SHE:300446 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	975.2	791.71	423.33	262.35	4.99
Depreciation & Amortization	583.59	576.79	405.73	418.47	19.1
Other Amortization	10.41	6.47	7.73	17.31	0.03
Loss (Gain) From Sale of Assets	-74.55	-3.59	-2.99	-2.74	-0
Asset Writedown & Restructuring Costs	74.3	6.92	10.2	13.58	3.23
Loss (Gain) From Sale of Investments	-17.25	-17.05	2.2	-9.08	-13.52
Provision & Write-off of Bad Debts	-	29.51	7	-1.48	-
Other Operating Activities	10.67	110.17	160.59	185.03	0.79
Change in Accounts Receivable	-1,070	-29.67	-293.01	-211.42	-6.76
Change in Inventory	-92.36	-497.27	-550.93	13.5	20.67
Change in Accounts Payable	274.87	80.36	665.52	35.15	14.59
Change in Other Net Operating Assets	-	-	-0.22	-	0.83
Operating Cash Flow	665.79	1,049	838.24	724.8	43.12
Operating Cash Flow Growth	-36.52%	25.11%	15.65%	1580.87%	10.88%
Capital Expenditures	-466.87	-445.46	-430.6	-317.8	-115.23
Sale of Property, Plant & Equipment	7.37	2.4	6.38	16.73	-
Investment in Securities	-26.5	-	198.68	31.32	17.37
Other Investing Activities	19.22	11.4	1.68	8.93	11.34
Investing Cash Flow	-466.79	-431.66	-223.85	-260.82	-86.51
Long-Term Debt Issued	20	200	1,306	2,352	20
Total Debt Issued	20	200	1,306	2,352	20
Long-Term Debt Repaid	-	-1,069	-1,627	-2,781	-
Total Debt Repaid	-	-1,069	-1,627	-2,781	-
Net Debt Issued (Repaid)	20	-868.81	-321.96	-429.73	20
Issuance of Common Stock	-	-	2,073	-	-
Common Dividends Paid	-239.92	-92.6	-39.8	-55.5	-1.68
Other Financing Activities	-77.52	-29.15	18.73	11.23	-0.64
Financing Cash Flow	-297.44	-990.56	1,730	-474.01	17.68
Foreign Exchange Rate Adjustments	-1.29	1.83	1.43	3.77	-0.07
Net Cash Flow	-99.73	-371.65	2,345	-6.25	-25.78
Free Cash Flow	198.91	603.27	407.64	407	-72.11
Free Cash Flow Growth	-67.03%	47.99%	0.16%	-	-
Free Cash Flow Margin	2.21%	7.75%	6.96%	8.34%	-47.10%
Free Cash Flow Per Share	0.23	0.71	0.60	0.61	-0.36
Cash Income Tax Paid	372.85	328.64	317.82	212.18	-0.22
Levered Free Cash Flow	425.39	695.58	294.38	287.33	-211.42
Unlevered Free Cash Flow	425.39	703.63	321.65	322.89	-211.42
Change in Working Capital	-896.58	-452.2	-175.55	-158.63	28.5

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