SHE:301377 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	433.63	226.87	219.31	222.85	237.68
Depreciation & Amortization	134.17	118.41	100.38	84.1	73.88
Other Amortization	15.81	12.45	8.2	2.2	1.31
Loss (Gain) From Sale of Assets	0.69	0.07	2.19	0.18	-0.27
Asset Writedown & Restructuring Costs	0.88	2.47	6.43	3.24	7.87
Loss (Gain) From Sale of Investments	-8.91	-13.24	-16.16	-	-
Provision & Write-off of Bad Debts	10.25	17.09	9.12	1.22	7.18
Other Operating Activities	33.81	23.67	26.83	21.91	12.03
Change in Accounts Receivable	-532.12	-264.49	-304.16	58.74	-149.63
Change in Inventory	-210.29	-64.14	-34.94	-29.73	-36.84
Change in Accounts Payable	447.74	223.16	176.41	-197.85	95.32
Change in Other Net Operating Assets	12.88	11.41	-0	-0	-
Operating Cash Flow	290.85	273.19	182.29	156.13	237.46
Operating Cash Flow Growth	6.46%	49.87%	16.76%	-34.25%	56.81%
Capital Expenditures	-519.78	-275.04	-234.81	-233.89	-211.11
Sale of Property, Plant & Equipment	2.06	0.3	1.16	0.85	0.97
Other Investing Activities	215.01	53.78	-524.77	-109.5	-1.56
Investing Cash Flow	-302.71	-220.96	-758.42	-342.54	-211.7
Long-Term Debt Issued	572.93	259.3	134.43	316.11	338.7
Total Debt Issued	572.93	259.3	134.43	316.11	338.7
Long-Term Debt Repaid	-212.55	-262.21	-105.76	-370.25	-286.51
Total Debt Repaid	-212.55	-262.21	-105.76	-370.25	-286.51
Net Debt Issued (Repaid)	360.37	-2.91	28.67	-54.14	52.19
Issuance of Common Stock	-	1.13	-	1,069	-
Common Dividends Paid	-171.04	-75.55	-97.42	-16.31	-14.19
Other Financing Activities	-69.56	-	-19.42	11.48	-47.85
Financing Cash Flow	119.77	-77.32	-88.17	1,010	-9.85
Foreign Exchange Rate Adjustments	-1.73	-0.47	-0.28	0.05	-0.03
Net Cash Flow	106.18	-25.56	-664.58	824.02	15.88
Free Cash Flow	-228.93	-1.84	-52.51	-77.76	26.36
Free Cash Flow Margin	-10.68%	-0.12%	-3.98%	-6.38%	2.16%
Free Cash Flow Per Share	-0.56	-0.00	-0.13	-0.21	0.07
Cash Income Tax Paid	177.8	115.16	102.61	110.88	104.11
Levered Free Cash Flow	-189.37	87.92	-212.72	-88.62	-59.9
Unlevered Free Cash Flow	-184	93.42	-207.85	-80.79	-50.66
Change in Working Capital	-329.49	-114.59	-174	-179.58	-102.22

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