SHE:300447 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	29.65	17.8	133.52	189.23	163.42
Depreciation & Amortization	47.61	43.64	44.52	33.56	29.19
Other Amortization	7.4	8.87	8.1	3.32	0.11
Loss (Gain) From Sale of Assets	-0.22	-0.35	-0.19	-0.01	-0.9
Asset Writedown & Restructuring Costs	19	0	-	0.06	0.05
Loss (Gain) From Sale of Investments	-0.38	2.34	2.32	1.82	-6.37
Provision & Write-off of Bad Debts	-	24.12	15.72	11.64	7.11
Other Operating Activities	18.85	17.44	5.12	10.97	21.69
Change in Accounts Receivable	263.85	-104.28	-100.65	-426.93	-242.91
Change in Inventory	60.96	159.94	-55.64	-106.55	-220.87
Change in Accounts Payable	-50.95	-165.69	66.01	76.64	216.21
Change in Other Net Operating Assets	-	-	1.28	2.57	6.66
Operating Cash Flow	397.36	-4.84	135.51	-205.58	-23.82
Capital Expenditures	-25.08	-36.41	-62.21	-74.18	-118.63
Sale of Property, Plant & Equipment	0.79	0.52	0.49	0.2	1.02
Investment in Securities	8	6.92	13.04	-	-9.72
Other Investing Activities	1.22	0.01	8.75	2.98	-
Investing Cash Flow	-15.07	-28.96	-39.93	-71	-127.33
Short-Term Debt Issued	-	-	-	285.09	-
Long-Term Debt Issued	25	25	62.06	0.18	191.98
Total Debt Issued	25	25	62.06	285.27	191.98
Short-Term Debt Repaid	-	-	-	-160.78	-
Long-Term Debt Repaid	-25	-59.6	-120.98	-10.94	-186.37
Total Debt Repaid	-25	-59.6	-120.98	-171.72	-186.37
Net Debt Issued (Repaid)	-	-34.6	-58.92	113.55	5.61
Issuance of Common Stock	-	-	-	-	319.41
Repurchase of Common Stock	-	-35	-0.1	-	-0.33
Common Dividends Paid	-16.15	-21.85	-1.96	-38.62	-6.75
Other Financing Activities	-10.7	8	-18.44	-27.66	-1.15
Financing Cash Flow	-26.85	-83.45	-79.42	47.26	316.8
Net Cash Flow	355.45	-117.25	16.16	-229.32	165.65
Free Cash Flow	372.28	-41.25	73.3	-279.77	-142.45
Free Cash Flow Margin	44.40%	-4.53%	7.07%	-25.63%	-15.15%
Free Cash Flow Per Share	1.20	-0.13	0.23	-0.90	-0.48
Cash Income Tax Paid	72.63	50.33	45.77	63.93	54.31
Levered Free Cash Flow	381.07	-71.03	-45.86	-170.52	-132.63
Unlevered Free Cash Flow	381.07	-69.38	-44.35	-165.56	-128.1
Change in Working Capital	275.45	-118.7	-73.6	-456.18	-238.13

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