SHE:300253 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	-373.88	87.89	357.96	108.64	378.17
Depreciation & Amortization	30.12	37.86	37.95	38.38	32.6
Other Amortization	199.71	153.25	142.67	86.85	71.09
Loss (Gain) From Sale of Assets	-3.05	0.28	0.43	0.52	-0.18
Asset Writedown & Restructuring Costs	87.97	63.72	6.65	23.26	0.31
Loss (Gain) From Sale of Investments	66.37	79.97	-11.02	90.56	-116.51
Provision & Write-off of Bad Debts	135.27	186.38	138.93	235.36	234.48
Other Operating Activities	70.24	29.96	53.01	-21.61	41.19
Change in Accounts Receivable	385.15	-222.02	-771.65	-810.38	-629.91
Change in Inventory	11.57	-1.13	-13.24	35.58	-4.81
Change in Accounts Payable	72.07	-47.25	97.72	260.24	290.5
Change in Other Net Operating Assets	-44.16	17.44	184.61	86.65	106.29
Operating Cash Flow	555.37	407.53	184.8	100.44	368.06
Operating Cash Flow Growth	36.28%	120.52%	83.99%	-72.71%	-5.71%
Capital Expenditures	-220.35	-305.82	-313.33	-323.7	-286.23
Sale of Property, Plant & Equipment	0.19	0.33	0.13	0.36	0.34
Investment in Securities	-23.6	5.21	35.47	-34.87	-61.25
Other Investing Activities	0.85	0.25	7.4	8.42	4.4
Investing Cash Flow	-242.92	-299.87	-270.2	-349.79	-342.74
Short-Term Debt Issued	-	48.54	36.48	42.8	991.38
Total Debt Issued	-	48.54	36.48	42.8	991.38
Short-Term Debt Repaid	-25	-66.02	-17	-	-215.47
Long-Term Debt Repaid	-8.96	-15.13	-16.74	-16.21	-13.66
Total Debt Repaid	-33.96	-81.15	-33.74	-16.21	-229.13
Net Debt Issued (Repaid)	-33.96	-32.61	2.74	26.59	762.25
Issuance of Common Stock	150.11	292.14	-	21.89	88.04
Repurchase of Common Stock	-	-80	-	-120.64	-
Common Dividends Paid	-48.79	-54.93	-26.19	-45.66	-56.25
Other Financing Activities	2.73	-3.06	-44.94	-1.85	-218.31
Financing Cash Flow	70.1	121.54	-68.39	-119.68	575.73
Foreign Exchange Rate Adjustments	-	-	0.01	-	-
Net Cash Flow	382.55	229.2	-153.78	-369.02	601.05
Free Cash Flow	335.01	101.71	-128.53	-223.26	81.83
Free Cash Flow Growth	229.38%	-	-	-	-59.76%
Free Cash Flow Margin	15.91%	3.66%	-4.06%	-7.22%	2.97%
Free Cash Flow Per Share	0.15	0.05	-0.06	-0.10	0.04
Cash Income Tax Paid	154.57	160.58	123.79	118.53	117.57
Levered Free Cash Flow	598.24	-52.96	-527.15	-384.94	-159.59
Unlevered Free Cash Flow	641.12	-11.24	-487.12	-347.68	-130.41
Change in Working Capital	342.62	-231.78	-541.78	-461.51	-273.09

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