SHE:301586 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	57.32	100.41	102.51	150.26	128.74
Depreciation & Amortization	54.05	46.3	45.2	26.71	14.75
Other Amortization	0.04	1.6	0.14	0.15	0.11
Loss (Gain) From Sale of Assets	-1.18	0	0.07	-	0.07
Asset Writedown & Restructuring Costs	9.27	0.04	0.01	0.02	1.63
Loss (Gain) From Sale of Investments	-	-	-	0.08	-0.25
Provision & Write-off of Bad Debts	-	14.77	0.22	4.73	2.74
Other Operating Activities	-1.3	5.3	2.09	6.53	3.28
Change in Accounts Receivable	-15.08	-274.04	86.79	-200.77	-32.25
Change in Inventory	21.02	-65.14	39.62	-41.7	-12.67
Change in Accounts Payable	55.77	116.39	-95.37	153.75	20.75
Operating Cash Flow	178.48	-56.88	179.49	96.91	126.37
Operating Cash Flow Growth	-	-	85.22%	-23.32%	-10.42%
Capital Expenditures	-60.19	-33.08	-55.21	-116.58	-192.76
Sale of Property, Plant & Equipment	-	0.09	0.01	0.01	0.12
Investment in Securities	-208.8	-	-	-	-
Other Investing Activities	-	-	-0.06	2.06	-1.86
Investing Cash Flow	-268.98	-32.99	-55.26	-114.51	-194.5
Long-Term Debt Issued	0.01	64.89	93.8	40	139.34
Long-Term Debt Repaid	-3.04	-133.52	-103.18	-82.99	-76
Net Debt Issued (Repaid)	-3.03	-68.63	-9.38	-42.99	63.34
Issuance of Common Stock	-	359.44	-	-	165
Common Dividends Paid	-39.91	-2.64	-1.36	-3.69	-2.7
Other Financing Activities	-3.47	-22.85	-2.06	-4.84	-0.38
Financing Cash Flow	-46.41	265.33	-12.8	-51.52	225.26
Net Cash Flow	-136.92	175.45	111.42	-69.12	157.14
Free Cash Flow	118.29	-89.96	124.28	-19.67	-66.39
Free Cash Flow Margin	15.49%	-14.35%	26.85%	-3.32%	-15.52%
Free Cash Flow Per Share	1.42	-1.30	2.00	-0.32	-1.22
Cash Income Tax Paid	30.74	45.81	69.08	46.08	14.74
Levered Free Cash Flow	30.46	-40.97	-49.73	-15.26	-98.5
Unlevered Free Cash Flow	30.46	-39.43	-49.26	-12.91	-96.63
Change in Working Capital	60.28	-225.3	31.16	-93.46	-24.7

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