SHE:300481 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	131.38	191.55	235.12	422.3	252.67
Depreciation & Amortization	89.07	59.61	57.06	52.7	40.78
Other Amortization	1.29	1.48	1.78	1.65	1.1
Loss (Gain) From Sale of Assets	-0.46	2.58	0.39	7.8	0.08
Asset Writedown & Restructuring Costs	9.42	0.32	0.36	0.15	0.77
Loss (Gain) From Sale of Investments	-16.04	-10.26	-26.43	-22.53	-14.7
Provision & Write-off of Bad Debts	-	-1.9	0.99	2.18	4.62
Other Operating Activities	-20.85	-25.36	9.26	-25.25	-2.97
Change in Accounts Receivable	8.97	14	66.1	-86.48	-190.04
Change in Inventory	-51.61	24.26	41.52	-86.61	-32.12
Change in Accounts Payable	2.91	-10.36	-38.42	22.84	25.92
Operating Cash Flow	151.95	246.7	347.05	287.03	86.27
Operating Cash Flow Growth	-38.41%	-28.91%	20.91%	232.72%	48.05%
Capital Expenditures	-54.41	-187.39	-184.34	-207.9	-188.84
Sale of Property, Plant & Equipment	1.96	3.84	-	1.77	0.05
Divestitures	-	-	-	-	1.62
Investment in Securities	-242.84	154.8	-32.02	-294.51	-646.02
Other Investing Activities	34.64	41.03	36.28	10.94	4.37
Investing Cash Flow	-260.66	12.28	-180.08	-489.7	-828.82
Short-Term Debt Issued	-	178.79	20	60	-
Long-Term Debt Issued	157	125	150	280	-
Total Debt Issued	157	303.79	170	340	-
Short-Term Debt Repaid	-	-20	-60	-	-
Long-Term Debt Repaid	-290	-149.02	-204.49	-1.49	-0.48
Total Debt Repaid	-290	-169.02	-264.49	-1.49	-0.48
Net Debt Issued (Repaid)	-133	134.78	-94.49	338.51	-0.48
Issuance of Common Stock	-	-	-	2.86	814.5
Repurchase of Common Stock	-	-59.02	-0.29	-0.6	-
Common Dividends Paid	-121.8	-180.96	-126.21	-121.57	-51.41
Other Financing Activities	237.77	-100.18	-0.44	-1.65	-0.48
Financing Cash Flow	-17.04	-205.38	-221.43	217.56	762.13
Foreign Exchange Rate Adjustments	-7.53	8.09	3.61	24.51	-2.94
Net Cash Flow	-133.27	61.69	-50.85	39.39	16.64
Free Cash Flow	97.54	59.32	162.71	79.12	-102.57
Free Cash Flow Growth	64.44%	-63.54%	105.63%	-	-
Free Cash Flow Margin	6.92%	4.20%	11.80%	4.96%	-7.36%
Free Cash Flow Per Share	0.33	0.20	0.55	0.27	-0.37
Cash Income Tax Paid	20.79	16.9	77.13	68.5	38.65
Levered Free Cash Flow	282.18	49.74	53.41	33.56	-120.97
Unlevered Free Cash Flow	282.18	53	58.45	36.68	-120.95
Change in Working Capital	-41.87	28.67	68.52	-151.98	-196.07

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