SHE:300607 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	73.87	-245.24	88.03	159.66	65.4
Depreciation & Amortization	52.22	60.35	53.47	45.19	37.01
Other Amortization	8.47	5.78	4.26	4.7	3.86
Loss (Gain) From Sale of Assets	-0.17	-1.25	-0.35	-0.83	-0.93
Asset Writedown & Restructuring Costs	21.83	21.57	20.87	0.9	48.66
Loss (Gain) From Sale of Investments	-6.33	-1.61	-6.22	-12.57	-12.68
Provision & Write-off of Bad Debts	56.77	81.85	66.6	68.17	37.54
Other Operating Activities	41.78	106.24	105.49	148.02	103.83
Change in Accounts Receivable	210.42	755.57	-542	-1,174	-778.55
Change in Inventory	-308.32	33.4	515.64	440.51	-1,001
Change in Accounts Payable	321.02	-683.83	-81.22	494.44	1,182
Change in Other Net Operating Assets	6.12	5.25	3.57	-6.13	-1.55
Operating Cash Flow	465	109.27	194.01	139.28	-328.81
Operating Cash Flow Growth	325.54%	-43.68%	39.30%	-	-
Capital Expenditures	-158.53	-272.55	-187.05	-320.69	-247.71
Sale of Property, Plant & Equipment	0.22	0.86	0.13	0.95	0.46
Cash Acquisitions	-	-	-7.6	0.22	-48.31
Divestitures	-	-	-	-0.44	-
Investment in Securities	296.8	-58.23	9.53	222.97	84.1
Other Investing Activities	5.95	7.64	13	-21.87	9.62
Investing Cash Flow	144.44	-322.29	-172	-118.86	-201.84
Long-Term Debt Issued	721.3	790.39	815.18	661.11	949
Short-Term Debt Repaid	-	-12.92	-	-	-
Long-Term Debt Repaid	-883.31	-935.1	-798.44	-388.41	-113.01
Total Debt Repaid	-883.31	-948.03	-798.44	-388.41	-113.01
Net Debt Issued (Repaid)	-162.01	-157.63	16.74	272.7	835.99
Issuance of Common Stock	-	1.41	31.9	1.68	9.49
Repurchase of Common Stock	-	-21.13	-9.3	-37.91	-0.58
Common Dividends Paid	-24.28	-57.33	-64.11	-33.15	-108.68
Other Financing Activities	-2.75	191.96	88.65	-344.22	-183.09
Financing Cash Flow	-189.04	-42.73	63.88	-140.89	553.14
Foreign Exchange Rate Adjustments	-10.22	4.69	-0.97	11.95	-2.7
Net Cash Flow	410.18	-251.05	84.93	-108.52	19.79
Free Cash Flow	306.46	-163.28	6.96	-181.41	-576.53
Free Cash Flow Margin	12.21%	-5.69%	0.15%	-3.64%	-17.51%
Free Cash Flow Per Share	0.62	-0.38	0.02	-0.42	-1.32
Cash Income Tax Paid	35.56	75.54	124.95	97.66	147.69
Levered Free Cash Flow	253.57	-149.14	152.37	-894.71	-636.46
Unlevered Free Cash Flow	266.06	-112.18	187.91	-860.05	-618.59
Change in Working Capital	216.56	81.58	-138.14	-273.96	-611.49

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