SHE:001207 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	Jan '22 Jan 1, 2022
Net Income	292.69	272.15	168.55	111.43	163.52
Depreciation & Amortization	108.95	85.29	77.78	71.36	59.29
Other Amortization	3.46	4.15	4.72	6.24	3.83
Loss (Gain) From Sale of Assets	-0.98	-0.34	-0.15	-0.64	-0.04
Asset Writedown & Restructuring Costs	-0.27	0.37	0.1	0.3	5.79
Loss (Gain) From Sale of Investments	3.92	-0.77	1.21	-2.65	-1.11
Provision & Write-off of Bad Debts	-	1.66	-8.93	3.9	-
Other Operating Activities	4.75	4.97	2.94	0.31	3.96
Change in Accounts Receivable	-214.97	-404.17	-131.44	-147.85	-123.38
Change in Inventory	15.57	-29.51	36.26	16.45	-77.11
Change in Accounts Payable	183.34	267.39	-14.54	-12.24	-2.76
Change in Other Net Operating Assets	-	1.01	3.7	7.21	-
Operating Cash Flow	395.12	200.33	145.27	54.76	30.03
Operating Cash Flow Growth	97.23%	37.91%	165.30%	82.31%	-44.95%
Capital Expenditures	-29.98	-56.71	-91.28	-88.72	-64.76
Sale of Property, Plant & Equipment	0.63	1.57	0.26	0.46	0.33
Investment in Securities	-810.71	0.18	10.44	-10.43	-
Other Investing Activities	1.37	1.2	4.67	-3.09	1.21
Investing Cash Flow	-838.7	-53.76	-75.91	-101.78	-63.23
Short-Term Debt Issued	-	-	24.31	-	-
Total Debt Issued	-	-	24.31	-	-
Short-Term Debt Repaid	-	-46.38	-	-	-
Long-Term Debt Repaid	-214.71	-	-	-	-121.89
Total Debt Repaid	-214.71	-46.38	-	-	-121.89
Net Debt Issued (Repaid)	-214.71	-46.38	24.31	-	-121.89
Issuance of Common Stock	298	-	266.08	20.78	613.82
Repurchase of Common Stock	-	-27.06	-9.21	-	-
Common Dividends Paid	-129.15	-122.31	-37.31	-91.96	-3.11
Other Financing Activities	-72.03	-28.56	-0.62	-	-16.9
Financing Cash Flow	-117.89	-224.31	243.25	-71.18	471.93
Foreign Exchange Rate Adjustments	0.56	0.62	0.06	0.17	0.58
Net Cash Flow	-560.91	-77.12	312.67	-118.03	439.31
Free Cash Flow	365.14	143.62	53.98	-33.96	-34.73
Free Cash Flow Growth	154.23%	166.05%	-	-	-
Free Cash Flow Margin	15.49%	6.34%	2.82%	-1.85%	-2.40%
Free Cash Flow Per Share	1.80	0.72	0.28	-0.19	-0.22
Cash Income Tax Paid	-	87.98	50.52	34.5	55.1
Levered Free Cash Flow	28.73	212.61	98.18	-64.81	7.37
Unlevered Free Cash Flow	30.62	213.61	98.42	-64.81	9.23
Change in Working Capital	-17.4	-167.15	-100.96	-135.49	-205.21

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