SHE:301217 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	62.65	-156.34	17.2	265.11	367.5
Depreciation & Amortization	243.21	193.69	157.05	147.98	148.87
Loss (Gain) From Sale of Assets	-	-	-0.91	-0.51	-0.11
Asset Writedown & Restructuring Costs	0.81	-33.94	8.08	3.85	0.36
Loss (Gain) From Sale of Investments	-3.89	-12.67	-14.45	-19.32	0.11
Provision & Write-off of Bad Debts	15.88	34.03	2.12	-3.85	13.65
Other Operating Activities	44.08	54.67	-5.9	-1.34	65.06
Change in Accounts Receivable	-687.08	-537.65	-648.71	72.27	-318
Change in Inventory	-83.91	-37.19	-194.78	-55.15	-91.26
Change in Accounts Payable	246.16	76.64	98.34	38.11	-0.22
Operating Cash Flow	-171.48	-464.75	-600.13	446.86	183.96
Operating Cash Flow Growth	-	-	-	142.92%	-
Capital Expenditures	-312.86	-418.39	-608.04	-518.75	-83.54
Sale of Property, Plant & Equipment	-	-	1.08	0.63	8.16
Investment in Securities	157.61	-150.12	499.91	-1,000	-0.02
Other Investing Activities	-	23.66	39.47	45.54	0.52
Investing Cash Flow	-155.25	-544.86	-67.57	-1,473	-74.89
Short-Term Debt Issued	-	1.98	6.27	60	-
Long-Term Debt Issued	667.13	570.96	441.51	-	998
Total Debt Issued	667.13	572.94	447.78	60	998
Short-Term Debt Repaid	-1.86	-2.07	-	-	-
Long-Term Debt Repaid	-368.47	-456	-16	-944	-832
Total Debt Repaid	-370.33	-458.07	-16	-944	-832
Net Debt Issued (Repaid)	296.8	114.87	431.78	-884	166
Issuance of Common Stock	-	-	-	3,579	-
Repurchase of Common Stock	-31.83	-	-	-	-
Common Dividends Paid	-35.45	-81.39	-100.02	-152.34	-66.43
Other Financing Activities	490	-	-	-152.91	-2.87
Financing Cash Flow	719.52	33.48	331.76	2,390	96.69
Foreign Exchange Rate Adjustments	-0.91	0.2	0.06	-0.41	0.26
Net Cash Flow	391.88	-975.92	-335.89	1,364	206.02
Free Cash Flow	-484.34	-883.14	-1,208	-71.89	100.41
Free Cash Flow Margin	-7.24%	-18.71%	-31.92%	-1.85%	2.46%
Free Cash Flow Per Share	-0.62	-1.07	-1.41	-0.09	0.16
Cash Income Tax Paid	70.18	-26.15	-24.76	71.27	150.12
Levered Free Cash Flow	-698.48	-871.42	-976.93	-131.56	-77.53
Unlevered Free Cash Flow	-669.48	-851.6	-966.05	-114.67	-36.36
Change in Working Capital	-536.45	-554.3	-763.32	54.95	-411.49

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