SHE:301500 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	295.18	128.39	180.05	212.43	719.33
Depreciation & Amortization	504.13	348.99	195.12	143.82	103.58
Other Amortization	1.83	3.32	3.88	5.66	5.94
Loss (Gain) From Sale of Assets	8.51	-0.05	0.18	0.01	0.51
Asset Writedown & Restructuring Costs	177.72	8.86	10.91	8.39	8.14
Loss (Gain) From Sale of Investments	-0.1	15.14	-7.07	36.7	-41.28
Provision & Write-off of Bad Debts	-	5.41	4.35	9.1	8.69
Other Operating Activities	178.6	309.59	44.92	98.18	77.14
Change in Accounts Receivable	-113.96	11.37	-157.58	142.79	-115.08
Change in Inventory	-864.17	-870.77	-1,231	-85.41	-859.96
Change in Accounts Payable	-188.8	577.64	253.15	-38.22	175.31
Change in Other Net Operating Assets	19.54	36.87	2.5	24.99	23.22
Operating Cash Flow	19.18	565.54	-701.18	556.67	105.16
Operating Cash Flow Growth	-96.61%	-	-	429.34%	-26.96%
Capital Expenditures	-600.7	-933.24	-1,493	-1,578	-1,282
Sale of Property, Plant & Equipment	41.32	0.19	0.35	0.34	0.3
Divestitures	-	-	-	-	-0.42
Investment in Securities	26.25	0.7	-	11.7	101.72
Other Investing Activities	-218.93	-58.26	46.5	-78.54	19.19
Investing Cash Flow	-752.05	-990.61	-1,446	-1,645	-1,161
Long-Term Debt Issued	4,720	5,020	4,927	3,481	1,784
Total Debt Issued	4,720	5,020	4,927	3,481	1,784
Long-Term Debt Repaid	-4,019	-4,261	-3,397	-2,471	-638.23
Total Debt Repaid	-4,019	-4,261	-3,397	-2,471	-638.23
Net Debt Issued (Repaid)	700.51	758.62	1,531	1,010	1,145
Issuance of Common Stock	-	17.79	889.8	28.96	-
Common Dividends Paid	-218.61	-180.13	-155.1	-99.99	-44.2
Other Financing Activities	291.35	7.16	-3.08	-14.19	19.5
Financing Cash Flow	773.25	603.44	2,262	924.91	1,121
Foreign Exchange Rate Adjustments	-0.01	-	-	-	-
Net Cash Flow	40.36	178.38	114.88	-162.98	64.47
Free Cash Flow	-581.52	-367.69	-2,194	-1,021	-1,177
Free Cash Flow Margin	-3.92%	-2.93%	-25.31%	-11.65%	-14.90%
Free Cash Flow Per Share	-1.04	-0.66	-4.24	-2.03	-2.33
Cash Income Tax Paid	119.69	46.61	113.79	-204.71	300.01
Levered Free Cash Flow	-	-932.04	-2,610	-1,034	-1,436
Unlevered Free Cash Flow	-	-841.17	-2,545	-971.35	-1,412
Change in Working Capital	-1,147	-254.11	-1,134	42.38	-776.9

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