SHE:300611 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	151.23	106.69	40.7	-37.63	22.09
Depreciation & Amortization	117.52	111.68	110.13	102.57	58.25
Other Amortization	1.77	2.02	0.93	0.24	0.25
Loss (Gain) From Sale of Assets	-0.89	-1.29	0.74	-16.54	-4.51
Asset Writedown & Restructuring Costs	21.89	5.19	22.1	28.95	-
Loss (Gain) From Sale of Investments	1.85	1.38	0.08	0.14	-0.78
Provision & Write-off of Bad Debts	-	7.23	11.25	3.67	-1.48
Other Operating Activities	26.61	28.38	12.46	16.88	30.52
Change in Accounts Receivable	-18.29	-108.96	-168.41	-40.8	-22.3
Change in Inventory	-85.43	-18.96	-16.13	-52	-61.4
Change in Accounts Payable	67.58	3.58	80.53	63.7	13.79
Change in Other Net Operating Assets	23.66	-	0.47	-	-
Operating Cash Flow	301.23	133.56	102.41	73.54	27.69
Operating Cash Flow Growth	125.53%	30.42%	39.25%	165.61%	-66.49%
Capital Expenditures	-171.99	-102.93	-70.17	-155.2	-148.08
Sale of Property, Plant & Equipment	4.04	6.75	1.07	18.22	26.24
Cash Acquisitions	-	-	-21.46	-	-217.37
Investment in Securities	-15	-19.99	-	-	0.29
Other Investing Activities	-63.53	0	-	-	-
Investing Cash Flow	-246.48	-116.17	-90.57	-136.98	-338.93
Long-Term Debt Issued	620.54	348.92	319.81	394.2	719.7
Long-Term Debt Repaid	-391.72	-368.36	-250.65	-282.3	-314.25
Net Debt Issued (Repaid)	228.82	-19.44	69.16	111.9	405.45
Issuance of Common Stock	27.13	-	-	14.07	31.64
Common Dividends Paid	-44.99	-27.74	-26.04	-25.95	-26.14
Other Financing Activities	-4.72	-7.86	-31.81	-	-2.8
Financing Cash Flow	206.24	-55.04	11.31	100.02	408.16
Foreign Exchange Rate Adjustments	2.66	1.38	0.54	1.65	-1.27
Net Cash Flow	263.65	-36.26	23.7	38.22	95.65
Free Cash Flow	129.24	30.63	32.24	-81.66	-120.39
Free Cash Flow Growth	321.93%	-4.98%	-	-	-
Free Cash Flow Margin	6.42%	1.91%	2.34%	-7.51%	-14.74%
Free Cash Flow Per Share	0.61	0.15	0.15	-0.43	-0.71
Cash Income Tax Paid	75.63	61.64	31.95	15.39	40.14
Levered Free Cash Flow	5.35	-17.97	-52.44	-94.03	-157.38
Unlevered Free Cash Flow	5.35	-6.82	-40.05	-77.28	-144.47
Change in Working Capital	-18.76	-127.23	-98.63	-24.74	-76.65

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