SHE:300154 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	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	98.43	150.3	100.55	83.61	116.87
Depreciation & Amortization	51.95	53.11	53.52	48.92	40.65
Other Amortization	3.37	3.42	3.08	3.28	1.5
Loss (Gain) From Sale of Assets	0.31	-2.84	0.04	0.15	0.19
Asset Writedown & Restructuring Costs	1.7	0.34	3.22	0.21	-
Loss (Gain) From Sale of Investments	-48.16	-113.32	-8.97	-2.64	-28.38
Provision & Write-off of Bad Debts	-	3.78	10.07	-0.25	5.32
Other Operating Activities	-7.21	-15.84	-10.82	-1.85	-4.39
Change in Accounts Receivable	64.47	-70.68	-59.42	44.03	-55.79
Change in Inventory	-57.17	-67.17	16.73	31.72	-118.53
Change in Accounts Payable	26.37	88.71	8.9	-101.23	84.69
Change in Other Net Operating Assets	1.22	-2.49	-6.46	-3.78	1.24
Operating Cash Flow	138.07	38.57	113.38	100.31	47.67
Operating Cash Flow Growth	257.94%	-65.98%	13.02%	110.44%	-56.97%
Capital Expenditures	-110.26	-23.91	-181.67	-216.13	-22.22
Sale of Property, Plant & Equipment	0.12	2.77	1.51	-	-
Cash Acquisitions	-	-	-	-	6.24
Divestitures	-	-	0	-	-
Investment in Securities	-130.93	-21.68	-436.17	-112.88	492.21
Other Investing Activities	74.59	77.39	27.76	16.41	20.82
Investing Cash Flow	-166.48	34.57	-588.57	-312.6	497.06
Long-Term Debt Issued	207.73	81.92	297.12	14.04	12.99
Long-Term Debt Repaid	-69.82	-103.5	-56.07	-49.68	-38.22
Net Debt Issued (Repaid)	137.91	-21.57	241.05	-35.63	-25.23
Issuance of Common Stock	-	-	2.17	-	9.92
Repurchase of Common Stock	-	-2.27	-4.2	-	-20.76
Common Dividends Paid	-97.62	-98.51	-75.07	-90.67	-67.51
Other Financing Activities	-47.74	41.39	-33.7	-10.63	2.4
Financing Cash Flow	-7.44	-80.96	130.26	-136.93	-101.18
Foreign Exchange Rate Adjustments	-18.9	11.02	2.73	43.5	-11.8
Net Cash Flow	-54.75	3.2	-342.21	-305.72	431.76
Free Cash Flow	27.81	14.67	-68.3	-115.82	25.45
Free Cash Flow Growth	89.63%	-	-	-	-74.27%
Free Cash Flow Margin	3.11%	1.44%	-5.94%	-10.80%	2.35%
Free Cash Flow Per Share	0.06	0.03	-0.15	-0.26	0.06
Cash Income Tax Paid	44.31	45.8	52.53	21.54	26.64
Levered Free Cash Flow	58.41	23.76	-105.48	-137.17	-11.6
Unlevered Free Cash Flow	58.41	30.76	-98.87	-135.11	-9.26
Change in Working Capital	37.68	-40.39	-37.32	-31.12	-84.09

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