SHE:300491 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	40.15	23.94	102.57	44.35	32.51
Depreciation & Amortization	39.69	33.81	23.23	21.76	23.85
Other Amortization	0.39	0.57	1.06	0.64	0.36
Loss (Gain) From Sale of Assets	0.3	0.12	0.02	0.03	0.14
Asset Writedown & Restructuring Costs	17.04	15.52	12.5	-	-
Loss (Gain) From Sale of Investments	-0.71	-	-	-1.44	-0.03
Provision & Write-off of Bad Debts	-	22.03	13.02	5.86	5.7
Other Operating Activities	22.64	13.95	21.13	9.5	5.2
Change in Accounts Receivable	-244.07	-116.96	-348.89	-193.06	-69.95
Change in Inventory	-81.11	-2.94	-53.14	-99.16	-38.35
Change in Accounts Payable	287.51	75.01	240.83	207.55	46.98
Operating Cash Flow	73.66	58.39	14.7	-5.63	1.94
Operating Cash Flow Growth	26.15%	297.10%	-	-	-
Capital Expenditures	-85.31	-57.8	-186.69	-61.15	-20.63
Sale of Property, Plant & Equipment	0.1	0.2	0.14	0.05	0.46
Cash Acquisitions	-	-	-1.35	-	-
Divestitures	-	-	-	-	5.32
Investment in Securities	-	-	-	-	-0.11
Other Investing Activities	1.18	-0.01	-0.36	1.44	-
Investing Cash Flow	-84.03	-57.61	-188.26	-59.66	-14.96
Long-Term Debt Issued	250.08	253.74	210.35	107.5	87.39
Total Debt Issued	250.08	253.74	210.35	107.5	87.39
Long-Term Debt Repaid	-192.5	-190.77	-134.62	-85.88	-63.57
Total Debt Repaid	-192.5	-190.77	-134.62	-85.88	-63.57
Net Debt Issued (Repaid)	57.58	62.97	75.73	21.62	23.81
Issuance of Common Stock	10.82	4.65	4	-	244.23
Common Dividends Paid	-18.35	-28.08	-14.13	-8.93	-7.13
Other Financing Activities	-1.35	-	-	-	1.05
Financing Cash Flow	48.69	39.55	65.6	12.69	261.97
Net Cash Flow	38.31	40.33	-107.96	-52.6	248.95
Free Cash Flow	-11.65	0.59	-171.98	-66.79	-18.69
Free Cash Flow Margin	-0.75%	0.05%	-17.05%	-10.45%	-4.44%
Free Cash Flow Per Share	-0.07	0.00	-0.99	-0.39	-0.12
Cash Income Tax Paid	22.65	26.8	27.47	7.18	13.93
Levered Free Cash Flow	-12.28	-25.95	-174.21	-87.63	-28.13
Unlevered Free Cash Flow	-12.28	-21.54	-171.01	-85.35	-26.03
Change in Working Capital	-45.85	-51.55	-158.82	-86.32	-65.8

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