SHE:301237 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	-182.38	-47.14	14.64	65.35	123.7
Depreciation & Amortization	82.78	67.14	35.32	31.17	30.29
Other Amortization	-	0.03	-	-	-0.03
Loss (Gain) From Sale of Assets	-	0	-0.03	-	-
Asset Writedown & Restructuring Costs	167.1	7.91	0.3	-	2.99
Loss (Gain) From Sale of Investments	-1.82	-4.08	-7.48	-9.41	-
Provision & Write-off of Bad Debts	-	1.11	-0.03	0.17	-
Other Operating Activities	1.42	36.37	17.82	5.57	5.01
Change in Accounts Receivable	-78.68	-90.77	-37.55	26.96	-61.11
Change in Inventory	-48.42	-49.97	-74.31	-61.46	-27.35
Change in Accounts Payable	102.73	26.26	48.92	4.44	12.78
Operating Cash Flow	48	-64.06	-5.83	62.65	83.8
Operating Cash Flow Growth	-	-	-	-25.24%	66.08%
Capital Expenditures	-399.78	-225.05	-260.37	-240.4	-64.94
Sale of Property, Plant & Equipment	-	0	0.04	-	-
Investment in Securities	-	77	-230	-	-
Other Investing Activities	153.71	3.96	-2.54	7.61	13.49
Investing Cash Flow	-246.07	-144.09	-492.87	-232.79	-51.44
Long-Term Debt Issued	351.67	135.7	88	57	109
Total Debt Issued	351.67	135.7	88	57	109
Long-Term Debt Repaid	-74.63	-77.5	-60	-111.5	-127
Total Debt Repaid	-74.63	-77.5	-60	-111.5	-127
Net Debt Issued (Repaid)	277.05	58.2	28	-54.5	-18
Issuance of Common Stock	-	-	-	1,036	-
Repurchase of Common Stock	-	-36.89	-	-	-
Common Dividends Paid	-12.79	-10.04	-82.15	-58.04	-4.94
Dividends Paid	-12.79	-10.04	-82.15	-58.04	-4.94
Other Financing Activities	-14.05	19.98	-	-21.42	-
Financing Cash Flow	250.2	31.26	-54.15	902.21	-22.94
Foreign Exchange Rate Adjustments	0.01	0.55	0.35	-0	-0.11
Net Cash Flow	52.14	-176.34	-552.49	732.06	9.31
Free Cash Flow	-351.78	-289.11	-266.2	-177.75	18.86
Free Cash Flow Margin	-59.08%	-57.47%	-63.15%	-35.30%	2.95%
Free Cash Flow Per Share	-4.49	-3.62	-3.27	-2.37	0.31
Cash Income Tax Paid	15.46	-3.03	-32.11	1.98	49.81
Levered Free Cash Flow	-282.7	-295.33	-229.5	-215.5	11.84
Unlevered Free Cash Flow	-282.7	-294.07	-228.14	-214.28	14.9
Change in Working Capital	-19.11	-125.39	-66.36	-30.19	-78.16

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