SHE:300172 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	83.65	74.16	85.82	76.25	106.56
Depreciation & Amortization	70.49	104.57	113.21	123.19	91.57
Other Amortization	-	0.44	-	-	-
Loss (Gain) From Sale of Assets	0	0	-0	0	-0
Asset Writedown & Restructuring Costs	19.13	25.74	26.46	42.63	0.02
Loss (Gain) From Sale of Investments	-10.27	-19.95	-31.23	-29.37	-27.19
Provision & Write-off of Bad Debts	-	15.86	27.72	16.41	21.68
Other Operating Activities	-15.88	10.8	4.01	8.02	15.92
Change in Accounts Receivable	-120.47	-114.19	140.19	-356.14	5.56
Change in Inventory	136.11	110.84	-90.47	-80.52	5.14
Change in Accounts Payable	223.93	36.9	-185.75	310.89	-100.2
Operating Cash Flow	390.05	242.67	86.22	107.5	116.56
Operating Cash Flow Growth	60.73%	181.48%	-19.80%	-7.77%	28.56%
Capital Expenditures	-2.04	-3.63	-5.85	-22.06	-88.75
Sale of Property, Plant & Equipment	0	0	0	0.01	0
Investment in Securities	-269.69	-175.94	59.98	82.11	-145.94
Other Investing Activities	8.43	17.64	30.03	28.28	27.32
Investing Cash Flow	-263.3	-161.93	84.16	88.34	-207.37
Long-Term Debt Issued	2	2	148.5	60.02	63.82
Long-Term Debt Repaid	-9	-165.12	-148.33	-143.49	-17.42
Net Debt Issued (Repaid)	-7	-163.12	0.17	-83.47	46.4
Repurchase of Common Stock	-	-	-	-	-0.65
Common Dividends Paid	-36.07	-25.63	-55.4	-49.07	-40.89
Other Financing Activities	-4.9	-1.25	-	-1.05	-
Financing Cash Flow	-47.97	-190	-55.23	-133.59	4.87
Foreign Exchange Rate Adjustments	0.03	0.12	0	-	-
Net Cash Flow	78.81	-109.13	115.15	62.25	-85.95
Free Cash Flow	388.01	239.04	80.36	85.44	27.81
Free Cash Flow Growth	62.32%	197.47%	-5.94%	207.24%	-55.78%
Free Cash Flow Margin	54.16%	28.55%	7.99%	8.35%	3.18%
Free Cash Flow Per Share	0.57	0.35	0.12	0.12	0.04
Cash Income Tax Paid	35.52	22.43	53.95	30.58	50.1
Levered Free Cash Flow	-106.82	168.17	56.66	197.04	-31.68
Unlevered Free Cash Flow	-106.82	171.41	62.74	205.7	-22.65
Change in Working Capital	242.93	31.06	-139.78	-129.63	-92

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