SHE:301266 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	29.61	38.61	151.33	100.42	77.28
Depreciation & Amortization	38.27	26.31	20.47	13.81	9.61
Other Amortization	0.05	0.04	-	-	-
Loss (Gain) From Sale of Assets	-0.27	0.01	0.07	-0.11	-0.06
Asset Writedown & Restructuring Costs	9.05	0.04	1.11	0.35	10.9
Loss (Gain) From Sale of Investments	-1.48	2.88	-4.62	-2.94	-0.54
Provision & Write-off of Bad Debts	-	57.74	18.41	15.67	-
Other Operating Activities	55.47	19.63	22.06	6.42	12.07
Change in Accounts Receivable	-217.86	-829.76	-568.59	-605.67	-250.93
Change in Inventory	-143.83	-32.78	-59.57	-3.58	-35.91
Change in Accounts Payable	-35.46	421.66	199.68	160.16	60.36
Change in Other Net Operating Assets	40.66	-25.36	2.03	-21.3	-0.04
Operating Cash Flow	-229.1	-330.29	-201.76	-339.12	-118.67
Capital Expenditures	-49.06	-85.41	-40.95	-54.41	-25.83
Sale of Property, Plant & Equipment	0.93	0.31	0.53	0.19	0.08
Divestitures	1.46	-	-	-	-
Investment in Securities	298.21	-275.58	183.58	-280.74	-86.13
Other Investing Activities	7.22	5.73	8.25	3.24	1.38
Investing Cash Flow	258.76	-354.94	151.42	-331.72	-110.5
Long-Term Debt Issued	931.3	752.96	620.76	655.91	359.09
Total Debt Issued	931.3	752.96	620.76	655.91	359.09
Long-Term Debt Repaid	-682.83	-621.06	-368.62	-472.05	-197.05
Total Debt Repaid	-682.83	-621.06	-368.62	-472.05	-197.05
Net Debt Issued (Repaid)	248.47	131.9	252.14	183.86	162.04
Issuance of Common Stock	1.44	2.32	497.1	634.52	-
Common Dividends Paid	-28.15	-45.78	-42.29	-18.55	-12.52
Dividends Paid	-28.15	-45.78	-42.29	-18.55	-12.52
Other Financing Activities	-1.11	-0.2	-1.73	-18.5	-3.34
Financing Cash Flow	220.65	88.24	705.22	781.34	146.18
Foreign Exchange Rate Adjustments	-4.03	3.53	-1.97	5.73	-1.3
Net Cash Flow	246.27	-593.46	652.91	116.22	-84.29
Free Cash Flow	-278.17	-415.69	-242.71	-393.53	-144.5
Free Cash Flow Margin	-9.37%	-12.69%	-8.79%	-19.57%	-11.66%
Free Cash Flow Per Share	-2.57	-3.98	-2.31	-4.31	-1.85
Cash Income Tax Paid	-2.09	12.68	24.11	2.62	12.59
Levered Free Cash Flow	-78.31	-154.62	-263.02	-287.08	-142.4
Unlevered Free Cash Flow	-78.31	-136.7	-246.54	-276.45	-134.77
Change in Working Capital	-359.82	-475.56	-410.6	-472.75	-227.94

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