SHE:301682 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
Period Ending	Dec '25 Dec 31, 2025	Jan '25 Jan 1, 2025	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	318.72	268.24	411.67	475.52
Depreciation & Amortization	136.13	124.29	111.2	90.47
Other Amortization	4.09	4.41	5.9	4.88
Loss (Gain) From Sale of Assets	-0.58	-0.02	-0.09	-
Asset Writedown & Restructuring Costs	-0.58	0.02	90.57	77.19
Loss (Gain) From Sale of Investments	5.35	-0.33	-0.47	8.46
Provision & Write-off of Bad Debts	30.96	24.25	-0.74	27.83
Other Operating Activities	211.93	168.69	206.94	243.85
Change in Accounts Receivable	-400.94	-75.3	105.92	-462.46
Change in Inventory	-26.26	98.69	-106.63	-13.02
Change in Accounts Payable	0.76	-58.64	-68.4	-175.92
Change in Other Net Operating Assets	16.47	5.74	-7.03	-3.61
Operating Cash Flow	290.05	553.09	740.65	280.05
Operating Cash Flow Growth	-47.56%	-25.32%	164.47%	-
Capital Expenditures	-220.7	-274.31	-267.91	-250.36
Sale of Property, Plant & Equipment	1.56	0.04	0.08	0.24
Investment in Securities	-90	-50.7	0.94	7.98
Other Investing Activities	-42.34	-0.92	-0.38	0.1
Investing Cash Flow	-351.49	-325.89	-267.27	-242.03
Long-Term Debt Issued	-	-	653.08	703.33
Long-Term Debt Repaid	-420.3	-325.65	-638.86	-588.42
Net Debt Issued (Repaid)	-420.3	-325.65	14.22	114.91
Issuance of Common Stock	432.16	261.6	-	-
Common Dividends Paid	-121.17	-162.05	-124.74	-111.05
Other Financing Activities	-22.85	-	-54.92	-43.87
Financing Cash Flow	-132.15	-226.1	-165.44	-40.01
Foreign Exchange Rate Adjustments	0.75	4.08	2.18	1.63
Net Cash Flow	-192.84	5.17	310.11	-0.37
Free Cash Flow	69.34	278.78	472.74	29.69
Free Cash Flow Growth	-75.13%	-41.03%	1492.36%	-
Free Cash Flow Margin	2.65%	11.18%	17.34%	0.94%
Free Cash Flow Per Share	0.76	3.55	5.19	0.33
Cash Income Tax Paid	238.1	230.99	222.55	211.07
Levered Free Cash Flow	-164.02	256.7	174.33	-
Unlevered Free Cash Flow	-157.72	265.77	186.79	-
Change in Working Capital	-415.98	-36.47	-84.34	-648.16

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