SHE:300105 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	-35.67	65.29	141.23	88.53	5.95
Depreciation & Amortization	42.12	39.76	22.21	21.39	22.08
Other Amortization	0.66	1.59	1.22	1.36	1.35
Loss (Gain) From Sale of Assets	-0.03	-2.87	-0.11	-68.66	-0.07
Asset Writedown & Restructuring Costs	5.87	-	-	3.37	4.29
Loss (Gain) From Sale of Investments	-1.75	-32.67	-7.72	-4.25	-1.7
Other Operating Activities	96.16	2.38	5.4	0.03	0.02
Change in Accounts Receivable	244.59	63.33	-285.65	-197.05	43.39
Change in Inventory	-91.07	-20.45	13.72	-72.22	-12.17
Change in Accounts Payable	-25.22	-7.67	176.23	165.02	-1.32
Change in Other Net Operating Assets	-	15.13	0.47	2.63	-2.77
Operating Cash Flow	220.43	134.9	41.75	-59.85	59.05
Operating Cash Flow Growth	63.40%	223.11%	-	-	162.32%
Capital Expenditures	-4.64	-77.69	-136.17	-23.91	-5.9
Sale of Property, Plant & Equipment	0.04	23.08	10.23	25.29	0.17
Investment in Securities	-	-30.48	229.15	328	-69.49
Other Investing Activities	-120.17	5.58	-	-	0.8
Investing Cash Flow	-124.78	-79.51	103.21	329.39	-74.42
Long-Term Debt Repaid	-	-1.14	-0.57	-0.47	-0.28
Net Debt Issued (Repaid)	-	-1.14	-0.57	-0.47	-0.28
Issuance of Common Stock	-	-	-	-	34.37
Repurchase of Common Stock	-	-0.68	-9.72	-12.21	-0.64
Common Dividends Paid	-51.58	-77.41	-103.86	-	-51.31
Other Financing Activities	-1.18	-	-	-	-
Financing Cash Flow	-52.76	-79.23	-114.14	-12.69	-17.86
Net Cash Flow	42.89	-23.84	30.81	256.85	-33.23
Free Cash Flow	215.79	57.21	-94.42	-83.76	53.15
Free Cash Flow Growth	277.19%	-	-	-	14755.11%
Free Cash Flow Margin	22.49%	4.48%	-8.36%	-11.43%	9.81%
Free Cash Flow Per Share	0.42	0.11	-0.18	-0.16	0.09
Cash Income Tax Paid	45.56	28.23	15.42	29.59	27.11
Levered Free Cash Flow	187.54	-157.74	91.36	-138.31	163.51
Unlevered Free Cash Flow	187.54	-157.69	91.38	-138.29	163.52
Change in Working Capital	113.06	61.42	-120.49	-101.62	27.14

Source: S&P Global Market Intelligence. Standard template. Financial Sources.