SHE:300201 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	223.64	205.86	72.73	130.67
Depreciation & Amortization	31.06	34.62	36.88	40.48
Other Amortization	0.74	0.03	0.04	0.37
Loss (Gain) From Sale of Assets	-4.38	-0	0.42	3.9
Asset Writedown & Restructuring Costs	0.01	0.1	0.6	43.84
Loss (Gain) From Sale of Investments	3.89	-37.23	-1.09	19.3
Provision & Write-off of Bad Debts	12.38	5.37	8.07	41.26
Other Operating Activities	3.78	13.81	38.19	86.83
Change in Accounts Receivable	-360.24	129.22	35.81	-308.73
Change in Inventory	-44.77	31.1	-60.96	54.59
Change in Accounts Payable	97.91	-70.01	-114.85	-78.36
Change in Other Net Operating Assets	-23.52	8.93	15.94	3.64
Operating Cash Flow	-66.8	335.51	40.66	-26.57
Operating Cash Flow Growth	-	725.20%	-	-
Capital Expenditures	-6.64	-8.39	-11.78	-22.22
Sale of Property, Plant & Equipment	15.71	0.13	0.05	13
Divestitures	54.28	75.47	-0.19	4.02
Investment in Securities	-1.72	0.1	-	0.23
Other Investing Activities	1.82	1.82	0.91	0.05
Investing Cash Flow	63.46	69.12	-11.02	-4.93
Long-Term Debt Issued	266.7	210.38	49.94	207
Total Debt Issued	266.7	210.38	49.94	207
Long-Term Debt Repaid	-191.94	-135.32	-127.5	-617.02
Total Debt Repaid	-191.94	-135.32	-127.5	-617.02
Net Debt Issued (Repaid)	74.76	75.06	-77.56	-410.02
Issuance of Common Stock	12.85	-	-	-
Repurchase of Common Stock	-	-249.57	-	-
Common Dividends Paid	-40.18	-6.35	-7.82	-19.84
Financing Cash Flow	47.43	-180.86	-85.38	-429.87
Foreign Exchange Rate Adjustments	0.01	0.02	0	-0.01
Net Cash Flow	44.1	223.79	-55.74	-461.37
Free Cash Flow	-73.44	327.12	28.87	-48.79
Free Cash Flow Growth	-	1032.92%	-	-
Free Cash Flow Margin	-4.61%	24.19%	2.82%	-2.93%
Free Cash Flow Per Share	-0.07	0.32	0.03	-0.05
Cash Income Tax Paid	106.15	88.02	60.02	101.37
Levered Free Cash Flow	-37.44	192.43	-4.25	-71.68
Unlevered Free Cash Flow	-33.4	196.4	0.73	-60.77
Change in Working Capital	-337.92	112.96	-115.18	-393.21

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