SHE:301508 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	156.64	132.43	139.41	117.26	102.03
Depreciation & Amortization	104.24	96.73	48.65	36.39	27.09
Other Amortization	2.97	6.83	3.87	2.9	2.74
Loss (Gain) From Sale of Assets	0.04	0.05	0.02	-0.02	-
Asset Writedown & Restructuring Costs	-3.44	-	0.04	0.1	0.01
Loss (Gain) From Sale of Investments	-9.51	-4.02	-4.32	-2.11	-0.34
Provision & Write-off of Bad Debts	-	3.98	13.76	0.75	3.47
Other Operating Activities	18.12	2.67	11.82	8.34	5.54
Change in Accounts Receivable	-107.81	-97.12	-72.92	-36.18	-95.39
Change in Inventory	-0.3	0.53	-1.31	-	-
Change in Accounts Payable	13.98	22.57	-10.76	40.72	76.61
Operating Cash Flow	172.3	161.45	123.98	168.43	121.71
Operating Cash Flow Growth	6.72%	30.21%	-26.39%	38.39%	40.35%
Capital Expenditures	-223.44	-909.79	-95.9	-83.59	-104.72
Sale of Property, Plant & Equipment	0.11	0.01	0.1	0.04	0.04
Investment in Securities	-116.27	-	-	-	-
Other Investing Activities	9.43	7.59	4.29	2.41	357.01
Investing Cash Flow	-330.16	-902.19	-91.51	-81.14	252.33
Short-Term Debt Issued	-	-	-	-	3.93
Long-Term Debt Issued	300	-	-	-	-
Total Debt Issued	300	-	-	-	3.93
Long-Term Debt Repaid	-	-9.67	-6.55	-8.49	-5.09
Total Debt Repaid	-	-9.67	-6.55	-8.49	-5.09
Net Debt Issued (Repaid)	300	-9.67	-6.55	-8.49	-1.16
Issuance of Common Stock	-	-	895.43	-	-
Common Dividends Paid	-53.7	-92.47	-	-60.05	-97.74
Other Financing Activities	-5.28	116.77	-10.51	-	5.65
Financing Cash Flow	241.02	14.63	878.37	-68.54	-93.25
Foreign Exchange Rate Adjustments	0.1	0.27	0.88	1.38	-0.15
Net Cash Flow	83.26	-725.84	911.72	20.14	280.64
Free Cash Flow	-51.14	-748.35	28.08	84.84	16.99
Free Cash Flow Growth	-	-	-66.90%	399.23%	-
Free Cash Flow Margin	-5.81%	-90.05%	3.73%	13.30%	3.17%
Free Cash Flow Per Share	-0.23	-3.31	0.16	0.50	0.10
Cash Income Tax Paid	49.88	16.21	50.53	38.44	41.06
Levered Free Cash Flow	-113.15	-1,602	702.01	41.53	320.98
Unlevered Free Cash Flow	-113.15	-1,602	702.35	41.85	321.52
Change in Working Capital	-96.76	-77.22	-89.27	4.83	-18.82

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