SHE:300540 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	60.08	72.37	32.65	-25.09	-76.44
Depreciation & Amortization	14.88	13.84	10.93	8.41	9.62
Other Amortization	1.34	0.35	0.21	0.13	0.17
Loss (Gain) From Sale of Assets	0.04	0.01	-0.36	-	0.01
Asset Writedown & Restructuring Costs	-1.3	1.76	2.61	-10.18	80.98
Loss (Gain) From Sale of Investments	1.11	0.01	0.3	-0.14	-2.69
Provision & Write-off of Bad Debts	-8.58	-2.11	-8.98	-	-
Other Operating Activities	10.28	15.72	7.49	-5.71	14.3
Change in Accounts Receivable	-217.51	78.08	-210.95	102.38	-44.85
Change in Inventory	-23.8	-71.17	-77.21	-42.96	91.78
Change in Accounts Payable	52.79	174.42	63.15	33.65	-113.38
Change in Other Net Operating Assets	-13.44	6.94	4.34	-	0.19
Operating Cash Flow	-121.54	290.2	-177.6	60.84	-50.73
Capital Expenditures	-12.25	-8.47	-15.55	-24.56	-17.53
Sale of Property, Plant & Equipment	0	0.01	0.03	-	-
Investment in Securities	159.07	-	61.28	-299.87	-
Other Investing Activities	-	-	-0.5	-	-
Investing Cash Flow	146.83	-8.46	45.26	-324.42	-17.53
Short-Term Debt Issued	22.66	-	45.65	10	-
Long-Term Debt Issued	29.25	144.25	120	36	318
Total Debt Issued	51.91	144.25	165.65	46	318
Short-Term Debt Repaid	-29.64	-	-	-10	-
Long-Term Debt Repaid	-85.63	-103.03	-60.69	-223.4	-200
Total Debt Repaid	-115.27	-103.03	-60.69	-233.4	-200
Net Debt Issued (Repaid)	-63.36	41.22	104.96	-187.4	118
Issuance of Common Stock	-	5.68	39.24	488.94	-
Repurchase of Common Stock	-13.48	-	-	-	-
Common Dividends Paid	-11.76	-4.8	-3.05	-3.63	-10.08
Other Financing Activities	1.48	18.22	-	-21.33	-1.71
Financing Cash Flow	-87.12	60.32	141.16	276.58	106.22
Foreign Exchange Rate Adjustments	-0.86	0.75	-0.12	-0	-0
Net Cash Flow	-62.69	342.81	8.69	13	37.96
Free Cash Flow	-133.78	281.73	-193.16	36.29	-68.25
Free Cash Flow Margin	-18.83%	32.70%	-28.90%	15.18%	-12.80%
Free Cash Flow Per Share	-0.59	1.75	-0.86	0.16	-0.39
Cash Income Tax Paid	38.14	42.45	9.62	5.22	-14.55
Levered Free Cash Flow	45.4	339.87	-127.54	52.45	-86.66
Unlevered Free Cash Flow	49.5	342.72	-125.29	54.61	-80.75
Change in Working Capital	-199.39	188.26	-222.44	93.41	-76.69

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