SHE:300554 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	-159.07	-140.94	26.92	12.83	-75.01
Depreciation & Amortization	35.97	45.66	36.12	29.66	31.4
Other Amortization	0.69	0.61	0.28	0.27	0.37
Loss (Gain) From Sale of Assets	-1.81	-0.17	2.3	-	0.01
Asset Writedown & Restructuring Costs	77	70.39	0.34	0.67	81.63
Loss (Gain) From Sale of Investments	-0.86	-0.95	-0.68	-1.9	-3
Provision & Write-off of Bad Debts	-4.77	3.61	1.55	3.5	-0.68
Other Operating Activities	22.35	74	10.8	18.09	20.26
Change in Accounts Receivable	22.3	68.59	-77.04	-176.37	103.74
Change in Inventory	-7.77	11.95	-34.7	-106.37	-34.25
Change in Accounts Payable	1.51	-79.99	5.6	99.56	-3.87
Change in Other Net Operating Assets	-	-4.34	4.34	-	-
Operating Cash Flow	24.72	11.06	-24.38	-128.53	103.26
Operating Cash Flow Growth	123.40%	-	-	-	-
Capital Expenditures	-23.54	-36.92	-49.24	-40.33	-22.09
Sale of Property, Plant & Equipment	2.24	0.02	1.23	0.44	0.01
Investment in Securities	-13	-30	-35	145	-50
Other Investing Activities	0.73	0.93	1.06	2.91	6.45
Investing Cash Flow	-33.56	-65.98	-81.96	108.02	-65.64
Short-Term Debt Issued	-	-	-	71.79	-
Long-Term Debt Issued	87.71	168.73	127.86	-	-
Total Debt Issued	87.71	168.73	127.86	71.79	-
Short-Term Debt Repaid	-	-	-	-4.8	-80
Long-Term Debt Repaid	-107.42	-107.16	-91.09	-	-
Total Debt Repaid	-107.42	-107.16	-91.09	-4.8	-80
Net Debt Issued (Repaid)	-19.71	61.57	36.77	66.99	-80
Issuance of Common Stock	-	-	116.23	-	-
Common Dividends Paid	-4.58	-13.25	-4.05	-2.06	-5.98
Other Financing Activities	-0.3	15.23	2.25	-1.03	-0.54
Financing Cash Flow	-24.59	63.55	151.2	63.9	-86.52
Foreign Exchange Rate Adjustments	-0.32	0.15	0.05	0.2	-0.02
Net Cash Flow	-33.75	8.79	44.92	43.59	-48.91
Free Cash Flow	1.18	-25.85	-73.62	-168.87	81.17
Free Cash Flow Margin	0.52%	-7.41%	-15.30%	-41.54%	32.67%
Free Cash Flow Per Share	0.01	-0.23	-0.66	-1.75	0.87
Cash Income Tax Paid	11.33	20.18	29.29	1.34	10.17
Levered Free Cash Flow	24.64	-17.74	-60.36	-56.91	85.15
Unlevered Free Cash Flow	27.52	-15.07	-57.51	-48.91	90.99
Change in Working Capital	55.21	-41.14	-102	-191.65	48.29

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