SHE:301320 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	10.29	46.88	47.15	67.06	73.45
Depreciation & Amortization	45.34	38.98	34.56	28.17	22.58
Other Amortization	1.13	0.95	1.25	1.08	1.6
Loss (Gain) From Sale of Assets	-0.13	-1.24	-0.04	-0.04	-0
Asset Writedown & Restructuring Costs	16.05	0.11	0.29	0.05	7.78
Loss (Gain) From Sale of Investments	-6.06	-5.97	-1.96	0.13	-1.95
Provision & Write-off of Bad Debts	-	4.98	0.61	2.2	0.19
Other Operating Activities	4.93	10.34	10.6	-6.36	5.16
Change in Accounts Receivable	-43.76	-91.36	11.79	-42.31	-4.79
Change in Inventory	-46.79	-21.6	-41.79	22.34	-48
Change in Accounts Payable	48.42	51.9	65.47	-96.99	60.11
Change in Other Net Operating Assets	85.04	16.74	-7.39	28.75	-18.98
Operating Cash Flow	112.41	50.18	113.31	6.94	96.09
Operating Cash Flow Growth	124.01%	-55.71%	1533.45%	-92.78%	-36.02%
Capital Expenditures	-134.58	-151.7	-115.8	-77.22	-119.34
Sale of Property, Plant & Equipment	1.19	0.78	0.04	0.18	0.04
Investment in Securities	69.69	-25.74	-255.1	56.23	39.48
Other Investing Activities	7.06	5.1	2.01	0.95	5.23
Investing Cash Flow	-56.65	-171.56	-368.84	-19.86	-74.59
Short-Term Debt Issued	-	9.5	8	30	-
Long-Term Debt Issued	30	-	-	-	-
Total Debt Issued	30	9.5	8	30	-
Short-Term Debt Repaid	-	-17.5	-30	-	-
Long-Term Debt Repaid	-30	-6.18	-4.15	-3.75	-5.19
Total Debt Repaid	-30	-23.68	-34.15	-3.75	-5.19
Net Debt Issued (Repaid)	-	-14.18	-26.15	26.25	-5.19
Issuance of Common Stock	5.41	-	554.52	-	-
Repurchase of Common Stock	-	-27.12	-	-	-
Common Dividends Paid	-18.16	-18.12	-36.4	-0.01	-13.59
Other Financing Activities	5.06	-	-14.04	-1.69	-1.99
Financing Cash Flow	-7.69	-59.42	477.93	24.55	-20.77
Foreign Exchange Rate Adjustments	-0.74	4.23	0.92	11.2	-4.88
Net Cash Flow	47.34	-176.57	223.32	22.82	-4.15
Free Cash Flow	-22.17	-101.51	-2.49	-70.28	-23.25
Free Cash Flow Margin	-2.43%	-12.26%	-0.35%	-10.57%	-3.04%
Free Cash Flow Per Share	-0.13	-0.56	-0.02	-0.51	-0.17
Cash Income Tax Paid	2.35	-1.04	-19.93	-11.73	-22.71
Levered Free Cash Flow	-83.76	-122.08	-11.11	-136.15	-41.33
Unlevered Free Cash Flow	-83.76	-121.62	-10.53	-135.57	-40.72
Change in Working Capital	40.85	-44.85	20.84	-85.36	-12.73

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