SHE:300613 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	144.95	257.65	252.49	398.13	363.87
Depreciation & Amortization	153.84	173.48	165.63	153.17	114.18
Other Amortization	15.8	2.05	2.05	1.28	0.91
Loss (Gain) From Sale of Assets	-0.15	-0.01	-	-	0.02
Asset Writedown & Restructuring Costs	0.14	0.02	0.04	0.07	0.02
Loss (Gain) From Sale of Investments	5.92	-6.21	-5.55	-19.05	-2.85
Provision & Write-off of Bad Debts	-0.84	0.68	1.58	-2.24	3.07
Other Operating Activities	30.88	30.27	43.29	9.61	44.34
Change in Accounts Receivable	-47.34	-71.56	-152.51	131.09	-344.3
Change in Inventory	43.26	-137.07	135.64	-56.8	-374.86
Change in Accounts Payable	104.15	36.91	-4.31	-19.58	112.03
Change in Other Net Operating Assets	3.08	8.65	27.46	27.14	20.54
Operating Cash Flow	443.76	283.57	453.2	621.3	-18.1
Operating Cash Flow Growth	56.49%	-37.43%	-27.05%	-	-
Capital Expenditures	-59.78	-104.68	-135.47	-99.79	-82.59
Sale of Property, Plant & Equipment	0.17	-	-	-	0
Cash Acquisitions	-	-	-	-	-319.97
Investment in Securities	-19.14	-12.64	90	-144.65	-120
Other Investing Activities	3.38	4.38	6.35	3.32	0.45
Investing Cash Flow	-75.37	-112.94	-39.13	-241.11	-522.11
Short-Term Debt Issued	157.55	174.3	115.59	314.57	767.08
Total Debt Issued	157.55	174.3	115.59	314.57	767.08
Short-Term Debt Repaid	-135.52	-198.1	-145.73	-182.62	-185.88
Long-Term Debt Repaid	-8.22	-8.74	-6.63	-5.9	-3.2
Total Debt Repaid	-143.74	-206.84	-152.36	-188.53	-189.08
Net Debt Issued (Repaid)	13.81	-32.54	-36.77	126.04	578
Issuance of Common Stock	46.38	31.99	36.54	43.91	15.98
Repurchase of Common Stock	-	-70.62	-	-	-
Common Dividends Paid	-38.92	-34.99	-51.32	-46.42	-10.85
Other Financing Activities	-12.37	-0.12	-0.42	-1.95	-11.6
Financing Cash Flow	8.91	-106.28	-51.98	121.59	571.54
Foreign Exchange Rate Adjustments	-21.64	-0.62	3.87	16.02	-2.41
Net Cash Flow	355.66	63.72	365.97	517.79	28.93
Free Cash Flow	383.98	178.88	317.73	521.51	-100.69
Free Cash Flow Growth	114.66%	-43.70%	-39.07%	-	-
Free Cash Flow Margin	22.73%	9.99%	17.44%	24.71%	-5.86%
Free Cash Flow Per Share	1.67	0.78	1.38	2.27	-0.44
Cash Income Tax Paid	40.63	21.62	76.96	122.22	25.22
Levered Free Cash Flow	326.3	-19.19	162.23	337.23	-311.71
Unlevered Free Cash Flow	345.69	-0.71	183.5	356.34	-301.82
Change in Working Capital	93.22	-174.37	-6.34	80.33	-541.67

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