SHE:003021 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	254.29	225.09	179.92	150.5	147.55
Depreciation & Amortization	95.53	77.53	67.6	61.96	52.51
Other Amortization	10.11	5.34	4.37	5.39	6.66
Loss (Gain) From Sale of Assets	0.03	-0.14	-1.59	0.16	-0.05
Asset Writedown & Restructuring Costs	-18.97	0.88	0.46	11.77	8.17
Loss (Gain) From Sale of Investments	-1.12	-31.61	-37.11	-13.75	-16.31
Provision & Write-off of Bad Debts	-1.26	6.59	6.21	-	-
Other Operating Activities	10.69	3.85	7.68	-1.99	4.32
Change in Accounts Receivable	-78.99	-167.6	-60.04	-53.1	172.58
Change in Inventory	-22.08	-23.21	7.76	-27.96	-17.28
Change in Accounts Payable	-116.88	12.24	20.33	88.95	-141.29
Change in Other Net Operating Assets	36.25	7.55	-9.31	2.32	6.99
Operating Cash Flow	159.41	123.68	195.98	224.36	222.09
Operating Cash Flow Growth	28.89%	-36.89%	-12.65%	1.02%	50.61%
Capital Expenditures	-170.52	-168.64	-206.1	-260.57	-235.55
Sale of Property, Plant & Equipment	0.15	0.31	0.09	0.27	0.52
Investment in Securities	-75.35	32.11	-22.02	-305.66	-1,175
Other Investing Activities	48.31	66.45	46.72	32.59	19.78
Investing Cash Flow	-197.42	-69.78	-181.31	-533.36	-1,390
Short-Term Debt Issued	428.4	192.91	50.41	52.76	54.67
Total Debt Issued	428.4	192.91	50.41	52.76	54.67
Short-Term Debt Repaid	-369	-35	-29	-	-
Long-Term Debt Repaid	-5.5	-5.85	-8.13	-12.52	-12.31
Total Debt Repaid	-374.5	-40.85	-37.13	-12.52	-12.31
Net Debt Issued (Repaid)	53.9	152.06	13.27	40.24	42.37
Issuance of Common Stock	22.82	26.96	-	4.69	16.98
Repurchase of Common Stock	-0.15	-8.08	-7.26	-6.33	-
Common Dividends Paid	-68.23	-94.48	-29.92	-34.4	-106.2
Other Financing Activities	-11.39	0.87	-40.2	22.85	-8.54
Financing Cash Flow	-3.06	77.33	-64.12	27.05	-55.39
Foreign Exchange Rate Adjustments	-1.97	1.85	-3.84	5.12	-2.3
Net Cash Flow	-43.04	133.08	-53.28	-276.83	-1,226
Free Cash Flow	-11.11	-44.96	-10.12	-36.21	-13.46
Free Cash Flow Margin	-0.65%	-2.95%	-0.84%	-3.14%	-1.18%
Free Cash Flow Per Share	-0.05	-0.19	-0.04	-0.15	-0.06
Cash Interest Paid	-	-	0.25	0.31	-
Cash Income Tax Paid	81.59	61.52	44.71	35.49	47.5
Levered Free Cash Flow	-60.44	50.84	-214.07	-73.44	-38.81
Unlevered Free Cash Flow	-58.86	52.34	-211.98	-71.48	-37.55
Change in Working Capital	-189.89	-163.86	-31.56	10.32	19.24

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