SHE:300099 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	183.24	95.08	132.27	109.85	190.04
Depreciation & Amortization	34	34.33	32.62	29.31	27.98
Other Amortization	0.39	0.03	0.03	0.15	0.39
Loss (Gain) From Sale of Assets	-0	-0.36	4.04	0.75	-0.33
Asset Writedown & Restructuring Costs	0.14	15.52	10.05	63.2	-
Loss (Gain) From Sale of Investments	-5.02	-21.43	-23.87	0.37	-2.06
Provision & Write-off of Bad Debts	19.26	15.33	8.86	18.56	14.66
Other Operating Activities	-96.5	-8.34	-5.49	-7.84	-6.02
Change in Accounts Receivable	-168.65	22.02	44.59	-198.38	-246.23
Change in Inventory	-9.62	26.49	-22.32	-29.53	13.94
Change in Accounts Payable	107.43	9.43	-130.88	92.42	29.69
Change in Other Net Operating Assets	-60.51	-	-	-	-
Operating Cash Flow	2.82	191.13	60.98	77.16	19.72
Operating Cash Flow Growth	-98.53%	213.40%	-20.96%	291.30%	-80.74%
Capital Expenditures	-26.86	-31.44	-29.64	-19.57	-34.27
Sale of Property, Plant & Equipment	0.17	0.18	0.22	0.02	0.69
Divestitures	9.16	0.53	-0.3	-	-
Investment in Securities	-0.35	-145.72	-134.3	-14.93	105.87
Other Investing Activities	58.87	76.9	3.85	3.99	4.27
Investing Cash Flow	40.99	-99.56	-160.16	-30.49	76.56
Short-Term Debt Issued	20.82	11.07	9.45	3	6.75
Long-Term Debt Issued	11	9.5	-	1.48	-
Total Debt Issued	31.82	20.57	9.45	4.48	6.75
Short-Term Debt Repaid	-6.34	-11.57	-7.3	-8.44	-4.96
Long-Term Debt Repaid	-11.17	-1.53	-1.78	-2.26	-2.52
Total Debt Repaid	-17.51	-13.09	-9.08	-10.7	-7.48
Net Debt Issued (Repaid)	14.31	7.48	0.37	-6.22	-0.73
Issuance of Common Stock	-	-	-	386.8	-
Common Dividends Paid	-169.23	-33.67	-198.56	-0.61	-67.51
Other Financing Activities	-0.06	-0.02	-0.14	-	3.7
Financing Cash Flow	-154.98	-26.21	-198.33	379.97	-64.54
Net Cash Flow	-111.17	65.36	-297.51	426.64	31.74
Free Cash Flow	-24.05	159.69	31.35	57.59	-14.55
Free Cash Flow Growth	-	409.38%	-45.56%	-	-
Free Cash Flow Margin	-4.15%	26.66%	4.69%	7.56%	-1.93%
Free Cash Flow Per Share	-0.03	0.22	0.04	0.09	-0.02
Cash Income Tax Paid	51.59	33.88	-13.23	65.28	60.74
Levered Free Cash Flow	-17.03	240.51	4.2	70.52	-30.81
Unlevered Free Cash Flow	-16.25	241.38	4.77	71.29	-29.89
Change in Working Capital	-132.69	60.96	-97.52	-137.18	-204.94

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