SHE:300605 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	-26.99	-86.8	16.88	39.3	47.04
Depreciation & Amortization	31.12	14	10.89	6.36	6.33
Other Amortization	4.05	12.13	10.57	6.85	2.97
Loss (Gain) From Sale of Assets	0	-0.2	-0	0	-
Asset Writedown & Restructuring Costs	1.53	0.24	0.08	0	7.01
Loss (Gain) From Sale of Investments	-0.28	-0.55	2.41	0.74	0.96
Provision & Write-off of Bad Debts	-	45.77	21.62	12.75	-
Other Operating Activities	31.49	15.44	11.64	2.99	3.42
Change in Accounts Receivable	-54.84	-29.21	-130.51	-114.79	-248.8
Change in Inventory	62.15	-109.44	21.99	121.78	149.31
Change in Accounts Payable	-68.79	103.29	-12.46	-75.17	-34.68
Change in Other Net Operating Assets	-0.99	-9.3	-1.74	-	-2.01
Operating Cash Flow	-23.29	-59.42	-48.01	3.83	-65.22
Capital Expenditures	-22.83	-42.3	-67.55	-49.02	-5.52
Sale of Property, Plant & Equipment	0.01	0.32	0.02	-	0
Cash Acquisitions	-	-	0.43	-	-
Investment in Securities	55	18	-73	-	-2.5
Other Investing Activities	0.2	0.6	0.58	2.14	0.45
Investing Cash Flow	32.38	-23.39	-139.52	-46.88	-7.57
Short-Term Debt Issued	-	256.33	205.45	213.37	150.14
Long-Term Debt Issued	262.17	-	238.55	-	-
Total Debt Issued	262.17	256.33	444.01	213.37	150.14
Short-Term Debt Repaid	-	-204.75	-223.02	-137.39	-67.84
Long-Term Debt Repaid	-254.79	-1.79	-1.83	-1.05	-1.27
Total Debt Repaid	-254.79	-206.53	-224.85	-138.44	-69.11
Net Debt Issued (Repaid)	7.38	49.8	219.16	74.93	81.03
Repurchase of Common Stock	-	-	-	-0.64	-4.51
Common Dividends Paid	-10.17	-14.43	-12.58	-14.97	-11.5
Other Financing Activities	11	-4.98	6.54	-11.28	-1.5
Financing Cash Flow	8.2	30.39	213.12	48.03	63.52
Foreign Exchange Rate Adjustments	-0.03	-	-	-	-
Net Cash Flow	17.25	-52.42	25.6	4.98	-9.27
Free Cash Flow	-46.12	-101.73	-115.56	-45.19	-70.74
Free Cash Flow Margin	-10.55%	-44.75%	-23.86%	-8.77%	-11.55%
Free Cash Flow Per Share	-0.28	-0.62	-0.69	-0.28	-0.42
Cash Interest Paid	-	-	-	0.52	0.46
Cash Income Tax Paid	8.06	2.92	5.78	0.98	9.03
Levered Free Cash Flow	-	-115.69	-117.44	-53.7	-27.14
Unlevered Free Cash Flow	-	-103.69	-105.88	-49.45	-25.05
Change in Working Capital	-64.21	-59.46	-122.1	-65.17	-132.95

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