SHE:301505 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	22.13	29.06	78.05	79.55	73.08
Depreciation & Amortization	13.75	11.67	10.4	11.21	8.93
Other Amortization	2.32	1.78	2.36	2.56	3.84
Loss (Gain) From Sale of Assets	-0.58	-0	-0.21	0.04	-0.02
Asset Writedown & Restructuring Costs	0.08	2.39	-0.15	-	-
Loss (Gain) From Sale of Investments	-8.47	-13.92	-3.78	-0.04	0.08
Provision & Write-off of Bad Debts	21.13	27.5	24.45	15.86	15.22
Other Operating Activities	1.91	2.45	1.36	1.58	1.74
Change in Accounts Receivable	35	-27.45	-67.54	-78.91	-34.96
Change in Accounts Payable	-5.38	7.93	0.33	29.2	-0.64
Change in Other Net Operating Assets	0.85	-	-	-	-
Operating Cash Flow	77.93	34.98	39.83	58.73	61.02
Operating Cash Flow Growth	122.76%	-12.18%	-32.17%	-3.76%	-33.96%
Capital Expenditures	-54.99	-79.38	-85.17	-35.18	-42.88
Sale of Property, Plant & Equipment	0.27	0.04	0.04	0.01	0.06
Cash Acquisitions	-4.28	-	-	-	-
Investment in Securities	28.72	-56.14	-447.1	-	-
Other Investing Activities	7.89	12.49	1.16	-	-
Investing Cash Flow	-22.39	-122.99	-531.07	-35.18	-42.82
Long-Term Debt Issued	17.59	105.06	94.41	30.19	7.26
Long-Term Debt Repaid	-21.33	-84.62	-64.07	-6.63	-4.92
Net Debt Issued (Repaid)	-3.74	20.45	30.34	23.56	2.34
Issuance of Common Stock	-	-	525.64	-	-
Repurchase of Common Stock	-21.95	-	-	-	-
Common Dividends Paid	-25.2	-41.84	-37.57	-34.27	-36.3
Other Financing Activities	-0.45	-	-27.19	-2.17	-3.29
Financing Cash Flow	-51.34	-21.39	491.22	-12.88	-37.25
Net Cash Flow	4.2	-109.4	-0.02	10.67	-19.05
Free Cash Flow	22.94	-44.4	-45.34	23.54	18.14
Free Cash Flow Growth	-	-	-	29.75%	-73.70%
Free Cash Flow Margin	8.47%	-14.42%	-11.60%	5.82%	4.69%
Free Cash Flow Per Share	0.20	-0.38	-0.46	0.28	0.21
Cash Income Tax Paid	28.77	32.24	27.66	37.31	32.88
Levered Free Cash Flow	-35.54	-52.18	-69.95	13.15	2.46
Unlevered Free Cash Flow	-34.13	-50.81	-69.49	13.51	2.87
Change in Working Capital	25.66	-25.96	-72.64	-52.04	-41.85

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