SHE:300445 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	104.42	125.42	101.91	75.46	70.05
Depreciation & Amortization	44.76	42.54	38.63	32.95	24.48
Other Amortization	4.4	3.06	1.93	1.08	0.4
Loss (Gain) From Sale of Assets	1.44	-0	-0.12	-0.02	-0.01
Asset Writedown & Restructuring Costs	19.16	20.59	8.06	4.7	3.03
Loss (Gain) From Sale of Investments	-4.31	-4.66	-5.57	5.33	-3.5
Provision & Write-off of Bad Debts	0.33	0.55	-	-	-
Other Operating Activities	4.43	3.26	2.64	3.25	-0.76
Change in Accounts Receivable	3.99	-14.54	-6.13	-17.8	-24.93
Change in Inventory	15.04	-2.95	-13.36	-41.49	-25.71
Change in Accounts Payable	2.45	15.31	-21.02	45.85	-5.33
Operating Cash Flow	192.94	184.08	108.91	99.59	37.67
Operating Cash Flow Growth	4.81%	69.03%	9.35%	164.41%	-51.19%
Capital Expenditures	-22.62	-48.55	-109.34	-116.03	-115.93
Sale of Property, Plant & Equipment	0.48	0.01	0.22	0.01	0.05
Cash Acquisitions	-	-	-	-1.1	-
Investment in Securities	-162.18	-1.85	35.33	-93.84	179.62
Other Investing Activities	2.68	2.79	3.34	0.63	3.12
Investing Cash Flow	-181.64	-47.6	-70.44	-210.32	66.86
Long-Term Debt Repaid	-4.19	-4.05	-3.72	-8.36	-3.7
Total Debt Repaid	-4.19	-4.05	-3.72	-8.36	-3.7
Net Debt Issued (Repaid)	-4.19	-4.05	-3.72	-8.36	-3.7
Repurchase of Common Stock	-	-	-	-	-50.05
Common Dividends Paid	-19.12	-16.99	-14.87	-12.75	-11.3
Other Financing Activities	-0.49	-0.22	-0.22	-0.28	-
Financing Cash Flow	-23.79	-21.26	-18.81	-21.38	-65.06
Foreign Exchange Rate Adjustments	-0.58	1.75	1.8	10.54	-3.07
Net Cash Flow	-13.07	116.96	21.45	-121.57	36.4
Free Cash Flow	170.32	135.53	-0.43	-16.43	-78.26
Free Cash Flow Growth	25.67%	-	-	-	-
Free Cash Flow Margin	28.88%	23.55%	-0.09%	-3.97%	-22.15%
Free Cash Flow Per Share	0.80	0.64	-0.00	-0.08	-0.37
Cash Interest Paid	0.49	0.22	0.22	0.28	-
Cash Income Tax Paid	50.92	36.41	43.06	-4.06	5.66
Levered Free Cash Flow	108.99	84.4	-66.07	-43.66	-86.93
Unlevered Free Cash Flow	109.29	84.54	-65.93	-43.49	-86.63
Change in Working Capital	18.3	-6.68	-38.58	-23.16	-56.03

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