SHE:001209 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	Jan '23 Jan 1, 2023	Dec '21 Dec 31, 2021
Net Income	20.61	80.27	87.14	-14.99	102.01
Depreciation & Amortization	40.15	29.38	26.34	28.21	21.35
Other Amortization	1.99	3.84	3.72	3.62	3.35
Loss (Gain) From Sale of Assets	-0.1	0.02	-0.1	-0.02	0.04
Asset Writedown & Restructuring Costs	46.28	0.07	0.05	0.28	24.78
Loss (Gain) From Sale of Investments	-1.27	-1	-2.64	-3.97	-3.09
Provision & Write-off of Bad Debts	-	-0.83	0.53	4.88	-
Other Operating Activities	4.14	34.61	24.98	34.11	1.07
Change in Accounts Receivable	44.9	33.28	-42.54	-13.62	-70.34
Change in Inventory	-111.68	-55.3	-296.52	51.12	-110.8
Change in Accounts Payable	115.64	16.91	241	-13.57	54.15
Change in Other Net Operating Assets	-3.8	-0.51	-0.62	-3.07	4.43
Operating Cash Flow	149.34	129.21	45.79	60.98	14.3
Operating Cash Flow Growth	15.58%	182.17%	-24.91%	326.56%	-92.81%
Capital Expenditures	-97.89	-152.45	-186.16	-367.97	-66.45
Sale of Property, Plant & Equipment	0.1	0.01	0.1	0.06	0.16
Cash Acquisitions	-	-	-	0.05	-
Investment in Securities	-	-	-	-	-0.24
Other Investing Activities	4.07	1	-0.16	3.97	3.09
Investing Cash Flow	-93.72	-151.44	-186.23	-363.9	-63.44
Long-Term Debt Issued	33.47	65.86	56.92	-	-
Total Debt Issued	33.47	65.86	56.92	-	-
Long-Term Debt Repaid	-15.62	-11.43	-11.1	-7.22	-8.73
Total Debt Repaid	-15.62	-11.43	-11.1	-7.22	-8.73
Net Debt Issued (Repaid)	17.84	54.43	45.82	-7.22	-8.73
Issuance of Common Stock	-	-	-	-	701.78
Repurchase of Common Stock	-	-41.94	-	-	-
Common Dividends Paid	-29.69	-15.55	-53.28	-	-46.97
Other Financing Activities	-8.99	-	-	-	-62
Financing Cash Flow	-20.84	-3.06	-7.46	-7.22	584.08
Net Cash Flow	34.79	-25.29	-147.89	-310.14	534.93
Free Cash Flow	51.46	-23.24	-140.36	-306.99	-52.15
Free Cash Flow Margin	2.81%	-1.31%	-8.79%	-23.12%	-4.06%
Free Cash Flow Per Share	0.39	-0.18	-1.06	-2.25	-0.46
Cash Income Tax Paid	124.71	116.99	89.59	73.94	109.88
Levered Free Cash Flow	70.95	-41.48	-155.6	-251.29	-88.38
Unlevered Free Cash Flow	70.95	-40.9	-155.12	-250.73	-87.71
Change in Working Capital	37.55	-17.17	-94.23	8.86	-135.23

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