SHE:300234 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	Dec '21 Dec 31, 2021
Net Income	-8.72	23.73	74.39	73	71.46
Depreciation & Amortization	34.56	35.02	34.78	27.92	26.92
Other Amortization	0.04	0.39	0.11	0.14	0.86
Loss (Gain) From Sale of Assets	0.46	-0.38	-0.27	-86.11	-2.19
Asset Writedown & Restructuring Costs	7.73	0.01	2.51	47.99	-4.43
Loss (Gain) From Sale of Investments	-9.41	-31.91	-1.97	-0.51	-3.07
Provision & Write-off of Bad Debts	-	25.53	4.95	24.77	15.06
Other Operating Activities	-4.45	4.92	4.89	6.39	9.4
Change in Accounts Receivable	108.75	130.11	-24.83	-122.22	-119.27
Change in Inventory	-0.69	1.21	20.48	73.7	-9.17
Change in Accounts Payable	-20.45	-35.26	-21.16	-38.81	53.36
Change in Other Net Operating Assets	0.8	0.91	14.15	8.56	-0.07
Operating Cash Flow	109.2	154.32	103.37	10.91	38.37
Operating Cash Flow Growth	-29.23%	49.28%	847.59%	-71.57%	-13.59%
Capital Expenditures	-9.74	-18.06	-31.73	-49.34	-46.38
Sale of Property, Plant & Equipment	0.26	0.18	29.56	69.39	2.85
Divestitures	4.32	0.42	-	-	-
Investment in Securities	-183.9	-154.02	36.09	13.65	96.2
Investing Cash Flow	-189.06	-171.48	33.92	33.7	52.67
Short-Term Debt Issued	-	76.61	119.18	147.1	54
Long-Term Debt Issued	48.8	-	-	-	-
Total Debt Issued	48.8	76.61	119.18	147.1	54
Short-Term Debt Repaid	-	-98.67	-132.2	-123.3	-102.63
Long-Term Debt Repaid	-31.94	-6.05	-1.07	-2.07	-3.23
Total Debt Repaid	-31.94	-104.72	-133.27	-125.37	-105.85
Net Debt Issued (Repaid)	16.86	-28.11	-14.08	21.73	-51.85
Issuance of Common Stock	-	-	-	24.6	-
Common Dividends Paid	-7.77	-16.32	-38.6	-9.36	-10.29
Other Financing Activities	-7.02	-1.25	-10	-2.5	-10.42
Financing Cash Flow	2.07	-45.68	-62.68	34.47	-72.57
Foreign Exchange Rate Adjustments	-0.21	0.01	0.13	0.2	-0.88
Net Cash Flow	-77.99	-62.84	74.74	79.28	17.6
Free Cash Flow	99.46	136.25	71.64	-38.43	-8.01
Free Cash Flow Growth	-27.00%	90.19%	-	-	-
Free Cash Flow Margin	33.81%	30.37%	11.65%	-5.46%	-1.03%
Free Cash Flow Per Share	0.22	0.29	0.14	-0.08	-0.02
Cash Income Tax Paid	23.99	41.95	42.91	51.34	23.47
Levered Free Cash Flow	-24.24	131.45	80.28	-12.44	76.3
Unlevered Free Cash Flow	-24.24	132.62	81.77	-11.18	78.68
Change in Working Capital	88.99	97	-16.01	-82.69	-75.64

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