SHE:300505 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	475.85	176.06	-91.46	347.04	189.06
Depreciation & Amortization	144.25	146.11	132.33	111.86	86.6
Other Amortization	-	0.5	-	-	-
Loss (Gain) From Sale of Assets	-0	-0	-0.05	0.07	0.09
Asset Writedown & Restructuring Costs	3.02	3.9	0.27	-	0.18
Loss (Gain) From Sale of Investments	-0.04	0.37	-3.62	-	-0
Provision & Write-off of Bad Debts	-	-0.62	1.89	-0.02	1.03
Other Operating Activities	16.01	51.51	50.01	34.59	22.63
Change in Accounts Receivable	-234.42	-61.43	-274.8	5.16	-87.78
Change in Inventory	-180.6	-214.06	363.85	-455.09	-207.34
Change in Accounts Payable	71.17	18.9	-135.8	78.19	147.66
Operating Cash Flow	297.9	142.81	27.48	121.76	152
Operating Cash Flow Growth	108.59%	419.67%	-77.43%	-19.89%	9.50%
Capital Expenditures	-220.39	-71.13	-92.89	-271.9	-372.16
Sale of Property, Plant & Equipment	0.05	0	0.37	0.1	0.03
Cash Acquisitions	-	-7.72	-52.93	-	-
Divestitures	1	-	2	-	-
Sale (Purchase) of Real Estate	-	-	-	-	11.5
Investment in Securities	-	-310	-74.36	-	-
Other Investing Activities	357.8	0.55	5.37	3	0
Investing Cash Flow	138.46	-388.29	-212.43	-268.81	-360.63
Long-Term Debt Issued	681	528	844.84	417.87	372.1
Total Debt Issued	681	528	844.84	417.87	372.1
Long-Term Debt Repaid	-640.75	-606.67	-872.47	-176.7	-317.96
Total Debt Repaid	-640.75	-606.67	-872.47	-176.7	-317.96
Net Debt Issued (Repaid)	40.25	-78.67	-27.63	241.17	54.14
Issuance of Common Stock	-	-	696.73	-	-
Common Dividends Paid	-100.82	-51.63	-34.52	-57.23	-27.97
Other Financing Activities	93.45	25.28	-2.2	-4.47	36.25
Financing Cash Flow	32.88	-105.01	632.39	179.46	62.42
Foreign Exchange Rate Adjustments	5.54	4.59	-1.62	1.32	0.35
Net Cash Flow	474.78	-345.9	445.82	33.73	-145.86
Free Cash Flow	77.5	71.69	-65.41	-150.14	-220.17
Free Cash Flow Growth	8.12%	-	-	-	-
Free Cash Flow Margin	1.90%	2.23%	-2.41%	-5.96%	-14.34%
Free Cash Flow Per Share	0.28	0.26	-0.27	-0.67	-1.10
Cash Income Tax Paid	158.36	55.04	18.13	34.87	-11.92
Levered Free Cash Flow	97.97	54.72	-32.42	-307.42	-340.1
Unlevered Free Cash Flow	97.97	68.1	-10.53	-297.04	-329.59
Change in Working Capital	-341.18	-235.02	-61.9	-371.79	-147.6

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