SHE:300066 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	151.03	63.77	239.99	213.91	189.3
Depreciation & Amortization	35.25	30.37	33.68	31.32	34.92
Other Amortization	0.62	1.49	0.56	0.6	0.53
Loss (Gain) From Sale of Assets	0.1	-0.24	0.35	-0.87	0.2
Asset Writedown & Restructuring Costs	-86.45	61.95	42.02	0.06	0.32
Loss (Gain) From Sale of Investments	-32.2	-141.15	-192.52	-134.73	-110.93
Provision & Write-off of Bad Debts	-	2.16	9.57	22.93	23.78
Other Operating Activities	23.65	12.82	50.72	26.99	16.17
Change in Accounts Receivable	-21.74	-11.5	-36.7	-107.99	-27.6
Change in Inventory	-69.54	158.3	-3.78	-144.18	-12.66
Change in Accounts Payable	14.77	-55.77	-24.61	102.68	-27.72
Change in Other Net Operating Assets	0.46	0.78	0.78	0.78	0.78
Operating Cash Flow	17.24	134.5	124.42	10.8	83.87
Operating Cash Flow Growth	-87.18%	8.10%	1052.50%	-87.13%	43.70%
Capital Expenditures	-30.82	-65.59	-102.52	-41.18	-14.96
Sale of Property, Plant & Equipment	0.13	0.17	3.14	20.09	0.28
Cash Acquisitions	-	-	-	-166.78	-
Divestitures	-	-	70.24	-	-
Investment in Securities	29.95	61.95	-199.93	139.95	62.24
Other Investing Activities	162.68	151.23	29.45	109.96	19.56
Investing Cash Flow	161.93	147.76	-199.62	62.04	67.12
Long-Term Debt Issued	200	129	264	30	23.6
Total Debt Issued	200	129	264	30	23.6
Long-Term Debt Repaid	-10.1	-350.81	-220	-2.9	-22.7
Total Debt Repaid	-10.1	-350.81	-220	-2.9	-22.7
Net Debt Issued (Repaid)	189.9	-221.81	44	27.1	0.9
Common Dividends Paid	-36.69	-60.35	-40	-34.4	-41.7
Other Financing Activities	-2.58	-46.28	19.14	17.17	-1.05
Financing Cash Flow	150.63	-328.44	23.14	9.87	-41.85
Foreign Exchange Rate Adjustments	0.78	1.79	0.83	0.32	-0.23
Net Cash Flow	330.59	-44.38	-51.23	83.02	108.91
Free Cash Flow	-13.58	68.92	21.9	-30.39	68.92
Free Cash Flow Growth	-	214.69%	-	-	87.67%
Free Cash Flow Margin	-1.18%	4.68%	0.96%	-2.28%	7.36%
Free Cash Flow Per Share	-0.01	0.07	0.02	-0.03	0.07
Cash Income Tax Paid	36.6	81.98	76.21	34.94	51.15
Levered Free Cash Flow	-141.86	102.42	-67.58	-177.84	46.86
Unlevered Free Cash Flow	-141.86	107.71	-59.25	-176.09	46.9
Change in Working Capital	-74.75	103.33	-59.93	-149.42	-70.41

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