SHE:301388 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	21.16	15.31	42.81	60.52	82.15
Depreciation & Amortization	43.53	40.81	32.64	22.14	19.97
Other Amortization	0.63	0.25	0.25	-	-
Loss (Gain) From Sale of Assets	-0.04	-0.07	-16.27	-0.19	0.04
Asset Writedown & Restructuring Costs	0.84	0.58	6.42	5.18	5.27
Loss (Gain) From Sale of Investments	-4.09	-0.84	-0	-0	-0.27
Provision & Write-off of Bad Debts	1.26	2.16	-	-	0.38
Other Operating Activities	10.13	6.94	5.16	7.41	6.97
Change in Accounts Receivable	17.98	-30.67	17.75	-31.06	-20.48
Change in Inventory	-1.7	-12.24	4.56	16.34	-63.6
Change in Accounts Payable	-1.66	49.96	-14	-12.43	26.14
Change in Other Net Operating Assets	-	-	-	-	0.68
Operating Cash Flow	86.74	67.94	75.02	66.61	55.24
Operating Cash Flow Growth	27.68%	-9.44%	12.64%	20.57%	-45.02%
Capital Expenditures	-81.9	-89.09	-87.64	-85.76	-113.6
Sale of Property, Plant & Equipment	2.29	0.96	40.67	1.96	1.94
Divestitures	-	2.78	-	-	-
Investment in Securities	-72.06	-271.28	-0.83	0.01	39.26
Investing Cash Flow	-151.67	-356.62	-47.8	-83.79	-72.4
Short-Term Debt Issued	67.02	57.9	-	-	-
Long-Term Debt Issued	-	-	87	155.48	177.13
Total Debt Issued	67.02	57.9	87	155.48	177.13
Short-Term Debt Repaid	-28.68	-134.15	-	-	-
Long-Term Debt Repaid	-0.2	-0.2	-108.88	-173.11	-131.95
Total Debt Repaid	-28.88	-134.35	-108.88	-173.11	-131.95
Net Debt Issued (Repaid)	38.14	-76.45	-21.88	-17.63	45.17
Issuance of Common Stock	-	-	-	616.88	-
Common Dividends Paid	-10.85	-37.57	-64.57	-3.42	-41.74
Other Financing Activities	-2.19	2.29	0	-19.32	-1.83
Financing Cash Flow	25.09	-111.73	-86.45	576.5	1.6
Foreign Exchange Rate Adjustments	0	0.59	0.18	0.3	-0.22
Net Cash Flow	-39.83	-399.82	-59.05	559.62	-15.77
Free Cash Flow	4.84	-21.15	-12.62	-19.15	-58.36
Free Cash Flow Margin	1.02%	-4.51%	-2.90%	-3.98%	-11.20%
Free Cash Flow Per Share	0.05	-0.21	-0.12	-0.24	-0.76
Cash Income Tax Paid	10.81	11.91	23.31	19.28	28.63
Levered Free Cash Flow	-4.67	-56.78	-37.33	-45.61	-91.29
Unlevered Free Cash Flow	-4.26	-55.78	-35.53	-43.46	-89.19
Change in Working Capital	13.32	2.8	4.01	-28.45	-59.26

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