SHE:300221 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	114.1	51.45	27.03	-5.46	73.46
Depreciation & Amortization	70.87	59.3	46.43	41.83	41.38
Other Amortization	13.3	11.95	7.36	3.88	4.11
Loss (Gain) From Sale of Assets	-0.28	2.57	-7.06	0.35	6.33
Asset Writedown & Restructuring Costs	13.96	11.23	27.28	6.24	3.82
Loss (Gain) From Sale of Investments	2.03	1.86	-3.55	-2.52	-5.71
Provision & Write-off of Bad Debts	-	4.75	2.65	-10.76	3.39
Other Operating Activities	15.77	12.93	14.16	11.29	-2.32
Change in Accounts Receivable	76.69	-275.72	-59.86	350.66	-390.69
Change in Inventory	33.55	-94.11	41.22	39.44	-54.45
Change in Accounts Payable	-135.21	214.6	-38.23	-98.79	221.58
Operating Cash Flow	206.39	4.02	57.23	340.68	-94.18
Operating Cash Flow Growth	5028.52%	-92.97%	-83.20%	-	-
Capital Expenditures	-155.95	-160.91	-279.41	-137.36	-41.04
Sale of Property, Plant & Equipment	5.24	1.09	29.21	2.5	9.53
Investment in Securities	12.87	52.42	143.83	-116.84	149.8
Other Investing Activities	1.14	12.83	19.28	6.79	31.57
Investing Cash Flow	-136.71	-94.57	-87.09	-244.9	149.87
Short-Term Debt Issued	-	-	-	-	384.61
Long-Term Debt Issued	179.43	284.56	146.35	207.49	-
Total Debt Issued	179.43	284.56	146.35	207.49	384.61
Short-Term Debt Repaid	-	-	-	-	-412.04
Long-Term Debt Repaid	-231.25	-124.02	-171.24	-304.85	-9.39
Total Debt Repaid	-231.25	-124.02	-171.24	-304.85	-421.43
Net Debt Issued (Repaid)	-51.81	160.54	-24.89	-97.36	-36.82
Issuance of Common Stock	5.31	31.16	-	-	110.06
Repurchase of Common Stock	-	-24.65	-0.44	-5.35	-
Common Dividends Paid	-9.65	-7.03	-1.27	-3.66	-9.64
Other Financing Activities	-22.87	-11.42	38.49	-33.17	-42.63
Financing Cash Flow	-79.01	148.61	11.89	-139.53	20.98
Foreign Exchange Rate Adjustments	-0.51	0.55	0.23	1.74	-1.92
Net Cash Flow	-9.83	58.62	-17.73	-42.02	74.74
Free Cash Flow	50.44	-156.88	-222.17	203.32	-135.22
Free Cash Flow Margin	2.30%	-7.76%	-13.34%	11.01%	-6.00%
Free Cash Flow Per Share	0.11	-0.34	-0.49	0.46	-0.29
Cash Income Tax Paid	-0.79	13.83	34.27	16.42	22.46
Levered Free Cash Flow	-45.98	-135.75	-279.95	233.04	38.65
Unlevered Free Cash Flow	-45.98	-129.06	-276.69	238.49	48.13
Change in Working Capital	-23.36	-152.01	-57.06	295.84	-218.64

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