SHE:301206 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	91.3	104.95	55.98	163.69	535.42
Depreciation & Amortization	73.53	66.21	59.61	38.75	25.65
Other Amortization	-	0.05	-	-	-
Loss (Gain) From Sale of Assets	-0.07	-	-	-	0.59
Asset Writedown & Restructuring Costs	-0.09	0.07	-	0.21	0.01
Loss (Gain) From Sale of Investments	-69.51	-108.58	-108.86	-86.15	-0.26
Provision & Write-off of Bad Debts	-	0.64	0.05	-0.24	0.36
Other Operating Activities	-0.17	-	0.15	5.18	1.22
Change in Accounts Receivable	40.43	-42.17	-97.92	98.13	-165.73
Change in Inventory	-32.15	-38.38	-2.53	10.21	-43.95
Change in Accounts Payable	-72.88	-19.7	147.99	-165.77	277.22
Operating Cash Flow	22.82	-13.65	57.31	84.26	642.08
Operating Cash Flow Growth	-	-	-31.99%	-86.88%	195.39%
Capital Expenditures	-199.15	-141.76	-122.99	-242.67	-434.37
Sale of Property, Plant & Equipment	0.1	-	-	-	0.03
Sale (Purchase) of Real Estate	-	-	-	-11.47	-
Investment in Securities	439	272.65	-150.04	-3,096	-
Other Investing Activities	294.89	34.78	-7.05	32.9	-11.58
Investing Cash Flow	534.85	165.66	-280.07	-3,317	-445.93
Short-Term Debt Issued	-	-	-	-	1
Total Debt Issued	-	-	-	-	1
Short-Term Debt Repaid	-	-	-	-	-1
Total Debt Repaid	-	-	-	-	-1
Issuance of Common Stock	0.4	-	-	3,568	-
Common Dividends Paid	-348.65	-80.9	-143.16	-134.88	-
Dividends Paid	-348.65	-80.9	-143.16	-134.88	-
Other Financing Activities	-43.49	-17.6	-	-14.7	5.22
Financing Cash Flow	-391.73	-98.5	-143.16	3,418	5.22
Foreign Exchange Rate Adjustments	-1.29	2.81	1.38	24.93	-1.19
Net Cash Flow	164.64	56.32	-364.54	210.57	200.18
Free Cash Flow	-176.33	-155.41	-65.68	-158.4	207.7
Free Cash Flow Growth	-	-	-	-	216.60%
Free Cash Flow Margin	-27.15%	-21.80%	-13.15%	-23.47%	12.40%
Free Cash Flow Per Share	-0.89	-0.77	-0.33	-0.79	1.37
Cash Interest Paid	-	-	-	-	0
Cash Income Tax Paid	-19.62	-56.68	-51.98	-40.64	2.93
Levered Free Cash Flow	-1,390	-395.91	-116.43	-432.86	146.47
Unlevered Free Cash Flow	-1,390	-395.91	-116.43	-432.86	146.47
Change in Working Capital	-72.17	-77	50.38	-37.17	79.1

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