SHE:300400 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	Jan '24 Jan 1, 2024	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	83.98	83.17	39.42	89.1	79.98
Depreciation & Amortization	19.53	20.12	32.66	32.41	29.22
Other Amortization	-	1.04	1.44	1.64	1.43
Loss (Gain) From Sale of Assets	-0.05	0	-0	-0.02	0.32
Asset Writedown & Restructuring Costs	14	0.31	0.08	0.43	23.57
Loss (Gain) From Sale of Investments	-0.63	-15.97	1.81	-0.71	-11.27
Provision & Write-off of Bad Debts	-	11.12	2.06	5.53	19.33
Other Operating Activities	4.63	-0.41	10.29	13.21	-8.69
Change in Accounts Receivable	152.73	-36.9	46.49	26.93	-199.43
Change in Inventory	-51.98	20.31	100.44	-60.15	39.05
Change in Accounts Payable	32.19	33.5	-150.35	5.62	31.86
Change in Other Net Operating Assets	2.33	6.36	11.28	18.62	18.32
Operating Cash Flow	256.3	122.64	100.35	129.06	17.63
Operating Cash Flow Growth	108.99%	22.21%	-22.25%	632.23%	-93.28%
Capital Expenditures	-65.61	-2.61	-5.77	-6.29	-12.72
Sale of Property, Plant & Equipment	0.09	0.05	0.03	0.02	0.06
Divestitures	-	1.73	-	-	-2.25
Investment in Securities	-9.11	12.98	-12.98	-	-0.17
Other Investing Activities	0.01	-	-	0.95	3.29
Investing Cash Flow	-74.62	12.16	-18.72	-5.31	-11.79
Short-Term Debt Issued	-	-	30	-	7
Total Debt Issued	-	-	30	-	7
Short-Term Debt Repaid	-	-30	-	-	-23.2
Total Debt Repaid	-	-30	-	-	-23.2
Net Debt Issued (Repaid)	-	-30	30	-	-16.2
Issuance of Common Stock	-	30.07	-	24.55	-
Repurchase of Common Stock	-	-25.06	-	-	-
Common Dividends Paid	-97.05	-122.74	-	-119.83	-24.24
Other Financing Activities	-	-	0.89	1.67	8.1
Financing Cash Flow	-97.05	-147.73	30.89	-93.62	-32.34
Foreign Exchange Rate Adjustments	-6.62	3.09	2.52	9.21	-0.53
Net Cash Flow	78.01	-9.84	115.04	39.34	-27.03
Free Cash Flow	190.69	120.03	94.58	122.78	4.91
Free Cash Flow Growth	58.87%	26.92%	-22.97%	2401.65%	-97.81%
Free Cash Flow Margin	24.29%	16.47%	13.13%	15.52%	0.50%
Free Cash Flow Per Share	0.80	0.49	0.38	0.50	0.02
Cash Interest Paid	-	-	0.61	-	-
Cash Income Tax Paid	38.91	27.91	35.04	35.08	36.5
Levered Free Cash Flow	197.56	68.29	54.07	41.86	37
Unlevered Free Cash Flow	197.56	68.41	54.47	41.86	37.22
Change in Working Capital	134.84	23.25	12.59	-12.53	-116.26

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