SHE:301491 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	223.71	253.65	135.99	189.57	105.86
Depreciation & Amortization	31.71	25.91	28.78	26.8	21.12
Other Amortization	1.85	3.47	1.56	1.63	0.29
Loss (Gain) From Sale of Assets	-0.04	0.05	0.04	0.16	0.01
Asset Writedown & Restructuring Costs	15.33	23.57	1.67	-2.51	-8.49
Loss (Gain) From Sale of Investments	0.03	-0.52	-0.91	-1.1	-1.69
Other Operating Activities	36.93	-16.11	-11.8	-10.35	5.79
Change in Accounts Receivable	-222.87	-115.64	18.91	21.87	-61.33
Change in Inventory	-54.95	-14.24	66.19	69.9	-227.02
Change in Accounts Payable	217.69	130.05	-156.66	96.91	62.62
Change in Other Net Operating Assets	7.29	6.22	12.73	8.19	7.14
Operating Cash Flow	264.62	314.53	101.54	413.05	-85.09
Operating Cash Flow Growth	-15.87%	209.77%	-75.42%	-	-
Capital Expenditures	-66.7	-45.64	-7.24	-20.22	-28.52
Sale of Property, Plant & Equipment	1.32	0.49	0.58	0.12	0.32
Cash Acquisitions	-	-	-	-0	-0.11
Investment in Securities	-500	-	-	44.45	41.3
Other Investing Activities	0.4	0.1	1.18	7.59	-21.37
Investing Cash Flow	-564.97	-45.05	-5.49	31.94	-8.37
Long-Term Debt Issued	87.52	83.89	35.22	5.9	147.16
Long-Term Debt Repaid	-87.52	-102.16	-174.51	-51.66	-64.89
Net Debt Issued (Repaid)	-	-18.27	-139.29	-45.76	82.27
Issuance of Common Stock	891.64	-	-	26.14	212.53
Common Dividends Paid	-1.37	-0.79	-0.74	-2.02	-115.87
Other Financing Activities	-38.77	-2.14	-5.01	-	-39.43
Financing Cash Flow	851.49	-21.2	-145.04	-21.65	139.5
Foreign Exchange Rate Adjustments	-26.55	17.95	10.23	28.06	-10.46
Net Cash Flow	524.59	266.23	-38.77	451.41	35.57
Free Cash Flow	197.92	268.89	94.29	392.83	-113.61
Free Cash Flow Growth	-26.39%	185.16%	-76.00%	-	-
Free Cash Flow Margin	10.79%	18.49%	9.14%	28.34%	-11.15%
Free Cash Flow Per Share	1.80	2.78	0.97	4.06	-
Cash Income Tax Paid	-159.92	-71.34	-50.56	-98.36	-57.2
Levered Free Cash Flow	101.6	172.06	13.52	319.27	-68.47
Unlevered Free Cash Flow	101.6	173.47	15.18	321.83	-66.24
Change in Working Capital	-44.91	24.5	-53.79	208.85	-207.98

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