SHE:301603 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	205.24	169.16	190.57	231.42
Depreciation & Amortization	41.7	33.42	27.19	24.33
Other Amortization	3.44	2.89	3.74	1.46
Loss (Gain) From Sale of Assets	-0.11	-0.56	-0.32	0.27
Asset Writedown & Restructuring Costs	0.35	0.39	6.47	5.04
Loss (Gain) From Sale of Investments	-6.48	-6.02	-4.86	-5.12
Provision & Write-off of Bad Debts	26.91	11.16	8	1.87
Other Operating Activities	15.37	6.83	5.48	4.61
Change in Accounts Receivable	-466.35	-235.07	-202.08	-186
Change in Inventory	-378.89	69.48	6.99	-313.31
Change in Accounts Payable	330.93	120.47	-25.87	311.46
Change in Other Net Operating Assets	1.34	11.78	17.48	11.2
Operating Cash Flow	-240.42	176.65	34.7	85.92
Operating Cash Flow Growth	-	409.14%	-59.62%	-13.90%
Capital Expenditures	-46.5	-81.23	-109.53	-90.17
Sale of Property, Plant & Equipment	0.25	2.25	0.31	0.23
Investment in Securities	-135.43	7.28	-7.28	68.21
Other Investing Activities	0.4	5	-	-2.14
Investing Cash Flow	-181.28	-66.71	-116.5	-23.87
Short-Term Debt Issued	38.03	66.92	-	-
Long-Term Debt Issued	-	-	117.46	12
Total Debt Issued	38.03	66.92	117.46	12
Short-Term Debt Repaid	-13	-140.12	-	-
Long-Term Debt Repaid	-3.45	-4.03	-20	-0.88
Total Debt Repaid	-16.45	-144.15	-20	-0.88
Net Debt Issued (Repaid)	21.58	-77.24	97.46	11.12
Issuance of Common Stock	744.03	-	-	-
Common Dividends Paid	-96.77	-2.17	-7.3	-48.08
Other Financing Activities	-43.06	0.66	-9.2	-6.65
Financing Cash Flow	625.78	-78.75	80.96	-43.6
Foreign Exchange Rate Adjustments	0.16	0.03	-	-
Net Cash Flow	204.24	31.22	-0.85	18.45
Free Cash Flow	-286.93	95.41	-74.84	-4.25
Free Cash Flow Margin	-16.31%	6.56%	-4.83%	-0.32%
Free Cash Flow Per Share	-2.78	1.05	-0.82	-0.05
Cash Income Tax Paid	88.2	58.88	78.62	55.22
Levered Free Cash Flow	-282.34	213	-98.94	-17.71
Unlevered Free Cash Flow	-281.55	214.62	-96.83	-17.19
Change in Working Capital	-526.84	-40.61	-201.58	-177.97

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.