SHE:300310 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	10.09	-30.35	48.19	19.76	53.82
Depreciation & Amortization	20.83	18.92	20.98	22.34	35.31
Other Amortization	0.78	7.84	3.9	4.28	0.55
Loss (Gain) From Sale of Assets	-0.07	-0.28	0.07	-0.36	-0.5
Asset Writedown & Restructuring Costs	3.1	61.68	-50.38	13	14.11
Loss (Gain) From Sale of Investments	-5.71	-72.1	-8.82	-4.66	-27.53
Provision & Write-off of Bad Debts	-	-	-	-	3.01
Other Operating Activities	7.74	-0.91	-1.4	0.59	-7.81
Change in Accounts Receivable	53.04	-193.66	-290.32	-86.2	-24.78
Change in Inventory	-189.71	-58.01	-147.99	-57.8	-56.78
Change in Accounts Payable	303.36	8.7	123.35	177.74	126.26
Operating Cash Flow	199.9	-246.62	-300.81	86.2	102.38
Operating Cash Flow Growth	-	-	-	-15.80%	49.25%
Capital Expenditures	-22.64	-21.62	-29.62	-30.59	-28.98
Sale of Property, Plant & Equipment	7.64	10.28	7.04	2.93	1.62
Investment in Securities	20.22	7.4	0.96	-5.85	-125.08
Other Investing Activities	5.75	-14.56	0.05	6.45	5.87
Investing Cash Flow	10.96	-18.5	49.84	-26.52	-127.45
Short-Term Debt Issued	-	-	-	75.82	-
Long-Term Debt Issued	64.03	139.21	260.37	-	-
Total Debt Issued	64.03	139.21	260.37	75.82	-
Short-Term Debt Repaid	-	-	-	-61.58	-
Long-Term Debt Repaid	-60.8	-128.23	-249.79	-5.21	-6.74
Total Debt Repaid	-60.8	-128.23	-249.79	-66.78	-6.74
Net Debt Issued (Repaid)	3.22	10.98	10.58	9.04	-6.74
Common Dividends Paid	-1.67	-2.78	-2.68	-0.26	-0.05
Other Financing Activities	-3.31	-22.38	50.85	0.92	8.62
Financing Cash Flow	-1.76	-14.18	58.76	9.7	1.83
Foreign Exchange Rate Adjustments	-0.01	-	-	-	-
Net Cash Flow	209.1	-279.3	-192.22	69.38	-23.25
Free Cash Flow	177.26	-268.24	-330.43	55.61	73.4
Free Cash Flow Growth	-	-	-	-24.23%	275.39%
Free Cash Flow Margin	7.07%	-10.72%	-12.42%	2.15%	3.14%
Free Cash Flow Per Share	0.16	-0.27	-0.34	0.06	0.08
Cash Income Tax Paid	93.78	84.84	83.83	64.41	60.12
Levered Free Cash Flow	-	-234.74	-346.33	69.36	119.23
Unlevered Free Cash Flow	-	-232.49	-344.29	69.84	119.48
Change in Working Capital	163.14	-231.43	-313.37	31.24	48.42

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