SHE:300579 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	-100.76	12.59	-47.2	101.44	116.03
Depreciation & Amortization	37.98	37.9	44.14	36.5	30.43
Other Amortization	0.02	5.59	0.01	-	0.19
Loss (Gain) From Sale of Assets	-0.07	0.02	-0.06	-0.11	0.03
Asset Writedown & Restructuring Costs	-0.88	-	0.05	0.01	-
Loss (Gain) From Sale of Investments	-18.87	-15.2	-11.19	-5.38	-7.85
Provision & Write-off of Bad Debts	-	23.93	24.78	42.03	22.9
Other Operating Activities	-17.26	0.8	-1.29	2.98	2.22
Change in Accounts Receivable	126.15	-70.72	34.93	-172.83	-71.89
Change in Inventory	1.04	11.62	25.32	86.05	-52.91
Change in Accounts Payable	61.82	56.07	-19.81	-111.57	-32.87
Change in Other Net Operating Assets	5.04	-13.53	8.52	12.4	-3.66
Operating Cash Flow	78.4	44.76	24.24	-18.66	2.59
Operating Cash Flow Growth	75.15%	84.66%	-	-	-96.90%
Capital Expenditures	-7.13	-31.66	-31.78	-29.69	-70.1
Sale of Property, Plant & Equipment	0.01	0.01	0.03	0.02	0.02
Investment in Securities	140	-44	50	14.75	-169
Other Investing Activities	32.81	7.7	3.71	2.96	4.96
Investing Cash Flow	165.69	-67.95	21.96	-11.96	-234.12
Short-Term Debt Issued	-	10	10	10	10
Total Debt Issued	-	10	10	10	10
Short-Term Debt Repaid	-	-10	-10	-10	-5
Long-Term Debt Repaid	-10	-23.47	-26.57	-22.8	-21.26
Total Debt Repaid	-10	-33.47	-36.57	-32.8	-26.26
Net Debt Issued (Repaid)	-10	-23.47	-26.57	-22.8	-16.26
Common Dividends Paid	-8.27	-0.35	-9.74	-18.31	-18.36
Other Financing Activities	-20.39	-0.37	9.95	2.44	-0.37
Financing Cash Flow	-38.66	-24.19	-26.36	-38.66	-34.98
Net Cash Flow	205.43	-47.38	19.84	-69.28	-266.5
Free Cash Flow	71.27	13.1	-7.54	-48.34	-67.51
Free Cash Flow Growth	443.96%	-	-	-	-
Free Cash Flow Margin	8.50%	1.17%	-0.78%	-4.40%	-6.58%
Free Cash Flow Per Share	0.26	0.05	-0.03	-0.18	-0.25
Cash Income Tax Paid	69.08	62.64	67.87	53.08	55.98
Levered Free Cash Flow	134.67	11.79	17.73	-95.97	-111.39
Unlevered Free Cash Flow	134.67	12.91	19.22	-94.33	-109.56
Change in Working Capital	178.24	-20.88	15	-196.13	-161.35

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