Shanghai STEP Electric 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	5.51	-288.08	-379.03	-1,057	150.17
Depreciation & Amortization	70.25	91.01	100.93	100.72	94.24
Other Amortization	9.91	9.3	10.59	5.07	4.48
Loss (Gain) From Sale of Assets	0.29	-8.43	0.3	0.4	-0.47
Asset Writedown & Restructuring Costs	5.58	181.27	275.53	780.38	0.37
Loss (Gain) From Sale of Investments	-5.03	-6.22	-131.57	-7.63	-11.73
Provision & Write-off of Bad Debts	-21.69	21.85	18.13	13.19	6.03
Other Operating Activities	47.12	105.97	193.96	173.34	73.82
Change in Accounts Receivable	89.96	-377.31	-134.38	26.75	12.34
Change in Inventory	-22.13	49.02	332.63	-450.46	-314.83
Change in Accounts Payable	-69.33	337.7	-129.69	119.43	140.8
Change in Other Net Operating Assets	-	-4.27	9.96	2.26	18.32
Operating Cash Flow	110.73	111.19	160.07	-288.97	166.5
Operating Cash Flow Growth	-0.41%	-30.54%	-	-	-39.28%
Capital Expenditures	-32.57	-17.43	-32.33	-80.73	-89.15
Sale of Property, Plant & Equipment	2.81	2.4	0.69	0.2	0.67
Divestitures	-	-	238.49	194.25	-3.24
Investment in Securities	40	-41.5	51.06	157.06	51.53
Other Investing Activities	5.34	-15.45	12.36	7.26	20.98
Investing Cash Flow	15.58	-71.97	270.26	278.04	-19.21
Long-Term Debt Issued	890.13	931.41	1,791	1,784	1,289
Total Debt Issued	890.13	931.41	1,791	1,784	1,289
Long-Term Debt Repaid	-1,064	-1,011	-2,180	-1,538	-1,389
Total Debt Repaid	-1,064	-1,011	-2,180	-1,538	-1,389
Net Debt Issued (Repaid)	-174.04	-79.99	-388.7	245.58	-100.48
Issuance of Common Stock	-	9.26	8.1	23.42	23.85
Repurchase of Common Stock	-	-	-9.55	-1.98	-5.82
Common Dividends Paid	-22.41	-37.44	-124.22	-94.09	-63.12
Other Financing Activities	-2.88	-4.6	-686.82	-	-6.68
Financing Cash Flow	-199.32	-112.78	-1,201	172.94	-152.27
Foreign Exchange Rate Adjustments	1.31	-0.54	-0.05	2.27	-2.25
Net Cash Flow	-71.71	-74.11	-770.91	164.27	-7.23
Free Cash Flow	78.16	93.76	127.74	-369.7	77.35
Free Cash Flow Growth	-16.64%	-26.60%	-	-	-42.31%
Free Cash Flow Margin	2.21%	2.79%	3.77%	-11.94%	1.81%
Free Cash Flow Per Share	0.12	0.14	0.19	-0.56	0.12
Cash Income Tax Paid	78.91	56.53	110.64	-	120.06
Levered Free Cash Flow	19.31	214.71	-426.17	175.49	173.92
Unlevered Free Cash Flow	36.51	243.65	-380.96	237.36	210.81
Change in Working Capital	-1.21	5.09	70.66	-297.41	-150.41

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