SHE:300306 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	71.49	92.36	93.41	80.01	105.36
Depreciation & Amortization	27.66	24.92	25.17	27.98	28.22
Other Amortization	9.3	8.37	7.85	4.89	2.19
Loss (Gain) From Sale of Assets	-0.03	-	-	-0.05	-5.87
Asset Writedown & Restructuring Costs	0.33	-0.01	0.03	0	5.32
Loss (Gain) From Sale of Investments	-14.92	-16.23	-22.35	-10.32	-24.55
Provision & Write-off of Bad Debts	-1.27	-2.35	1.73	1.19	0.13
Other Operating Activities	3.78	10.91	8.92	0.92	2.7
Change in Accounts Receivable	-2.33	7.39	4.05	13.45	-4.55
Change in Inventory	14.41	11.51	33.21	-33.99	-66.18
Change in Accounts Payable	-25.54	-27.52	-5.45	-7.48	44.38
Change in Other Net Operating Assets	5.21	5.22	2.71	7.21	5.54
Operating Cash Flow	86.19	114.61	148.98	87.1	89.91
Operating Cash Flow Growth	-24.80%	-23.07%	71.03%	-3.12%	-22.88%
Capital Expenditures	-8.89	-31.22	-10.49	-22.79	-63.08
Sale of Property, Plant & Equipment	0.04	0.07	0.01	0.07	8.59
Investment in Securities	42.8	-148.58	-37.81	6.86	49.21
Other Investing Activities	-	-	-1.15	-	-
Investing Cash Flow	33.95	-179.73	-49.45	-15.85	-5.28
Short-Term Debt Issued	-	33.74	-	-	-
Total Debt Issued	-	33.74	-	-	-
Short-Term Debt Repaid	-	-33.74	-	-	-
Long-Term Debt Repaid	-0.13	-0.55	-0.49	-0.44	-0.39
Total Debt Repaid	-0.13	-34.29	-0.49	-0.44	-0.39
Net Debt Issued (Repaid)	-0.13	-0.55	-0.49	-0.44	-0.39
Common Dividends Paid	-116.19	-80.69	-69.93	-80.69	-44.65
Other Financing Activities	-0.43	0.48	1.48	0.65	0.21
Financing Cash Flow	-116.75	-80.76	-68.94	-80.49	-44.83
Foreign Exchange Rate Adjustments	-1.46	0.38	0.45	2.11	-0.54
Net Cash Flow	1.92	-145.51	31.04	-7.12	39.27
Free Cash Flow	77.3	83.38	138.48	64.32	26.83
Free Cash Flow Growth	-7.29%	-39.79%	115.32%	139.74%	-68.57%
Free Cash Flow Margin	19.09%	19.12%	32.84%	14.58%	5.92%
Free Cash Flow Per Share	0.29	0.31	0.52	0.24	0.10
Cash Income Tax Paid	32.83	42.24	66.11	42.09	47.02
Levered Free Cash Flow	53.28	44.93	108.84	23.97	-24.92
Unlevered Free Cash Flow	53.28	44.95	108.87	24.01	-24.88
Change in Working Capital	-10.15	-3.36	34.22	-17.52	-23.59

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