SHE:300585 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	-74.43	-8.51	5.22	19.77	34.44
Depreciation & Amortization	27.62	28.77	29.6	27.29	25.58
Other Amortization	5.67	7.74	5.4	4.21	3.15
Loss (Gain) From Sale of Assets	-0.04	-0.1	-0	-	-
Asset Writedown & Restructuring Costs	22.7	2.84	0.03	-0.11	20.89
Loss (Gain) From Sale of Investments	-6.33	-3.47	-2.28	-32.54	6.63
Provision & Write-off of Bad Debts	-	-3.59	5.76	4.54	-
Other Operating Activities	-3.68	4.2	6.37	10.13	1.87
Change in Accounts Receivable	3.08	40.71	-28.37	-38.33	25.34
Change in Inventory	4.41	-3.18	-17.12	-9.65	-6.14
Change in Accounts Payable	62.54	-34.24	25.56	9.17	-84.13
Change in Other Net Operating Assets	1.5	-	-	-	-
Operating Cash Flow	39.37	27.38	23.07	-9.32	26.26
Operating Cash Flow Growth	43.82%	18.68%	-	-	12.66%
Capital Expenditures	-12.54	-22.84	-55.37	-25.47	-24.76
Sale of Property, Plant & Equipment	1.01	0.58	0.24	0.19	1.56
Investment in Securities	32.01	10.52	14.69	-59.79	-0.3
Other Investing Activities	5.3	5.55	7.83	31.48	4.25
Investing Cash Flow	25.78	-6.19	-32.61	-53.59	-19.25
Short-Term Debt Issued	-	10	21	45	55
Long-Term Debt Issued	5	-	-	-	-
Total Debt Issued	5	10	21	45	55
Short-Term Debt Repaid	-	-30	-19.9	-60.1	-75
Long-Term Debt Repaid	-5	-1.42	-1.12	-0.66	-
Total Debt Repaid	-5	-31.42	-21.02	-60.76	-75
Net Debt Issued (Repaid)	-	-21.42	-0.02	-15.76	-20
Issuance of Common Stock	-	-	-	-	137.4
Common Dividends Paid	0.04	-2.04	-5.02	-1.34	-3.1
Other Financing Activities	-0.89	2.2	1.5	2.45	-1.99
Financing Cash Flow	-0.85	-21.26	-3.54	-14.64	112.3
Foreign Exchange Rate Adjustments	-	0.03	0.04	0.2	-0.03
Net Cash Flow	64.3	-0.04	-13.04	-77.36	119.28
Free Cash Flow	26.83	4.54	-32.3	-34.79	1.5
Free Cash Flow Growth	491.39%	-	-	-	-
Free Cash Flow Margin	5.75%	1.03%	-6.62%	-8.64%	0.33%
Free Cash Flow Per Share	0.16	0.03	-0.19	-0.20	0.01
Cash Income Tax Paid	17.64	19.04	22.09	22.16	18.79
Levered Free Cash Flow	-	2.76	-28.57	-41.11	-1.13
Unlevered Free Cash Flow	-	3	-28.08	-40.27	0.8
Change in Working Capital	67.88	-0.52	-27.03	-42.61	-66.29

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