SHE:300048 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	72.06	10.3	-220.13	25.64	50.26
Depreciation & Amortization	106.48	78.74	63.63	62.81	71.67
Other Amortization	6.81	3.95	1.59	0.48	1.69
Loss (Gain) From Sale of Assets	-0.13	-0.38	1.75	0.03	21.98
Asset Writedown & Restructuring Costs	11.98	-	40.64	0.01	0.14
Loss (Gain) From Sale of Investments	-26.52	7.44	8.32	-0.69	-12.65
Provision & Write-off of Bad Debts	-	20.33	-7.17	-10.95	2.6
Other Operating Activities	4.83	22.23	13.64	8.7	28.38
Change in Accounts Receivable	-195.7	-264.41	-7.58	-99.24	216.86
Change in Inventory	320.69	-573.25	-140.26	18.2	175.41
Change in Accounts Payable	-34.76	1,008	372.95	155.83	-329.1
Operating Cash Flow	248.04	306.11	123.54	167.96	222.66
Operating Cash Flow Growth	-18.97%	147.79%	-26.45%	-24.57%	66.42%
Capital Expenditures	-63.08	-55.41	-38.27	-30.19	-41.77
Sale of Property, Plant & Equipment	2.02	1.13	0.43	0.29	2.92
Cash Acquisitions	-	-	-0.71	-	-
Divestitures	157.9	56.05	-0	14.83	65.49
Investment in Securities	-200	-	-	9.52	-1.94
Other Investing Activities	4.95	-	2.41	4.23	0.53
Investing Cash Flow	-98.22	1.76	-36.14	-1.32	25.24
Short-Term Debt Issued	-	13.5	-	8.2	12.65
Long-Term Debt Issued	-	-	-	-	22.41
Total Debt Issued	-	13.5	-	8.2	35.06
Short-Term Debt Repaid	-	-	-2	-8.2	-1.54
Long-Term Debt Repaid	-	-1	-10.42	-35.54	-186.49
Total Debt Repaid	-	-1	-12.42	-43.74	-188.03
Net Debt Issued (Repaid)	-	12.5	-12.42	-35.54	-152.97
Issuance of Common Stock	57.49	12.29	22.57	25.32	-
Repurchase of Common Stock	-	-	-	-	-11.3
Common Dividends Paid	-	-1.89	-0.24	-1.91	-7.01
Other Financing Activities	-11.89	-	10	-3.35	19.72
Financing Cash Flow	45.6	22.9	19.9	-15.49	-151.56
Foreign Exchange Rate Adjustments	-0.45	-0.27	0.09	0.17	-
Net Cash Flow	194.97	330.51	107.39	151.32	96.34
Free Cash Flow	184.96	250.7	85.27	137.77	180.9
Free Cash Flow Growth	-26.22%	194.01%	-38.11%	-23.84%	211.33%
Free Cash Flow Margin	2.48%	5.25%	5.72%	9.68%	15.02%
Free Cash Flow Per Share	0.18	0.24	0.08	0.11	0.18
Cash Income Tax Paid	204.27	45.19	58.31	48.27	47.46
Levered Free Cash Flow	117.75	628.22	310.94	191.12	31.35
Unlevered Free Cash Flow	117.75	631.29	314.36	194.98	37.16
Change in Working Capital	72.54	163.5	221.27	81.93	58.59

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