SHE:301600 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	159.19	175.47	127.58	85.63	59.2
Depreciation & Amortization	8.66	7.07	7.24	5.88	5.66
Other Amortization	0.08	1.06	0.18	0.74	0.59
Loss (Gain) From Sale of Assets	-	0	0.03	-	-
Asset Writedown & Restructuring Costs	1.67	0.06	-0.05	-	0.08
Loss (Gain) From Sale of Investments	-5.15	-3.42	-2.94	-1.89	-0.75
Provision & Write-off of Bad Debts	-	3.4	2.22	1.74	8.87
Other Operating Activities	-1.03	7.62	3.31	1.53	3.08
Change in Accounts Receivable	121.04	-166.18	-80.7	-57.51	-37.99
Change in Inventory	-66.55	-76.29	-29.06	-55.22	-31.48
Change in Accounts Payable	-28.01	103.17	94.21	97.9	41.48
Change in Other Net Operating Assets	-	0.01	-0.12	-	-
Operating Cash Flow	190.23	49.64	119.63	77.78	46.59
Operating Cash Flow Growth	283.20%	-58.50%	53.82%	66.94%	152.21%
Capital Expenditures	-27.49	-4.77	-6.78	-7.87	-4.67
Sale of Property, Plant & Equipment	0	0.01	0.14	0	0
Investment in Securities	-288.5	-453.69	-	-	-
Other Investing Activities	-	2.84	3	1.7	0.75
Investing Cash Flow	-315.99	-455.61	-3.64	-6.17	-3.92
Long-Term Debt Issued	50	-	-	-	-
Total Debt Issued	50	-	-	-	-
Long-Term Debt Repaid	-	-3.71	-3.1	-3.08	-3
Total Debt Repaid	-	-3.71	-3.1	-3.08	-3
Net Debt Issued (Repaid)	50	-3.71	-3.1	-3.08	-3
Issuance of Common Stock	-	644.75	-	52	-
Common Dividends Paid	-228.07	-	-	-	-
Dividends Paid	-228.07	-	-	-	-
Other Financing Activities	-3.21	-15.01	-3.59	-3.4	-
Financing Cash Flow	-181.28	626.03	-6.69	45.52	-3
Foreign Exchange Rate Adjustments	-1.5	-1.58	-0.91	0.03	-0.15
Net Cash Flow	-308.53	218.49	108.39	117.15	39.51
Free Cash Flow	162.74	44.88	112.86	69.9	41.92
Free Cash Flow Growth	262.65%	-60.24%	61.45%	66.74%	192.88%
Free Cash Flow Margin	17.16%	4.39%	13.88%	12.05%	9.94%
Free Cash Flow Per Share	1.56	0.53	1.44	0.89	0.56
Cash Income Tax Paid	31.49	38.88	23.15	19.6	5.67
Levered Free Cash Flow	-	6.02	67.83	57.54	-
Unlevered Free Cash Flow	-	6.19	67.9	57.64	-
Change in Working Capital	26.8	-141.61	-17.95	-15.85	-30.13

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