SHE:300479 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	12.76	16.3	-69.33	-115.83	-164.89
Depreciation & Amortization	25.82	13.55	20.36	19.57	17.84
Other Amortization	1.34	8.73	1.49	1.72	1.84
Loss (Gain) From Sale of Assets	0.07	0.06	-0.06	-0.36	-0.05
Asset Writedown & Restructuring Costs	16.38	0.01	0.16	69.26	101.95
Loss (Gain) From Sale of Investments	-	-0.89	0.63	0	-0.05
Provision & Write-off of Bad Debts	-	10.78	13.22	6.03	15.28
Other Operating Activities	14.58	30.04	15.26	5.53	-2.77
Change in Accounts Receivable	-234.55	21.35	-230.7	1.63	42.79
Change in Inventory	-19.57	-8.73	-119.93	-1.65	11.15
Change in Accounts Payable	334.73	-93.47	571.8	6.6	28.17
Change in Other Net Operating Assets	1.17	1.62	-	-	-
Operating Cash Flow	150.97	-5.79	200.23	-9.19	47.51
Operating Cash Flow Growth	-	-	-	-	19.74%
Capital Expenditures	-28.18	-37.56	-12.5	-9.09	-16.22
Sale of Property, Plant & Equipment	0.08	0.01	0.1	0.01	0.16
Divestitures	-	-	-	-	1.76
Investment in Securities	-	2.07	3	-	-
Other Investing Activities	-	-	0.1	-	-
Investing Cash Flow	-28.1	-35.48	-9.3	-9.08	-14.3
Short-Term Debt Issued	-	64.95	67.96	57.71	136.73
Long-Term Debt Issued	110.46	-	-	-	-
Total Debt Issued	110.46	64.95	67.96	57.71	136.73
Short-Term Debt Repaid	-	-73.14	-55.78	-91.96	-154.58
Long-Term Debt Repaid	-69.78	-3.67	-3.04	-1	-0.81
Total Debt Repaid	-69.78	-76.81	-58.81	-92.96	-155.38
Net Debt Issued (Repaid)	40.68	-11.86	9.15	-35.25	-18.66
Issuance of Common Stock	-	-	-	-	303.96
Common Dividends Paid	-2.16	-2.59	-2.53	-3.17	-8.46
Other Financing Activities	2.37	-	-	-31	-0.85
Financing Cash Flow	40.88	-14.44	6.62	-69.41	275.99
Net Cash Flow	163.75	-55.71	197.55	-87.68	309.21
Free Cash Flow	122.79	-43.35	187.72	-18.27	31.3
Free Cash Flow Growth	-	-	-	-	55.16%
Free Cash Flow Margin	13.64%	-4.76%	45.28%	-4.81%	8.55%
Free Cash Flow Per Share	0.66	-0.21	0.95	-0.09	0.18
Cash Income Tax Paid	20.31	-31.05	-26.48	12.24	13.44
Levered Free Cash Flow	233.74	-47.53	216.1	-20.85	34.56
Unlevered Free Cash Flow	233.74	-45.71	217.9	-18.97	37.92
Change in Working Capital	80.01	-84.37	218.49	4.89	78.37

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