	71.37	42.83
Depreciation & Amortization	71.72	64	64.19	53.74	41.15
Other Amortization	40.38	54.07	57.16	51.74	41.69
Loss (Gain) From Sale of Assets	-0.59	-0.51	0.12	-0.08	0.02
Asset Writedown & Restructuring Costs	8.41	5.67	1.22	0.42	0.23
Loss (Gain) From Sale of Investments	-9.97	-3.94	-0.22	-0.26	0.25
Provision & Write-off of Bad Debts	-	22.1	5.72	7.93	3
Other Operating Activities	10.1	29.15	14.7	15.35	9.61
Change in Accounts Receivable	350.38	527.09	-424.08	-285.36	-212.37
Change in Inventory	16.58	-11.54	-61.2	34.55	-60.67
Change in Accounts Payable	-328.21	-765.32	463.83	190.09	290.6
Change in Other Net Operating Assets	5.4	5.79	4.99	2.74	0.09
Operating Cash Flow	334.85	88.57	281.74	140.34	154.18
Operating Cash Flow Growth	278.08%	-68.56%	100.76%	-8.98%	-
Capital Expenditures	-40.16	-113.84	-117.87	-45.61	-60.56
Sale of Property, Plant & Equipment	1.49	0.63	1.71	0.97	2.83
Investment in Securities	-21.35	-107.06	-29.78	-28.11	-
Other Investing Activities	-522.03	-	-	-	-
Investing Cash Flow	-582.06	-220.27	-145.95	-72.75	-57.73
Long-Term Debt Issued	25.35	82.35	230.06	285	312
Long-Term Debt Repaid	-147.76	-56.52	-409.39	-359.26	-281.57
Net Debt Issued (Repaid)	-122.41	25.83	-179.33	-74.26	30.43
Issuance of Common Stock	578.54	-	-	120	42.4
Common Dividends Paid	-21.41	-3.2	-7.09	-13.61	-59.74
Other Financing Activities	-28.18	27.75	-3.02	-33.12	24.35
Financing Cash Flow	406.55	50.37	-189.44	-0.99	37.44
Net Cash Flow	159.34	-81.33	-53.65	66.6	133.89
Free Cash Flow	294.69	-25.28	163.86	94.73	93.62
Free Cash Flow Growth	-	-	72.99%	1.18%	-
Free Cash Flow Margin	12.92%	-1.05%	6.58%	4.69%	5.53%
Free Cash Flow Per Share	3.50	-0.38	2.49	1.57	1.67
Cash Income Tax Paid	128.1	126.4	146.46	62.55	44.15
Levered Free Cash Flow	249.09	-134.9	203.28	26.96	231.49
Unlevered Free Cash Flow	249.09	-134.13	206.71	34.7	238.64
Change in Working Capital	41.9	-252.76	-20.82	-59.87	15.4

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