SHE:300047 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	43.63	23.2	28.33	32.59	40.1
Depreciation & Amortization	151.42	60.1	151.94	158.81	155.9
Other Amortization	5.44	107.12	9.15	8.62	6.48
Loss (Gain) From Sale of Assets	-0.89	-2.15	-50.69	-0.66	0.44
Asset Writedown & Restructuring Costs	49.39	42.97	66.28	4.35	78.84
Loss (Gain) From Sale of Investments	-3.61	-9.01	-0.38	-7.1	-25.54
Provision & Write-off of Bad Debts	-	15.55	35.85	43.39	28.69
Other Operating Activities	73.74	115.54	115.45	114.64	41.66
Change in Accounts Receivable	-349.19	-172.4	79.32	-255.06	-286.32
Change in Inventory	232.53	40.52	-524.75	-220.12	87.11
Change in Accounts Payable	181.61	148.86	37.76	34.73	14.32
Change in Other Net Operating Assets	-	-	-	-	-10.41
Operating Cash Flow	381.76	369.66	-53.56	-94.21	122.87
Operating Cash Flow Growth	3.27%	-	-	-	412.67%
Capital Expenditures	-136.89	-198.05	-191.6	-171.52	-165.52
Sale of Property, Plant & Equipment	0.23	86.79	0.03	0.02	0.03
Cash Acquisitions	-	-	-	-	-7.44
Divestitures	-	3.14	1.06	-	1.68
Investment in Securities	-0.65	-	-	-2.72	-7.55
Other Investing Activities	-21.61	-2.19	-	0.08	-
Investing Cash Flow	-158.93	-110.3	-190.52	-174.13	-178.81
Long-Term Debt Issued	2,979	3,464	2,943	3,331	3,256
Total Debt Issued	2,979	3,464	2,943	3,331	3,256
Long-Term Debt Repaid	-3,592	-3,847	-2,952	-3,045	-3,045
Total Debt Repaid	-3,592	-3,847	-2,952	-3,045	-3,045
Net Debt Issued (Repaid)	-612.36	-383.35	-9.07	285.8	210.46
Issuance of Common Stock	-	6.24	3.54	-	-
Common Dividends Paid	-60.9	-69.57	-68.76	-94.03	-87.43
Other Financing Activities	551.39	638.9	327.02	-55.55	-13.26
Financing Cash Flow	-121.87	192.21	252.73	136.22	109.77
Foreign Exchange Rate Adjustments	-0.06	0.56	0.03	0.62	1
Net Cash Flow	100.9	452.12	8.69	-131.5	54.83
Free Cash Flow	244.87	171.61	-245.16	-265.72	-42.65
Free Cash Flow Growth	42.69%	-	-	-	-
Free Cash Flow Margin	2.61%	2.10%	-3.72%	-4.67%	-0.76%
Free Cash Flow Per Share	0.38	0.27	-0.38	-0.41	-0.06
Cash Income Tax Paid	144.28	118.91	95.82	94.66	70.46
Levered Free Cash Flow	-36.35	337.15	-310.09	-363.19	-101.55
Unlevered Free Cash Flow	-36.35	383.41	-269.5	-315.37	-55.12
Change in Working Capital	62.63	16.34	-409.48	-448.85	-203.69

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