SHE:300112 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	-66.62	25.1	94.8	92.54
Depreciation & Amortization	36.51	34.41	39.11	35.23
Other Amortization	1.51	2.48	3.43	3.61
Loss (Gain) From Sale of Assets	-0	-0.2	-0.19	-0.06
Asset Writedown & Restructuring Costs	82.67	59.25	0.32	13.07
Loss (Gain) From Sale of Investments	2.92	-12.21	-1.75	0.94
Provision & Write-off of Bad Debts	7.1	4.4	5.21	4.15
Other Operating Activities	27.75	22.95	28.74	25.54
Change in Accounts Receivable	-72.15	-52.72	-44.3	-44.26
Change in Inventory	27.62	15.36	-45.86	-70.22
Change in Accounts Payable	-20.94	26.36	6.83	37.2
Change in Other Net Operating Assets	1.54	8.73	-	-
Operating Cash Flow	22.71	133.39	86.36	96.83
Operating Cash Flow Growth	-82.98%	54.46%	-10.81%	-8.86%
Capital Expenditures	-53.18	-85.05	-40.77	-60.75
Sale of Property, Plant & Equipment	0.08	0.58	0.54	0.14
Cash Acquisitions	-	-	-	-21.55
Divestitures	-	9.48	0.34	0.32
Investment in Securities	103.05	-63.25	-182.73	-80.26
Other Investing Activities	3.34	5.42	5.83	6.33
Investing Cash Flow	53.29	-132.83	-216.78	-155.76
Long-Term Debt Issued	20	16.36	21.39	265.02
Total Debt Issued	20	16.36	21.39	265.02
Long-Term Debt Repaid	-29	-22.51	-16.96	-17.96
Total Debt Repaid	-29	-22.51	-16.96	-17.96
Net Debt Issued (Repaid)	-9	-6.15	4.43	247.06
Issuance of Common Stock	-	30.69	-	-
Common Dividends Paid	-60.4	-59.81	-58.86	-57.86
Other Financing Activities	-0.74	-3.2	-0.62	-13.27
Financing Cash Flow	-70.13	-38.46	-55.05	175.93
Foreign Exchange Rate Adjustments	-0.17	-0.47	2.74	-0.25
Net Cash Flow	5.7	-38.37	-182.73	116.74
Free Cash Flow	-30.47	48.34	45.59	36.08
Free Cash Flow Growth	-	6.03%	26.36%	-31.66%
Free Cash Flow Margin	-2.96%	4.29%	4.15%	3.81%
Free Cash Flow Per Share	-0.10	0.15	0.16	0.13
Cash Income Tax Paid	68.7	74.95	57.93	60.23
Levered Free Cash Flow	-13.16	47.07	-7.78	-20.46
Unlevered Free Cash Flow	-3.57	56.61	1.35	-13.97
Change in Working Capital	-69.13	-2.78	-83.3	-78.19

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