SHE:301279 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	64.49	42.7	49.1	81.64	79.55
Depreciation & Amortization	75.35	74.26	55.87	26.35	27.28
Other Amortization	0.46	-	-	-	-
Loss (Gain) From Sale of Assets	-0.03	-0.15	-0.05	-0.03	-1.23
Asset Writedown & Restructuring Costs	0.16	0.03	0.07	2.72	1.93
Loss (Gain) From Sale of Investments	-3.65	-0.76	-1.04	-4.44	-1.27
Provision & Write-off of Bad Debts	0.72	0.82	-	-	-
Other Operating Activities	3.57	0.91	0.13	-0	0.08
Change in Accounts Receivable	-123.24	-67.1	37.56	-47.98	-67.09
Change in Inventory	-12.98	29.95	-15.96	-38.81	-52.28
Change in Accounts Payable	66.09	-18.7	7.62	49.51	67.23
Change in Other Net Operating Assets	0.82	-	-	-	-
Operating Cash Flow	72.47	64.55	136.55	66.95	53.82
Operating Cash Flow Growth	12.28%	-52.73%	103.96%	24.39%	-49.33%
Capital Expenditures	-33.14	-69.59	-168.83	-223.99	-147.37
Sale of Property, Plant & Equipment	0.06	0.26	0.09	0.11	3.13
Investment in Securities	-113.77	-129.38	101.04	-89.9	1.29
Investing Cash Flow	-146.85	-198.71	-67.69	-313.78	-142.95
Short-Term Debt Issued	145.2	71	21.95	60.89	-
Long-Term Debt Issued	-	-	-	-	65.6
Total Debt Issued	145.2	71	21.95	60.89	65.6
Short-Term Debt Repaid	-70	-43.36	-21.26	-201.28	-
Long-Term Debt Repaid	-	-	-	-	-4.71
Total Debt Repaid	-70	-43.36	-21.26	-201.28	-4.71
Net Debt Issued (Repaid)	75.2	27.64	0.69	-140.39	60.89
Issuance of Common Stock	5.28	-	-	780	-
Repurchase of Common Stock	-4.57	-10.48	-	-	-
Common Dividends Paid	-26.22	-30.3	-50.16	-3.03	-6.12
Other Financing Activities	-	-	-	-73.02	-1
Financing Cash Flow	49.7	-13.13	-49.47	563.56	53.77
Foreign Exchange Rate Adjustments	-1.14	0.34	0.12	0.26	-0.04
Net Cash Flow	-25.82	-146.96	19.51	317	-35.4
Free Cash Flow	39.34	-5.05	-32.28	-157.04	-93.54
Free Cash Flow Margin	5.66%	-0.81%	-4.96%	-24.03%	-14.62%
Free Cash Flow Per Share	0.30	-0.04	-0.25	-1.32	-0.96
Cash Income Tax Paid	32.01	21.85	-6.38	4.82	16.65
Levered Free Cash Flow	97.78	-59.8	-70.21	-167.23	-83.47
Unlevered Free Cash Flow	98.34	-59.37	-70.03	-167.09	-83.43
Change in Working Capital	-68.61	-53.26	32.46	-39.28	-52.53

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