SHE:001288 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	Jan '22 Jan 1, 2022
Net Income	196.9	157.32	102.29	86.26	85.3
Depreciation & Amortization	62.08	40.17	23.89	18.32	17.33
Other Amortization	10.11	3.58	0.47	0.04	-
Loss (Gain) From Sale of Assets	-0.49	-0.06	-0.15	-0.01	-0.04
Asset Writedown & Restructuring Costs	-49.81	2.11	0.05	0.26	0.01
Loss (Gain) From Sale of Investments	-9.64	-15.18	-	-1.98	-0.04
Provision & Write-off of Bad Debts	-	23.53	2.63	50.08	29.63
Other Operating Activities	73.93	43.41	8.4	-3.34	-3.61
Change in Accounts Receivable	-228.94	-528.54	-147.04	-210.39	-12
Change in Inventory	-114.5	-33.66	-96.63	-29.87	41.17
Change in Accounts Payable	-239.78	613.96	110.01	175.89	-63.71
Change in Other Net Operating Assets	16.37	-43.46	28.95	-7.41	-18.18
Operating Cash Flow	-306.03	242.23	30.14	69.75	72
Operating Cash Flow Growth	-	703.57%	-56.78%	-3.12%	-30.20%
Capital Expenditures	-327.95	-230.96	-102.66	-124.02	-6.83
Sale of Property, Plant & Equipment	0.65	0.11	0.13	0.01	0.04
Cash Acquisitions	-	-281.46	-	-	-
Investment in Securities	35	92.3	-40	179.7	-179.7
Other Investing Activities	152.71	-135.71	-	1.98	-
Investing Cash Flow	-139.59	-555.72	-142.53	57.67	-186.49
Short-Term Debt Issued	-	-	-	-	70
Long-Term Debt Issued	1,132	362.55	723.32	-	-
Total Debt Issued	1,132	362.55	723.32	-	70
Short-Term Debt Repaid	-	-	-	-	-115
Long-Term Debt Repaid	-224.71	-110.08	-5.77	-24.79	-
Total Debt Repaid	-224.71	-110.08	-5.77	-24.79	-115
Net Debt Issued (Repaid)	907.24	252.47	717.55	-24.79	-45
Issuance of Common Stock	-	-	-	-	546.15
Repurchase of Common Stock	-	-111.03	-	-	-
Common Dividends Paid	-67.21	-43.7	-16	-16.56	-
Other Financing Activities	-67.2	-4.46	109.38	-33.98	-61.19
Financing Cash Flow	772.83	93.29	810.93	-75.33	439.96
Foreign Exchange Rate Adjustments	3.14	-0.69	-	-	-
Net Cash Flow	330.35	-220.89	698.55	52.09	325.46
Free Cash Flow	-633.98	11.27	-72.52	-54.27	65.16
Free Cash Flow Growth	-	-	-	-	-36.16%
Free Cash Flow Margin	-35.49%	0.73%	-6.88%	-5.93%	8.27%
Free Cash Flow Per Share	-2.40	0.05	-0.32	-0.24	0.37
Cash Interest Paid	-	-	-	-	1.44
Cash Income Tax Paid	16.97	3.61	67.27	57.5	42.4
Levered Free Cash Flow	-458.54	-250.03	-160.22	-74.07	65.69
Unlevered Free Cash Flow	-458.54	-228.32	-153.83	-73.62	66.59
Change in Working Capital	-589.11	-12.65	-107.43	-79.89	-56.58

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