Shanghai Highly (Group) 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	93.13	33.85	30.51	35.46	322.93
Depreciation & Amortization	842.26	765.53	698.91	718.65	735.3
Other Amortization	65.44	81.33	61.79	58.25	57.13
Loss (Gain) From Sale of Assets	54.51	37.87	20.82	-3.76	-15.62
Asset Writedown & Restructuring Costs	165	55.39	8.27	3.9	-
Loss (Gain) From Sale of Investments	33.81	0.02	-3.41	-6.97	-116.6
Provision & Write-off of Bad Debts	-	8.75	13.8	19.84	4.28
Other Operating Activities	279.82	206.57	94.07	-81.81	10.65
Change in Accounts Receivable	-1,961	-1,576	211.26	-320.43	-321.39
Change in Inventory	-175.98	-1,955	-684.07	-322.75	-551.73
Change in Accounts Payable	1,945	3,984	680.04	456.74	378.57
Change in Other Net Operating Assets	-0.43	3.31	6.66	1.16	4.45
Operating Cash Flow	1,179	1,643	1,072	510.3	415.94
Operating Cash Flow Growth	-28.27%	53.27%	110.07%	22.68%	20.50%
Capital Expenditures	-1,145	-970.72	-874.11	-717.88	-615.58
Sale of Property, Plant & Equipment	65.68	169.71	154.78	85.21	153.7
Cash Acquisitions	-	-	-234.07	-	-791.34
Divestitures	73.19	-	29.27	43.91	-1.22
Investment in Securities	282	-250	-	100	-124
Other Investing Activities	9.28	126.88	170.24	6.61	2.75
Investing Cash Flow	-715.19	-1,078	-753.89	-482.16	-1,376
Long-Term Debt Issued	2,642	1,869	1,985	3,571	3,893
Long-Term Debt Repaid	-3,019	-2,028	-2,288	-3,886	-2,730
Net Debt Issued (Repaid)	-377.16	-159.2	-303.63	-314.84	1,163
Issuance of Common Stock	-	-	-	-	1,571
Repurchase of Common Stock	-	-18.33	-25.29	-	-
Common Dividends Paid	-120.42	-141.61	-170.77	-266.8	-260.76
Other Financing Activities	-103.83	34.38	208.43	-93.84	-116.45
Financing Cash Flow	-601.42	-284.75	-291.26	-675.47	2,356
Foreign Exchange Rate Adjustments	-9.34	-14.34	-0.91	71.53	-12.79
Net Cash Flow	-147.35	266.39	25.94	-575.8	1,384
Free Cash Flow	33.26	672.4	197.89	-207.59	-199.64
Free Cash Flow Growth	-95.05%	239.78%	-	-	-
Free Cash Flow Margin	0.16%	3.59%	1.16%	-1.26%	-1.27%
Free Cash Flow Per Share	0.03	0.63	0.18	-0.19	-0.21
Cash Income Tax Paid	291.92	341.3	289.29	106.06	99.18
Levered Free Cash Flow	25.41	1,168	177.45	877.33	-846.79
Unlevered Free Cash Flow	25.41	1,260	271.24	954.51	-769.89
Change in Working Capital	-355.38	453.9	147.41	-233.59	-581.73

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