SHE:300620 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	176.67	66.98	59.64	117.8	130.81
Depreciation & Amortization	92.47	77.69	62.15	40.43	37.52
Other Amortization	7.66	2.76	1.47	3.48	0.69
Loss (Gain) From Sale of Assets	1.39	0.96	0.02	0.28	0.06
Asset Writedown & Restructuring Costs	0.11	0.29	0.16	4.64	6.15
Loss (Gain) From Sale of Investments	-2.76	-0.7	-0.2	-8.37	-0.77
Provision & Write-off of Bad Debts	12.68	8.97	3.78	-	-
Other Operating Activities	50.09	29.82	1.58	-16.42	0.03
Change in Accounts Receivable	-128.53	-67.4	-67.49	-37.87	-70.01
Change in Inventory	-103.06	-32.08	4.28	-65.29	-79.29
Change in Accounts Payable	111.78	123.02	60.8	23.71	47.91
Change in Other Net Operating Assets	41.43	3.07	-0.77	12.18	13.5
Operating Cash Flow	231.25	187.1	111.8	62.18	86.32
Operating Cash Flow Growth	23.59%	67.36%	79.81%	-27.97%	51.33%
Capital Expenditures	-112.75	-152.12	-238.02	-260.34	-166.77
Sale of Property, Plant & Equipment	0.05	2.41	0.01	0.07	0.05
Cash Acquisitions	-110.54	-92.18	-	-	-
Investment in Securities	42.97	-280.44	97.6	-190.33	-80
Other Investing Activities	2.21	0.61	0.4	8.17	0.77
Investing Cash Flow	-178.07	-521.73	-140	-442.43	-245.94
Short-Term Debt Issued	24.6	2	-	3.03	2.88
Long-Term Debt Issued	735.4	542.15	-	-	-
Total Debt Issued	760	544.15	-	3.03	2.88
Long-Term Debt Repaid	-391.29	-87.66	-4.36	-3.89	-4.29
Net Debt Issued (Repaid)	368.7	456.49	-4.36	-0.86	-1.4
Issuance of Common Stock	-	176.82	-	0.52	23.34
Repurchase of Common Stock	-19.08	-7.36	-11.63	-2.88	-45.62
Common Dividends Paid	-42.84	-30.8	-32.82	-32.82	-21.7
Other Financing Activities	-4.66	-0.27	1.97	-3.02	-
Financing Cash Flow	302.12	594.87	-46.84	-39.06	-45.39
Foreign Exchange Rate Adjustments	-4.3	0.24	3.44	14.87	-5.25
Net Cash Flow	350.99	260.49	-71.6	-404.45	-210.25
Free Cash Flow	118.5	34.98	-126.22	-198.16	-80.45
Free Cash Flow Growth	238.75%	-	-	-	-
Free Cash Flow Margin	8.04%	3.50%	-17.78%	-30.84%	-12.05%
Free Cash Flow Per Share	0.47	0.14	-0.52	-0.81	-0.33
Cash Income Tax Paid	27.68	22.22	1.09	-1.18	-1.19
Levered Free Cash Flow	-19.65	-49.52	-259.2	-215.84	-208.54
Unlevered Free Cash Flow	-7.26	-44.4	-258.48	-215.07	-207.75
Change in Working Capital	-107.07	0.33	-16.8	-79.67	-88.17

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