SHE:301305 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	Dec '21 Dec 31, 2021
Net Income	273.69	215.54	178.86	242.53	228.07
Depreciation & Amortization	187.43	171.35	153.48	133.98	101.64
Other Amortization	4.02	4.38	2.84	1.57	3.35
Loss (Gain) From Sale of Assets	2.25	6.98	0.06	0	-6.24
Asset Writedown & Restructuring Costs	41.53	7.17	0.39	18.31	13.85
Loss (Gain) From Sale of Investments	-0.88	-2.78	-4.2	-3.11	-4.02
Provision & Write-off of Bad Debts	-	39.2	32.21	-	-
Other Operating Activities	66.83	54.37	98.65	77.49	77.65
Change in Accounts Receivable	-55.78	-76.02	-253	-111.74	-136.86
Change in Inventory	-128.79	120.97	-125.52	-30.42	-75.68
Change in Accounts Payable	89.34	-152.03	38.79	39.96	66.92
Change in Other Net Operating Assets	5.59	15.33	-	-	-
Operating Cash Flow	472.8	391.28	113.04	363.44	270.49
Operating Cash Flow Growth	20.84%	246.14%	-68.90%	34.36%	225.14%
Capital Expenditures	-448.61	-443.9	-365.56	-275.03	-591.34
Sale of Property, Plant & Equipment	12.33	3.95	0.07	0.1	11.71
Investment in Securities	-13.1	116.6	-182.95	0	-
Other Investing Activities	56.89	8.15	14.66	11.09	20.55
Investing Cash Flow	-392.49	-315.2	-533.78	-263.84	-559.08
Long-Term Debt Issued	173.67	1,055	335	218.06	479.58
Long-Term Debt Repaid	-142.97	-1,244	-460.64	-153.38	-99.75
Total Debt Repaid	-142.97	-1,244	-460.64	-153.38	-99.75
Net Debt Issued (Repaid)	30.71	-189.16	-125.64	64.68	379.83
Issuance of Common Stock	8.78	-	1,453	-	-
Repurchase of Common Stock	-	-49.1	-	-	-
Common Dividends Paid	-92.85	-83.81	-133.87	-99.55	-91.56
Other Financing Activities	-22.92	0.75	-26.26	-1.15	-
Financing Cash Flow	-76.28	-321.32	1,167	-36.02	288.27
Foreign Exchange Rate Adjustments	-0.68	4.91	-0.99	-	-
Net Cash Flow	3.35	-240.33	745.62	63.58	-0.32
Free Cash Flow	24.2	-52.62	-252.52	88.41	-320.85
Free Cash Flow Margin	1.35%	-2.94%	-14.41%	4.86%	-19.82%
Free Cash Flow Per Share	0.10	-0.22	-1.16	0.48	-1.76
Cash Income Tax Paid	109.6	61.94	47.33	61.86	49.83
Levered Free Cash Flow	-135.89	-38.22	-407.68	-154.53	-462.81
Unlevered Free Cash Flow	-135.89	5.65	-348.19	-102.55	-416.92
Change in Working Capital	-102.07	-105.62	-349.24	-107.33	-143.81

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