SHE:003010 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	194.4	105.64	54.29	33.74	29.2
Depreciation & Amortization	23.11	18.86	19.99	15.4	14.36
Other Amortization	4.58	3.96	1.7	1.71	0.56
Loss (Gain) From Sale of Assets	0.04	-	-0.03	-0.14	-
Asset Writedown & Restructuring Costs	2.1	10.16	0.78	0.03	0.07
Loss (Gain) From Sale of Investments	-3.57	3.63	-2.55	1.08	-2.09
Provision & Write-off of Bad Debts	-	5.29	4	-1.28	1.08
Other Operating Activities	36.12	-1.72	-3.59	-8.89	16.1
Change in Accounts Receivable	-122.46	17.02	-66.83	78.38	-100.47
Change in Inventory	-237.06	93.98	-126.42	111.23	-44.63
Change in Accounts Payable	281.42	57.99	10.74	1.21	-4.64
Change in Other Net Operating Assets	2.28	14.98	12.28	2.78	-
Operating Cash Flow	151.8	333.71	-91.79	226.55	-93.45
Operating Cash Flow Growth	-54.51%	-	-	-	-
Capital Expenditures	-11.4	-14.82	-4.01	-68.96	-131.6
Sale of Property, Plant & Equipment	0.51	0.67	0.07	1.95	0.21
Investment in Securities	24.42	-41.05	-11.74	-74	7.94
Other Investing Activities	3.3	0.36	0.85	0.87	2.17
Investing Cash Flow	16.84	-54.83	-14.82	-140.14	-121.28
Short-Term Debt Issued	-	344.51	180.36	88.31	156.56
Long-Term Debt Issued	1,212	-	-	-	-
Total Debt Issued	1,212	344.51	180.36	88.31	156.56
Short-Term Debt Repaid	-	-240.75	-56.32	-140.38	-113.12
Long-Term Debt Repaid	-471.48	-8.44	-8.18	-10.71	-10.83
Total Debt Repaid	-471.48	-249.19	-64.5	-151.1	-123.94
Net Debt Issued (Repaid)	740.16	95.33	115.86	-62.79	32.61
Issuance of Common Stock	21.76	17.22	8.27	-	-
Repurchase of Common Stock	-	-99.62	-26.27	-2.12	-
Common Dividends Paid	-159.26	-38.37	-31.65	-26.76	-12.98
Other Financing Activities	-490.34	-0.03	-0.03	-0.75	-
Financing Cash Flow	112.31	-25.47	66.18	-92.42	19.63
Foreign Exchange Rate Adjustments	-25.1	10.4	8.18	13.16	-7.33
Net Cash Flow	255.84	263.81	-32.25	7.15	-202.42
Free Cash Flow	140.4	318.89	-95.8	157.59	-225.05
Free Cash Flow Growth	-55.97%	-	-	-	-
Free Cash Flow Margin	4.09%	18.06%	-7.01%	12.95%	-17.47%
Free Cash Flow Per Share	0.45	0.97	-0.29	0.46	-0.68
Cash Income Tax Paid	108.95	44.42	27.28	28.8	23.57
Levered Free Cash Flow	55.99	264.88	-126.47	157.91	-243.54
Unlevered Free Cash Flow	55.99	267.76	-125.11	159.74	-241.24
Change in Working Capital	-104.98	187.88	-166.37	184.88	-152.72

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