SHE:300030 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	15.21	-117.9	-63.2	-198.3	18.57
Depreciation & Amortization	33.96	39.85	45.13	46.75	53.31
Other Amortization	1.98	2.03	3.58	2.67	2.63
Loss (Gain) From Sale of Assets	-2.09	-0.9	-6.45	-0.44	-0.02
Asset Writedown & Restructuring Costs	44.73	23.33	8.99	90.08	1.39
Loss (Gain) From Sale of Investments	-20.48	63.56	-7.44	53.1	-19.34
Provision & Write-off of Bad Debts	-	23.96	-3.08	9.1	7.75
Other Operating Activities	-0.67	34.52	47.92	53.47	44.18
Change in Accounts Receivable	141.92	19.6	52.76	-12.59	109.82
Change in Inventory	9.12	-0.09	-19.77	-16.14	-15.78
Change in Accounts Payable	-117.32	-1.92	6.97	38.21	-32.99
Operating Cash Flow	109.9	81.84	79.9	42.48	171.74
Operating Cash Flow Growth	34.29%	2.42%	88.11%	-75.27%	21.56%
Capital Expenditures	-24.12	-51.28	-43.7	-58.04	-71.05
Sale of Property, Plant & Equipment	1.58	37.51	3.6	0.06	0.13
Divestitures	-	-	-	26.6	2.71
Investment in Securities	1	28.35	-20	-13.25	5.79
Other Investing Activities	26.52	-1.08	21.59	-	22.62
Investing Cash Flow	4.98	13.5	-38.5	-44.64	-39.81
Long-Term Debt Issued	231.4	354.73	393.58	381.99	272.62
Long-Term Debt Repaid	-423.07	-405.57	-425.18	-467.2	-250.39
Net Debt Issued (Repaid)	-191.67	-50.84	-31.6	-85.21	22.24
Issuance of Common Stock	-	0.03	-	-	9.91
Common Dividends Paid	-5.5	-11.97	-15.94	-37.67	-31.14
Other Financing Activities	-6.15	2.14	-2.56	2.05	-3.57
Financing Cash Flow	-203.32	-60.63	-50.09	-120.83	-2.57
Foreign Exchange Rate Adjustments	0.32	1.23	0.61	0.98	-0.88
Net Cash Flow	-88.13	35.94	-8.08	-122.01	128.49
Free Cash Flow	85.77	30.55	36.2	-15.56	100.69
Free Cash Flow Growth	180.72%	-15.60%	-	-	19.22%
Free Cash Flow Margin	17.64%	5.26%	5.62%	-2.19%	12.59%
Free Cash Flow Per Share	0.29	0.10	0.12	-0.05	0.33
Cash Income Tax Paid	23.76	26.21	22.48	30.03	47.81
Levered Free Cash Flow	89.03	52	11.4	-9.78	42.7
Unlevered Free Cash Flow	89.03	58.93	21.76	2.53	58.61
Change in Working Capital	37.26	13.4	54.48	-13.94	63.26

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