SHE:300516 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	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	24.16	30.98	82.92	82.1	78.09
Depreciation & Amortization	29.28	30.15	29.31	30.69	31.04
Other Amortization	2.4	1.48	1.98	2.53	2.95
Loss (Gain) From Sale of Assets	-0.03	-	-	-0	-
Asset Writedown & Restructuring Costs	0.68	0.02	0.03	0.11	22.64
Loss (Gain) From Sale of Investments	-1.83	-	-	-	-
Provision & Write-off of Bad Debts	66.31	27.18	11.72	-	-
Other Operating Activities	30.66	10.85	22.61	33.19	0.19
Change in Accounts Receivable	-155.2	42.15	-328.68	-131.22	-184.62
Change in Inventory	18.75	20.8	-49.03	27.85	-27.92
Change in Accounts Payable	192.3	-18.35	171.53	-72.94	35.61
Change in Other Net Operating Assets	2.35	3.38	3.2	-	-
Operating Cash Flow	200.22	141.15	-59.56	-30.91	-44.95
Operating Cash Flow Growth	41.85%	-	-	-	-
Capital Expenditures	-11.04	-19.86	-19.65	-17.23	-41.88
Sale of Property, Plant & Equipment	0.03	0	0	0	0
Investment in Securities	-100	-	-	-	-
Investing Cash Flow	-111.01	-19.86	-19.64	-17.23	-41.88
Long-Term Debt Repaid	-1.02	-0.3	-0.41	-	-
Net Debt Issued (Repaid)	-1.02	-0.3	-0.41	-	-
Common Dividends Paid	-12.42	-63.36	-22.5	-21.42	-18.54
Financing Cash Flow	-13.44	-63.66	-22.91	-21.42	-18.54
Foreign Exchange Rate Adjustments	0.02	-0.01	0.01	0	-0.19
Net Cash Flow	75.78	57.62	-102.1	-69.55	-105.56
Free Cash Flow	189.17	121.28	-79.2	-48.14	-86.83
Free Cash Flow Growth	55.97%	-	-	-	-
Free Cash Flow Margin	27.67%	22.70%	-10.29%	-6.47%	-11.91%
Free Cash Flow Per Share	1.05	0.67	-0.44	-0.27	-0.48
Cash Income Tax Paid	25.44	16.51	25.53	18.9	34.62
Levered Free Cash Flow	181.88	118.92	-113.16	-85.75	-125.9
Unlevered Free Cash Flow	181.89	118.94	-113.13	-85.75	-125.9
Change in Working Capital	48.58	40.49	-208.13	-179.53	-179.87

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