SHE:300508 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	Dec '21 Dec 31, 2021
Net Income	87.81	95.42	39.53	50.6	59.11
Depreciation & Amortization	21.95	22.14	17.78	7.38	7.65
Other Amortization	1.87	0.65	2.31	2.94	3.08
Loss (Gain) From Sale of Assets	-6.47	-6.5	-0.03	-0.04	0.1
Asset Writedown & Restructuring Costs	-	-	7.6	-	-
Loss (Gain) From Sale of Investments	-6.3	-13.17	3.21	3.76	-8.03
Provision & Write-off of Bad Debts	2.49	0.16	-0.66	1.22	0.55
Other Operating Activities	3.13	0.57	1.21	-0.2	2.75
Change in Accounts Receivable	-45.92	-20.61	-30.12	-11.04	-63.84
Change in Inventory	-27.64	6.63	11.37	6.2	-26.02
Change in Accounts Payable	47.1	-17.39	49.46	-23.18	55.33
Change in Other Net Operating Assets	11.06	5.55	20.76	-	-
Operating Cash Flow	89.74	73.32	120.55	37.75	30.41
Operating Cash Flow Growth	22.39%	-39.18%	219.36%	24.11%	-14.13%
Capital Expenditures	-17.29	-6.34	-59.26	-46.79	-57.45
Sale of Property, Plant & Equipment	14.35	14.84	0.05	0.06	3.26
Cash Acquisitions	-1.99	-22.04	-16	-16	-58.41
Investment in Securities	-85.62	-13.38	9.45	-2.27	13.49
Other Investing Activities	5.49	3.25	1.86	1.87	4.19
Investing Cash Flow	-85.06	-23.67	-63.91	-63.13	-94.92
Short-Term Debt Issued	-	-	-	30	34.45
Total Debt Issued	-	-	-	30	34.45
Short-Term Debt Repaid	-	-	-30	-	-42.98
Total Debt Repaid	-	-	-30	-	-42.98
Net Debt Issued (Repaid)	-	-	-30	30	-8.53
Issuance of Common Stock	9.63	9.24	-	-	-
Repurchase of Common Stock	-0.28	-	-	-	-
Common Dividends Paid	-20.29	-8.73	-10.15	-13.99	-3.43
Other Financing Activities	1.55	-40	-	0.3	2
Financing Cash Flow	-9.39	-39.48	-40.15	16.31	-9.96
Foreign Exchange Rate Adjustments	-0.04	0.06	0.06	0.74	-0.17
Net Cash Flow	-4.75	10.22	16.54	-8.33	-74.64
Free Cash Flow	72.45	66.98	61.29	-9.04	-27.03
Free Cash Flow Growth	8.17%	9.29%	-	-	-
Free Cash Flow Margin	13.27%	14.38%	13.89%	-2.33%	-6.54%
Free Cash Flow Per Share	0.67	0.61	0.56	-0.08	-0.25
Cash Income Tax Paid	30.16	25.29	18.84	13.72	25.83
Levered Free Cash Flow	44.59	12.45	26.62	-35.08	-33.75
Unlevered Free Cash Flow	45.74	12.78	26.99	-34.78	-33.55
Change in Working Capital	-14.76	-25.97	49.6	-27.92	-34.79

Source: S&P Global Market Intelligence. Standard template. Financial Sources.