SHE:300720 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	22.9	47.83	36.19	40.93	76.89
Depreciation & Amortization	9.14	9.5	9.17	6.9	6.28
Other Amortization	2.08	1.74	0.44	0.18	0.17
Loss (Gain) From Sale of Assets	-0.02	-0.08	-1.35	0	-0.56
Asset Writedown & Restructuring Costs	6.4	-	-	-	-
Loss (Gain) From Sale of Investments	-1.72	-3.02	-0.68	-0.95	-2.06
Provision & Write-off of Bad Debts	-	1.43	3.95	1.03	0.73
Other Operating Activities	2.88	2.85	3.89	0.67	9.07
Change in Accounts Receivable	2.29	-4.51	-17.13	-4.79	-10.13
Change in Inventory	-6.36	-11.97	-10.54	1.52	-7.93
Change in Accounts Payable	-1.92	1.37	3.6	-5.37	-0.2
Change in Other Net Operating Assets	-1.01	0.58	-0.07	0.04	-0.01
Operating Cash Flow	34.25	45.83	26.91	39.87	72.33
Operating Cash Flow Growth	-25.27%	70.29%	-32.51%	-44.87%	-4.01%
Capital Expenditures	-6.38	-5.81	-6.21	-3.15	-6.48
Sale of Property, Plant & Equipment	0.03	0.06	2.44	0	0.72
Investment in Securities	55.41	-35.89	-120.72	90	120.2
Other Investing Activities	1.83	3.18	1.22	1.03	2.72
Investing Cash Flow	50.88	-38.46	-123.27	87.88	117.16
Long-Term Debt Repaid	-	-2.66	-2.43	-0.21	-
Net Debt Issued (Repaid)	-	-2.66	-2.43	-0.21	-
Issuance of Common Stock	-	-	-	6.57	-
Common Dividends Paid	-29.23	-50.67	-29.23	-38.98	-32.4
Other Financing Activities	-2.78	0.01	-	1.5	-
Financing Cash Flow	-32.01	-53.32	-31.66	-31.12	-32.4
Foreign Exchange Rate Adjustments	-2.31	1.01	0.81	4.62	-1.89
Net Cash Flow	50.8	-44.94	-127.21	101.26	155.2
Free Cash Flow	27.86	40.02	20.7	36.72	65.85
Free Cash Flow Growth	-30.37%	93.30%	-43.63%	-44.23%	-8.72%
Free Cash Flow Margin	12.22%	16.93%	9.18%	18.34%	26.06%
Free Cash Flow Per Share	0.14	0.20	0.11	0.19	0.34
Cash Income Tax Paid	19.6	15.47	24.11	17.3	19.12
Levered Free Cash Flow	78.74	-11.96	-113.17	123.97	109.89
Unlevered Free Cash Flow	78.74	-11.77	-112.93	123.99	109.89
Change in Working Capital	-7.41	-14.43	-24.7	-8.9	-18.19

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