SHE:300389 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	251.87	116.89	315.74	203.02	29.94
Depreciation & Amortization	90.68	95.67	69.9	67.35	73.66
Other Amortization	13.7	8.08	4.78	5.09	9.25
Loss (Gain) From Sale of Assets	-0.07	-0.23	-0.54	-2.24	-0.54
Asset Writedown & Restructuring Costs	1.03	0.31	0.2	0.4	0.19
Loss (Gain) From Sale of Investments	-11.06	-13.99	-10.79	-11.79	-9.3
Provision & Write-off of Bad Debts	4.4	0.36	-10.6	20.82	1.48
Other Operating Activities	14.71	-18.75	-4.9	-0.98	-8.42
Change in Accounts Receivable	-114.28	254.78	-367.02	-5.85	-178.38
Change in Inventory	-162.83	80.54	-131.45	46.55	-132
Change in Accounts Payable	710.93	-368.6	661.32	353.44	456.64
Change in Other Net Operating Assets	15.61	-	-	-	-
Operating Cash Flow	819.86	152.72	529.84	686.31	226.34
Operating Cash Flow Growth	436.84%	-71.18%	-22.80%	203.22%	-
Capital Expenditures	-51.43	-78.49	-206.06	-192.65	-53.13
Sale of Property, Plant & Equipment	1.22	3.16	1.13	4.26	1.24
Investment in Securities	71.25	-294.62	-250	21	-114.09
Other Investing Activities	9.59	36.98	10.68	6.87	9.03
Investing Cash Flow	30.62	-332.97	-444.25	-160.52	-156.95
Short-Term Debt Issued	31.88	-	-	36.33	58.21
Total Debt Issued	31.88	-	-	36.33	58.21
Short-Term Debt Repaid	-	-	-36.33	-57.38	-1.5
Long-Term Debt Repaid	-9.74	-8.62	-9.49	-12.1	-9.93
Total Debt Repaid	-9.74	-8.62	-45.82	-69.48	-11.44
Net Debt Issued (Repaid)	22.14	-8.62	-45.82	-33.15	46.77
Issuance of Common Stock	-	41.5	76.96	290.91	-
Common Dividends Paid	-129.19	-109.16	-109.15	-537.55	-0.17
Other Financing Activities	-44.97	57.51	-7.45	4.75	-47.61
Financing Cash Flow	-152.02	-18.77	-85.46	-275.03	-1
Foreign Exchange Rate Adjustments	-15.31	30.11	18.25	-19.06	-6.2
Net Cash Flow	683.16	-168.91	18.38	231.7	62.18
Free Cash Flow	768.43	74.23	323.78	493.66	173.21
Free Cash Flow Growth	935.25%	-77.08%	-34.41%	185.01%	-
Free Cash Flow Margin	18.48%	2.03%	8.08%	17.66%	7.44%
Free Cash Flow Per Share	2.08	0.20	0.88	1.44	0.55
Cash Income Tax Paid	-201.31	-158.37	-119.91	-125	-54.19
Levered Free Cash Flow	768.63	37.26	232.27	444.99	162.44
Unlevered Free Cash Flow	769.43	38	233.33	446.69	163.61
Change in Working Capital	454.62	-35.63	166.05	404.65	130.1

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