SHE:300239 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	54.34	85.98	119.89	109.44	36.48
Depreciation & Amortization	97.26	86.32	81.96	85.52	55.32
Other Amortization	1.1	1.5	0.57	0.41	0.14
Loss (Gain) From Sale of Assets	0.09	-1.47	-0.08	-0.14	-0.09
Asset Writedown & Restructuring Costs	15.4	0.88	0.86	0.42	0.6
Loss (Gain) From Sale of Investments	2.86	3.74	4.33	1.91	2.53
Provision & Write-off of Bad Debts	-	-0.42	1.79	0.31	0.03
Other Operating Activities	3.69	8.88	15.41	13.3	1.23
Change in Accounts Receivable	71.76	-11.73	-52.76	-45.13	-62.48
Change in Inventory	-59.98	-72.34	37.86	28.36	6.38
Change in Accounts Payable	-82.52	-37.62	-3.01	5.31	14.41
Change in Other Net Operating Assets	1.74	3.35	-3.51	-0.99	-2.93
Operating Cash Flow	105.92	69.13	199.39	195.32	51.5
Operating Cash Flow Growth	53.22%	-65.33%	2.09%	279.25%	-18.42%
Capital Expenditures	-79.27	-77.17	-132.24	-108.56	-51.35
Sale of Property, Plant & Equipment	0.15	34.08	0.24	0.82	0.95
Cash Acquisitions	-	-232	-	-122.34	-108.07
Investment in Securities	-	0	-	4.67	-11.53
Other Investing Activities	5.88	9.04	1.59	1.24	1.57
Investing Cash Flow	-73.24	-266.05	-130.41	-224.17	-168.44
Short-Term Debt Issued	-	1.27	29	-	-
Long-Term Debt Issued	54.4	3	447.05	210.05	84.8
Total Debt Issued	54.4	4.27	476.05	210.05	84.8
Long-Term Debt Repaid	-52.1	-8	-147.98	-67.1	-209.8
Net Debt Issued (Repaid)	2.3	-3.73	328.06	142.95	-125
Issuance of Common Stock	-	-	-	-	398.14
Repurchase of Common Stock	-	-	-	-	-2.69
Common Dividends Paid	-18.28	-15.81	-21.28	-11.21	-5.73
Other Financing Activities	-56	1.12	-0.91	43.35	-3.68
Financing Cash Flow	-71.98	-18.42	305.87	175.08	261.04
Foreign Exchange Rate Adjustments	-0.05	0	0.14	0.34	-0.01
Net Cash Flow	-39.34	-215.34	374.99	146.58	144.08
Free Cash Flow	26.65	-8.04	67.15	86.76	0.15
Free Cash Flow Growth	-	-	-22.60%	57752.55%	-
Free Cash Flow Margin	3.58%	-0.91%	6.89%	9.20%	0.02%
Free Cash Flow Per Share	0.04	-0.01	0.11	0.15	-
Cash Income Tax Paid	48.12	39.64	79.94	68.11	34.92
Levered Free Cash Flow	17.84	-9.82	120.69	-48.26	-20.87
Unlevered Free Cash Flow	17.84	-8.22	123.9	-43.49	-17.88
Change in Working Capital	-68.82	-116.28	-25.33	-15.84	-44.74

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