SHE:301603 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	347	205.24	169.16	190.57	231.42
Depreciation & Amortization	52.35	41.7	33.42	27.19	24.33
Other Amortization	3.09	3.44	2.89	3.74	1.46
Loss (Gain) From Sale of Assets	-0.06	-0.11	-0.56	-0.32	0.27
Asset Writedown & Restructuring Costs	12.94	0.35	0.39	6.47	5.04
Loss (Gain) From Sale of Investments	-21.45	-6.48	-6.02	-4.86	-5.12
Provision & Write-off of Bad Debts	-	26.91	11.16	8	1.87
Other Operating Activities	35.74	15.37	6.83	5.48	4.61
Change in Accounts Receivable	-560.41	-466.35	-235.07	-202.08	-186
Change in Inventory	-202.69	-378.89	69.48	6.99	-313.31
Change in Accounts Payable	270.53	330.93	120.47	-25.87	311.46
Change in Other Net Operating Assets	2.96	1.34	11.78	17.48	11.2
Operating Cash Flow	-65.97	-240.42	176.65	34.7	85.92
Operating Cash Flow Growth	-	-	409.14%	-59.62%	-13.90%
Capital Expenditures	-45.97	-46.5	-81.23	-109.53	-90.17
Sale of Property, Plant & Equipment	0.37	0.25	2.25	0.31	0.23
Investment in Securities	110.43	-135.43	7.28	-7.28	68.21
Other Investing Activities	-3.5	0.4	5	-	-2.14
Investing Cash Flow	61.33	-181.28	-66.71	-116.5	-23.87
Short-Term Debt Issued	-	38.03	66.92	-	-
Long-Term Debt Issued	14.96	-	-	117.46	12
Total Debt Issued	14.96	38.03	66.92	117.46	12
Short-Term Debt Repaid	-	-13	-140.12	-	-
Long-Term Debt Repaid	-25	-3.45	-4.03	-20	-0.88
Total Debt Repaid	-25	-16.45	-144.15	-20	-0.88
Net Debt Issued (Repaid)	-10.04	21.58	-77.24	97.46	11.12
Issuance of Common Stock	-	744.03	-	-	-
Common Dividends Paid	-12.08	-96.77	-2.17	-7.3	-48.08
Other Financing Activities	-6.2	-43.06	0.66	-9.2	-6.65
Financing Cash Flow	-28.32	625.78	-78.75	80.96	-43.6
Foreign Exchange Rate Adjustments	0.03	0.16	0.03	-	-
Net Cash Flow	-32.93	204.24	31.22	-0.85	18.45
Free Cash Flow	-111.94	-286.93	95.41	-74.84	-4.25
Free Cash Flow Margin	-4.48%	-16.31%	6.56%	-4.83%	-0.32%
Free Cash Flow Per Share	-0.93	-2.78	1.05	-0.82	-0.05
Cash Income Tax Paid	115.1	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	-495.58	-526.84	-40.61	-201.58	-177.97

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